Zalando: Thesis Continues To Move In The Right Direction

Zalando (ZLDSF) remains a buy as B2B scaling, AI integration, and improved inventory management drive margin expansion and operational efficiency. Q1 2026 pro forma B2B revenue grew 17% with gross margin up to 18.2%, while inventory growth slowed to 1.9% y/y, mitigating margin risk. AI adoption enhances product discovery, fulfillment, and partner onboarding, supporting GMV growth and strengthening ZLDSF's platform advantage.