Nicola Tangen, CEO of the Norwegian Sovereign Wealth Fund, interviews Robert Gentz, co-founder and co-CEO of Zalando, Europe's leading online fashion platform. Gentz co-founded the company in 2008 during the financial crisis when selling shoes online seemed like a terrible idea.

The conversation covers Zalando's remarkable growth trajectory from a flip-flop startup to serving 50 million customers across 25 European markets. They discuss the company's AI-driven innovations, leadership evolution, and Gentz's vision for European entrepreneurship in the global competition with China and the US.

From Flip-Flops to Billion-Euro Fashion Empire

Zalando began in June 2008 selling flip-flops on a domain called 'Flip Tops,' achieving 20 sales per day and validating the online shoe concept during the financial crisis.

The company experienced explosive growth: 5-6 million euros revenue in 2009, then 150 million, 500 million, and 1.2 billion in the fourth year.

Employee count scaled from 50 people in 2009 to over 2,500 by end of 2011, driven by the discovery that more selection led to better traffic conversion.

The flywheel effect emerged when they realized 'the more you provide selection, actually the better you could actually convert the traffic' - Robert.

AI Revolution in Fashion Discovery and Sizing

Zalando launched a discovery feed using AI to surface personalized content for fashion inspiration and entertainment beyond just purchasing.

The company built an AI assistant enabling natural language queries like 'I'm showing up here in Norway and what shall I actually wear today in Norway' - Robert.

Over one million customers have used Zalando's body scanning feature, taking pictures through the app to get AI-rendered size recommendations.

Leadership Evolution from Startup to Scale

Gentz transitioned from hands-on leadership at age 24 with no prior work experience to becoming an 'enabling leader' who trusts teams by default.

His current approach focuses on 'only really get involved in the areas where I feel that only I can do that' - ambiguous decisions, long-term strategy, and corporate culture.

For successful founders, Gentz prioritizes 'curiosity and humility' as essential traits for making good decisions and learning from everyone.

The European Dream vs American Dream Decline

Gentz argues Europe needs a 'positive North idea' to compete globally, as the American Dream has shifted from inclusive to exclusive.

He envisions a European Dream leveraging the continent's 'free space' and 'values-driven democratic space' to attract global talent.

'We're here in a race, we are in a race between China and US and it's about relevancy and we want to win this race' - Robert.