Zalando has narrowed its 2026 outlook, saying revenue and growth will land in the lower half of its previously guided range as European online fashion cools.
The adjusted operating profit range tells a slightly different story: profitability is holding even as top-line growth softens.
For the broader sector, the outlook is a weather report: European e-commerce has stopped being a growth story and become a value story.
The tightening is a signal that Zalando is managing the downshift rather than being managed by it, prioritizing margin discipline over market share grabs.
