Press Release

Berlin, February 1st, 2024

WETHEBRANDS and Mantaro Brands Announce Landmark Merger, Forging a New Path in E-Commerce

In a strategic move that marks a significant shift in the e-commerce landscape, WETHEBRANDS and Mantaro Brands have merged to create a new,   powerful player in the e-commerce space, operating under the WETHEBRANDS brand.

"After an extensive process, we have identified the alliance that addresses our industry's main challenges: positioning ourselves as a rock solid all-equity player in a highly over-leveraged environment, achieving operational excellence and ensuring fast integration of new targets by leveraging our tech platform TAROx, as well as utilizing a strong product incubation engine to fuel our combined organic growth," said Nicolai von Enzberg, Co-CEO.

This synergistic partnership, combining two debt free players, is expected to supercharge growth and set the newly formed entity on a path to compete in the market with double the revenue size and market share.

In order to unlock significant synergies, a joint integration program is set to roll out in Q1 2024, focusing on efficiency while maintaining operational excellence. The merger offers numerous operational synergies, setting the stage for a robust, debt-free financial structure that will be resilient in the face of current market volatility and providing sufficient debt-capacity in the future.

Operational excellence is key to our success. We are dedicated to optimizing our operations to provide superior service to our sellers, partners, and customers. With a sharp focus on efficiency and cost leadership in our operations, we are poised to lead the way in the aggregator industry,”  said Christoph Baumann, COO.

The primary objective of this merger is to foster sustainable profitability and to further acquire ecommerce aggregators and medium-sized standalone brands. The transaction is structured as a merger of equals, which includes the infusion of additional equity and the creation of new share capital to facilitate future merger opportunities.

Reflecting on the merger, the new management underscores the value it brings to all stakeholders. "This is not just a merger; it’s the first step in a strategic evolution of the entire business model. We are committed to pursuing future mergers that will not only enhance our portfolio but also drive consolidation within the e-commerce industry,” said Jaschar Hupperth, Co-CEO.

Investors are invited to seize this opportunity through a new funding round beginning in early 2024, which promises attractive terms and a chance to be part of a formidable market force. Under the new structure, the merged entity will operate as WETHEBRANDS, with Jaschar Hupperth and Nicolai von
Enzberg appointed as Co-CEOs, and Christoph Baumann as COO. The company is headquartered in Berlin, Germany. Closing of the transaction is
expected in Q1/2024.

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