Online fashion retailer Zalando is to welcome new shareholders after Swedish investment company Kinneviktook the decision to distribute all its shares to its investors.

The news comes more than ten years after Kinnevik’s first investment into Zalando. With a 21% stake, the firm is the retailer’s biggest investor.

Rubin Ritter, Zalando co-chief executive, said: “We are very grateful for Kinnevik’s support on our journey to build Europe’s starting point for fashion. Especially in the early days of Zalando, Kinnevik’s decisive support and willingness to invest and take big risks to follow a long-term conviction has made a significant difference.

“After such a successful partnership, granting Kinnevik shareholders direct exposure to Zalando is a logical next step and we are looking forward to welcoming them as direct shareholders in Zalando. We view this as an opportunity to gain renewed support for our vision and strategy going forward.”

Founded in Berlin in 2008, Zalando has more than 35 million active customers in 17 markets.