The accompanying press release announces a new focus on B2B, as well as a reorganization of business segments. Nothing that will come as a shock to MarketScreener readers, who already knew what they were getting into long ago.

For years, Zalando has aimed to position itself both as an integrated service provider - from advertising to logistics - and as the benchmark retailer for European ready-to-wear. Naturally, it is in this first category that hopes of making decent margins are highest.

The press release, a little too talkative, therefore looks more like a cosmetic effort than the expression of a new strategic impulse. For there is a - somewhat bitter - pill to swallow for the market: like last year, 2023 once again marks a decline in sales and in the number of active users.

After seeing the first sales slowdown in its history last year, these developments confirm that Zalando seems to have reached a plateau of ten billion euros in sales; this growth stall puts an end to a once irresistible rise.

The volume of goods sold on the platform had grown at an average of 25% a year between 2014 and 2021. Just eighteen months ago, this unprecedented sequence had prompted management to set a target of EUR20 billion in sales by 2025.

It's hard to see how this can be achieved. His replacement should no doubt be greeted with similar reservations: In the long term, management now explains that it wants to control 15% of the European fashion market, or EUR67.5 billion in business volume.

On the positive side, Zalando managed, as usual, to make a profit - a genuine retailer's profit, however, with an operating margin of 1.9%. Despite promises that some would consider unrealistic, the German company has distinguished itself from the outset by its extremely skillful management.