Ladies and gentlemen, welcome to the conference call on the voluntary public tender offer for About You Holding SE by Zalando SE. I'm Mellow, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Frank Böhme, Head of Investor Relations and Communications. Please go ahead. Thanks for the intro, and hello everyone, and welcome to our conference call intended to provide more color on the announced voluntary tender offer to acquire 100% of About You Holding SE's share capital by Zalando SE. Today's conference call will be hosted by Hannes Wiese, Co-founder and Co-CEO of About You. The corresponding slides to his presentation have been published on our IR website under the publications section this morning. After the presentation, Hannes will be happy to answer your questions. Without further ado, I hand it over to you, Hannes. Yeah, thanks Frank, and good morning to everyone also from my side. Today is an exciting day for us as the combination of Zalando and About You will create a leading ecosystem for fashion and lifestyle e-commerce. Let me start our presentation with an overview of the key transaction terms and the structure of the transaction. Today, Zalando SE entered into a business combination agreement with About You Holding SE regarding a public takeover offer for all outstanding shares of the company. Zalando offers About You's shareholders a cash offer consideration of EUR 6.50 per share. This represents a premium of 107% to about just three months' volume-weighted average share price. Our main shareholders, Otto, the Otto family and Heartland, strongly support this offer and have committed to sell all the About You shares via their Irrevocable Commitments to Zalando in connection with the public takeover offer. Bastian, Tarek, and I strongly support this offer as well, and also, we have committed to sell our shares in connection with the public takeover offer with Heartland Irrevocables. We also intend to continue our work as management board of About You in a combined group after the completion of the takeover offer. We will talk about our reasoning in more detail on the next slides. Otto, Heartland, and management, in total representing approximately 73% of About You's outstanding shares. This transaction is not subject to a minimum acceptance threshold. The conditions that the offer has are applicable merger control and regulatory clearances, as well as other customary closing conditions. From a timing perspective, we expect that the offer document will be published by mid-January 2025 following BaFin approval. The closing of this transaction is expected in summer 2025. Let's now have a look at the transaction from a stakeholder perspective on slide three, starting with our shareholders. The offer price is, in our view, a fair price for About You, which is also confirmed by our financial advisor who issued a fairness opinion for the transaction. The offer price of EUR 6.50 represents a premium of around 107% versus the three-month volume-weighted average share price, which is around EUR 3.14. Versus yesterday's closing share price of EUR 3.90, the offer represents a premium of around 67%. This is well above what is typically observed in public takeover offers in Germany. From the perspective, we believe that this transaction provides great development potential. The talented workforce of About You is seen as a key asset by both Zalando and About You. The guiding principle of the combined group will be to retain the best talent and help them to capitalize on significant opportunities. We further feel that the company cultures of About You and Zalando are highly complementary, with a lot of mutual support and learning potential. Hence, this transaction is not driven by overhead synergies, but rather by significant joint opportunities. Let's look at this transaction from a customer-partner perspective, starting with B2C. As part of a dual-brand strategy in the combined group, About You will continue to execute on its style-led best-of-the-fashion universe strategy. That means combining our current brand portfolio with a broad range of styles from our own labels and celebrity collabs, as well as independent sellers and manufacturers. In B2B SCAYLE and ZEOS, the B2B offering of Zalando will provide a complementary set of B2B products covering logistics, tech, and other services. We are convinced that this go-to-market approach has huge differentiation and strategic potential for our customers and partners in both B2C and B2B vectors. Lastly, we are also convinced that joining forces and coordinating our ESG efforts will help us to contribute to positive change for a more sustainable and inclusive future of the fashion and lifestyle industry. Let's now move on to slide four to discuss in more detail why we believe that Zalando is the right partner to support our long-term ambitions. For us as founders, it is key to pursue a bold long-term vision. We believe that Zalando's strategy to build the ecosystem for fashion and lifestyle e-commerce provides an ideal framework to jointly pursue such a larger vision. And I believe that we can contribute a lot on this journey with our unique assets and capabilities. As Zalando's partner in commerce, we will benefit from a coherent dual-brand and go-to-market strategy to better serve the needs of our customers and partners, and on top, we will seek to leverage strong synergy opportunities in a combined group. In B2B, SCAYLE will focus on building