Zalando nears first US client deal, sees AI traffic growing

German online fashion platform Zalando SE is preparing to announce its first deal with an American client soon, marking a break into the US market with the company’s business-to-business offerings.   

“We now have the first teams on the ground to also develop the market for us- to talk to brands and retailers about their needs,” Zalando co-chief executive officer David Schröder said in an interview this week. “We are now finally approaching- and that makes us very happy- the closure of the first deals here in the US, which we hope to announce in the coming months.”

Zalando’s business-to-business operations have historically focused exclusively on Europe. But the company has hailed the US as “one of the biggest opportunities” for its Scayle software, which it gained through the acquisition of rival About You Holding SE in 2025. The software helps firms manage inventory and branding across sales channels. Schröder described Zalando’s business-to-business operations as a “multibillion-euro” opportunity. While much of that consists of logistics, he expects software to account for “a few hundred million” in revenue. 

Zalando shares jumped on Friday as much as 4% on the news before paring gains. 

The financial targets the company had issued last year failed to impress investors. The Berlin-based company has lost more than $20 billion in market value since peaking as a pandemic darling in 2021. Its shares slid after the pandemic as consumers returned to brick and mortar stores for their shopping needs. Despite some momentum in Zalando’s earnings, investors remain cautious about its ability to expand margins.

“There seems to be still some doubt on whether we’ll get there or not, especially on the margin side,” Schröder said of investors’ reaction to the company’s financial forecasts. “This year, we will prove again that the margin goes up and we continue to grow.” When Zalando reports full-year results in March, Schröder said executives will also “communicate a simpler story to make clear what our priorities are,” while reiterating financial targets.

Schröder said he sees traffic to Zalando’s shopping platform from artificial-intelligence chatbots and agents growing in the coming years. Today, more than 80% of Zalando’s traffic is organic and isn’t coming from paid advertising, Schröder said, with the rest largely coming through paid channels such as Google and Meta Platforms Inc. But “a low single-digit percentage” is now being directed through AI, he said.

While some have warned that AI tools threaten to undermine the business model of e-commerce companies, Schröder said he’s optimistic the technology will help Zalando reach new customers. The company recently started working with Google’s open standard for agentic commerce, designed to help retailers connect with consumers using AI to shop. 

“We obviously want to be where customers are,” Schröder said.

While agentic commerce may create some disruption for the industry, Bankhaus Metzler analyst Felix Dennl recently said in a note that he sees AI as an opportunity for Zalando to create content and optimise returns.