June 2026
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Largest Vertical E-commerce Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Zalando, CEWE Group, HelloFresh, Auto.de and Mister Spex.
 | Zalando, founded in 2008, is Europe’s biggest pure-play online fashion platform. Zalando is present in 25 European countries, and its major market is the DACH region, comprising Germany, Austria, and Switzerland. The company commands around 12% market share in European online apparel sales. After the About You acquisition, it has 17 fulfillment centers, offers over 7,000 brands, and as of September 2025, had 61 million active users (more than 10% of the population in countries where the firm has a presence). | $27 | -16% | $7B | $6B | 0.4x | 6.1x | ||
| CEWE Stiftung & Co KGaA is a German-based company which provides photo service, photo retail business, and commercial online printing. The company operates a business through three segments through photofinishing, retail, and commercial online printing. Its Photofinishing segment works on the printing of photos of analogue or digital origin. Retail unit trades photo hardware and photo products to end consumers using various brands such as Fotojoker, Fotolab and Japan Photo, among others. The Online Printing unit operates through online printing portals, such as www.cewe-print.de and others. The company derives it's majority of the revenue from photofinishing activity in Germany. | Printing+3 | $114 | +1% | $778M | $720M | 0.7x | 4.3x | |
| HelloFresh SE provides fresh, healthy, and personalized meal solutions. The company operates an internet platform that provides customers the choice between various kinds of meals and recipes to be delivered on selected weekdays. It operates in two geographical regions: International and USA. The international segment comprises operations in the United Kingdom, The Netherlands, Belgium, Luxembourg, Denmark, Ireland, Italy, Japan, France, New Zealand, Norway, Spain, Sweden, Australia, Germany, Austria, Canada, and Switzerland. The USA segment comprises operations in the United States of America. | $5 | -47% | $697M | $599M | 0.1x | 1.2x | ||
| Auto de AG is a car portal in Germany for both used and new cars. The sale of new and used cars takes place predominantly in proprietary trading via the auto.de platform. Its special service is the delivery of the purchased automobiles directly to the customer's doorstep. It also provides additional services such as financing, and car preparation among others. | $1 | -3% | $62M | $62M | - | 440.1x | ||
| Mister Spex SE is a retail brand in Eye ware market in Europe engaged in the business of online opticians. The company offers products and additional services such as eye examinations for glasses and new adaptations and annual checks of contact lenses. It has a regional segment, which is German and international, and the majority of the revenue comes from Germany. The products of company are Sunglasses, Prescription Sunglasses, and Contact lenses. | $1 | +2% | $49M | $42M | 0.2x | (1.4x) | ||
| Delticom AG operates as a German online tyre retailer and automotive accessories company. It operates in one segment and focuses on selling tyres, automotive accessories. | $3 | +1% | $42M | $121M | 0.2x | 5.3x | ||
| Median | $4 | -1% | $379M | $360M | 0.2x | 4.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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