the leading e-commerce solution for enterprise customers. In a combined group, this will be supported and accelerated with Zalando's ZEOS products. Further, our unique talent base matters a lot to us, as this is the basis for future sustainable growth. With the Zalando team, we share this view, and we believe that this business combination creates strong upsides for both our people and our planet. Lastly, we will benefit from Zalando as an experienced partner with a mature financial and operational profile. Let's now look at the timeline in more detail on slide five. Please regard this timeline as indicative, as the specific dates also depend on obtaining required regulatory approvals. Today, Zalando announced the decision to make a public takeover offer. Zalando has now four weeks to submit the offer document to BaFin, the German Federal Financial Supervisory Authority. The BaFin, in turn, will review the document and approve within 10 to 15 working days. After the review, the offer document will be published, and shareholders have an acceptance period between four to six weeks. After this period, the results will be announced. This is followed by an additional acceptance period of two weeks, whereafter the final results will be announced. Throughout the whole process, the regulatory filing and approval process is ongoing. Adding up the timeline of all these different work streams leads to a closing of this transaction, which is expected in the summer of 2025. Shortly after the publication of the offer document, the Management Board and Supervisory Board will jointly publish a reasoned opinion. Subject to careful review of the offer document, of course, we intend to recommend that shareholders accept the offer. Let's conclude with our reasoning as to why we support the transaction on slide six. Firstly, the offer represents a fair value of About You, an attractive premium of 107% versus the three-month volume-weighted average share price, and it enables our shareholders to realize immediate value from the transaction. Secondly, we see a clear strategic rationale for this transaction. Together, we will be able to serve a larger share of the market, improve our propositions for customers and partners, and create synergies in a combined group. Thirdly, this transaction brings together two fundamental teams with complementary cultures and capabilities, and we are excited to go for future opportunities together. Lastly, this transaction has a very high likelihood of success as all key shareholders support the deal. And they have underlined this with irrevocable commitments to sell all their shares in the company. High transaction certainty is important to us as it facilitates a clear execution path going forward. In summary, we as a Management Board are convinced that this is an attractive deal for our shareholders as well as other stakeholders. And subject to careful review of the offer document, of course, we intend to recommend that shareholders accept the offer. That is also what we as Management have committed to do. Let us close this presentation by thanking you all for your trust and support. We are now looking forward to answering your questions. Moderator, handing it back to you. Thanks. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time, and our first question comes from Yashraj Rajani from UBS. Hi. Thank you for taking my question, and congratulations on the deal. My question is regarding gross margin. So obviously, Zalando does significantly larger volumes than you all on the wholesale side of things. And they have mentioned on their call previous to this that there'll be a buying benefit on both platforms. So how much of gross margin improvement do you think you can have from an About You standpoint when it comes to actually better buying? And then the second point is on the marketing aspect. I mean, again, Zalando has a bit of a different strategy than you all when it comes to marketing. Do you think in terms of operating the platform, I mean, is the marketing strategy going to change, or is that something that's going to be similar but also have some efficiencies from working with Zalando? Thank you. Yeah, sure. Thanks for the questions. Let's start with the one on gross margin. So the plan is certainly to cooperate also on the buying side when it comes to commercial aspects. And we certainly also expect an economic benefit from this. It's hard to really quantify this at this stage, but our ambition level certainly would be to have this in the low single-digit share of percentage of revenues as a like-for-like uplift from commercial collaboration on the About You side. And the second piece on the marketing strategies, actually, already today, the way how we do marketing on About You and Zalando actually quite significantly differ. About You heavily influencer-led, focusing on social media channels, acquiring traffic via our huge radio network, and so on and so on. And going forward, we expect efficiency here from better coordinating our efforts. We could think about, for example, aligning on the promotional calendar to drive efficiencies from that. Of course, also when it comes to more like transactional online marketing channels to basically coordinate our efforts so we don't inefficiently bid against each other and so on. So there's a couple of layers that can drive efficiencies, but these relate more to, I would say, coordinating efforts rather than integrating