Bestseller boss Anders Holch Povlsen backs interactive retail tech venture Touchtech
Bestseller owner and CEO Anders Hoch Povlsen’s holding company, Heartland, is investing $4.4 million in Touchtech, a venture whose tech brings digital experiences to shoppers in physical spaces.
This gives Povlsen a 25% stake in the company, which is publicly traded on the Swedish Spotlight Stock Market.
The investment follows a tie up between Touchtech and Bestseller’s brands, which have been leveraging the technology in physical retail locations and wholesale showrooms throughout Europe since 2018.
Danish billionaire Povlsen’s holding company, meanwhile, adds Touchtech to a portfolio that includes Klarna, Asos, Zalando and Bambuser.
Touchtech says it will use the cash to accelerate the development and commercialisation of its technology.
Another priority is to build on capabilities that enable greater sustainability by eliminating the need for physical samples and better aligning production and sales.
“The injection of new capital combined with a deepened collaboration with Heartland and Bestseller will enable us to accelerate our international growth plan and drive the digitalisation and change within the retail industry,” says Deniz Chaban, CEO at Touchtech.
“We could not wish for a better partner to join us on our mission to create the best possible tools for sales and marketing people in wholesale and retail.”
“In recent years, Touchtech has been a highly valued partner for Bestseller,” says Lise Kaae, CEO at Heartland.
“With its sound understanding of fashion industry dynamics and ability to serve customer needs through digital solutions, strengthening our relationship through a strategic investment was a natural next step.
“We look forward to working closely with the team to support Touchtech’s future and as a driver of digitalisation throughout the industry.”
