Anders Holch Povlsen, the owner of Danish fashion company Bestseller, has acquired a 10% stake in German online clothing and footwear retailer Zalando.

Holch Povlsen, who is also the largest shareholder of UK online retailer Asos, will acquire shares from early-stage stakeholders, including European Founders Found (EFF), Holtzbrinck and Tengelmann.

All of the selling shareholders remain invested in Zalando. Financial details were not disclosed.

"This is an important step in the strategic development of our shareholder structure," said Zalando managing director Rubin Ritter. "Anders Holch Povlsen will be a strong and long-term-oriented shareholder and together we want to design the future of fashion e-commerce."

Investment AB Kinnevik now owns a 37% stake in the company, EFF with 18%, DST Global taking 9%, Holtzbrinck Ventures holding 8% and Tengelmann Ventures with 6%. Other shareholders will hold a 12% interest in Zalando.

Zalando last month reported a 74% jump in first-quarter net sales to reach EUR372m (US$490m) from EUR214m in the same period last year.