Finance & Economics

Large European online store has filed for insolvency

For many, this comes as a surprise

insolvency

Large European online store has filed for insolvency. Source: flickr.com

According to Ecommerce News, German startup Lesara has filed for insolvency at its headquarters in Berlin. For many, this comes as a surprise, as the online store grew very fast and just opened a new logistics center. Also, the fashion and lifestyle retailer raised tens of millions of euros in funding over the last five years.

But despite all this growth and the beliefs of several investors, Lesara has run out of money. Last Friday, co-founder Roman Kirsch has filed for insolvency proceedings in self-administration for Lesara AG and logistics subsidiary Lesara Logistics at the district court of Berlin-Charlottenburg.

All major expenditures and decisions must now be approved first by Potsdam attorney Christian Graf Brockdorff, the trustee appointed by the court, Handelsblatt writes.

Earlier this year, Lesara, which specializes in clothing, jewelry, and other lifestyle products, raised 30 million euros at existing investors like Northzone, Mangrove Capital Partners and Vorwerk Ventures. The German startup raised a total of 90 million euros over the last five years. The last funding round was used for expanding its logistics. In August of this year, the company opened its very first own distribution center, which cost 45 million euros to build.

Lesara was founded by Matthias Wilrich, Robin Müller en Roman Kirsch in 2013. The company has dedicated e-commerce websites in Germany, Switzerland, Austria, Italy, the Netherlands, France, Belgium, Sweden, Denmark, and Spain.

SEE ALSO: Survey shows why more than half of Belgian SMEs don’t sell online

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