deeply in marketing and marketing tech. Super helpful. Thank you so much. And our next question comes from Robert Sahr. Please go ahead. Hi. Good morning. Thank you for taking my question. Just a couple for me. Firstly, can you provide some color on how you see your fulfillment network playing out post-acquisition? At the moment you currently lease your warehouses versus Zalando who own their distribution centers? Is the plan to move capacity purely into the Zalando network? And if so, is there any cost that we should be aware of associated with either termination of those warehouses or termination fees in general in terms of logistics? That would be really helpful. And then secondly, on SCAYLE specifically, you've spoken about the short and long-term value creation opportunities at the CMD. Just curious as to now you're part of the wider Zalando group, whether these ambitions would change slightly or whether you still see potential spinouts, for example, being part of SCAYLE story. Thanks. Yeah, sure. Thanks for the questions. Let's start with the one on fulfillment. So the plan is to going forward basically combine the networks and then operate from an integrated network, which will be beneficial for customers. It will also be beneficial, of course, from a cost efficiency perspective. How this will exactly be carried out is yet to be determined. To be fair here, I think this will also take some time given that these logistical processes are relatively long-term and complex. So at this point, we couldn't exactly lay out as to how the integration takes place and when. However, from an About You point of view, currently, we wouldn't expect material on top integration costs on the fulfillment side. On the SCAYLE piece, so of course, our ambitions haven't changed since what we communicated on the Capital Markets Day. We have discussed in the presentation that we expect also top-line synergies from up and cross-selling possibilities. So I would say this could potentially be seen as on top potentials as to what we've communicated on the scale event, and a spin-off of the business or any external investors, I think this is not part of the discussion right now, and we wouldn't want to pursue this now that we are or we become part. Our next question comes from Benjamin Kohnke from Stifel. Please go ahead. Yeah, good morning, Hannes. Thank you very much for taking my question. It would be around scale, please, and I think the sort of integration or the combination on the B2C side, on the fashion side, on the fashion retail side is pretty clear. I'm still struggling a little bit to see how you want to integrate scale into Zalando's technology offering or into the ZEOS offering. David said in the Zalando call that it will probably all happen under the ZEOS brand while at the same time sort of leaving scale independent sort of, so I was just wondering if you could elaborate a little bit on your view how to best integrate scale into the ZEOS offering, how the, let's call it, new go-to-market strategy will look like. And also, to what extent could Zalando actually help you to expand your business in the United States, which we all understand after the Capital Markets Day is an integral part of the scale growth story. Thank you. Yeah, thanks for these questions as well. Let's start with the one on integration. So luckily, scale and ZEOS are already integrated to a certain degree. That is, ZEOS partners can already sell on the About You platform via a scale integration. So we are actually already live, and that eases further integration steps and further optimization in these integrations. And what we would plan to do going forward is to, for example, also integrate other product pieces from the Zalando side into the scale proposition. This could be, for example, around payment. This could be, for example, around size and fit. So that we basically complement and extend the scale proposition for scale customers. And probably also the other way around, give more benefit to ZEOS customers by being able to scale tech for their own online destinations. So this goes both ways, basically. Given that the integration has already taken place to a certain degree, we are also super confident that this will be executable rather short to medium term than long term. In terms of go-to-market in the U.S., there is a couple of synergy potentials. For example, access to potential leads. I mean, Zalando Group obviously has a huge network. So getting access and leveraging this together, the network could be one aspect. Other aspects would be to jointly acquire U.S.-based customers that also want to expand their business in Europe, coming from this joint e-commerce operating system, and basically leverage the business that we would then have with U.S.-based companies in Europe also back to the U.S. So there's a couple of ideas how we can jointly pursue this. Yeah, we're big fans and basically super excited about what's going to happen here. Great. Thank you very much. Ladies and gentlemen, as a reminder, if you wish to register for a question, please press star and one on your telephone. It seems that there are no more questions at this time. Therefore, I would hand over to Frank Böhme for any closing remarks. Please go ahead. Thanks, everyone, for dialing in today. If you have any further questions, please reach out to the IR team directly. Have a nice day and bye-bye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.