Zalando : Agentic commerce – risks priced in, opportunities ignored
Despite good fundamentals, Zalando’s negative share price performance in the last few months was largely driven by concerns around agentic commerce. In this report, we show that agentic commerce provides opportunities for Zalando such as faster-growing online penetration in European fashion, Zalando becoming the preferred partner of agents, and lower costs. We also look at possible impact on operating margin under different scenarios (from +100bp to -140bp dependingon the role of the agent ). Overall, we think the risks are priced in and the opportunities are ignored on agentic commerce. We maintain our Outperform rating with a TP of € 40.Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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