Getmobile Increases Shirtinator Position To 37%
Oct 2nd, 2009 by admin
Getmobile has been looking for more sustainable business models after the extreme tailspin in the wireless communications business. A few days ago they announced an increase in their position on Shirtinator to almost 37%.
Picture of The Shop Exchange: Getmobile Increases Shirtinator Position To 37% [source:excitingcommerce.com]
"getmobile announces that it has acquired a further 11.87% stake in Shirtinator AG ("Shirtinator") at a cost of 273,118 taking its interest in the company to 36.87%.
The acquisition of this additional stake is in line with the Company's objective of expanding its range of e-commerce activities leveraging getmobile's management team's extensive knowledge and experience of e-commerce and direct marketing.
Shirtinator has performed ahead of expectations at the time of getmobile's original investment with unaudited revenues for the 6 months to 30 June 2009 of 1.86m and unaudited operating profits of approximately 146,000.
Shirtinator believes that it is now the third largest on-line vendor of customised printed T-shirts in Germany. Shirtinator employs 20 people and is led by CEO Sven Rittau who, in 1999, was a co-founder of Zooplus AG, the leading European on-line pet supplies retailer."
Parallel to the announcement, Getmobile has declared that they might even remove themselves completely from the wireless communications business.
Besides Shirtinator, who generated 1.6 million euro in revenue in 2008, Getmobile has investments in the private shopping club Pauldirekt as well as Premingo.
Amongst the online shirt retailers, Spreadshirt is by wide margin the #1 in Germany. Just recently Zazzle has launched their German operations.
Originally posted in German by Jochen Krisch, adapted for excitingcommerce.com by Jason Soo.[source:excitingcommerce.com]
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