Germany's financial regulator BaFin has launched a formal investigation into Zalando's consolidated financial statements, examining whether the company's 2025 report contains violations of accounting rules. The probe is linked in part to Zalando's acquisition of About You. Zalando's stock fell by a double-digit percentage in response, one of its sharpest single-session moves in recent memory.
Accounting investigations by a national regulator are serious — they can lead to restatements, fines, or forced corrections that alter a company's reported financial health. For investors holding Zalando or European e-commerce ETFs, the uncertainty around the integrity of the financials makes the stock nearly impossible to value until the probe concludes. The double-digit drop suggests the market is pricing in a non-trivial risk of bad news ahead.
BaFin formal finding or interim statement (no fixed date announced). Zalando next quarterly earnings release (next quarterly earnings). Any regulatory filings disclosing updated treatment of About You acquisition accounting.
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