Global Fashion Group (GFG) has announced a successful funding round of EUR 330 million (US $363 million) , which has been subscribed by existing investors including Rocket Internet (Rocket Internet) and the Rocket Internet Capital Partners fund (RICP). Due to high demand, the initial underwritten minimum capital raising of EUR 300 (US $330 million) million was increased to EUR 330 million.
Founded in 2014, GFG is one of the leading online Fashion businesses in emerging markets. It combines six leading regional online Fashion businesses, Dafiti in Latin America, Lamoda in Russia and GUS, Namshi in the Middle East, The Iconic in Australia, Jabong in India and Zalora in South-East Asia.
Rocket Internet has invested EUR 68 million (US $74.8 million) including the conversion of an investment in a previous financing round and excluding any commitment from RICP. The transaction values GFG at EUR 1.0 billion (US $1.1 billion) post the investment. Rocket Internet’s direct and indirect stake after the transaction will be 20.4%
“GFG has successfully built its position as market leader in online Fashion in many key emerging markets”, says Oliver Samwer, CEO of Rocket Internet. “The recent funding round provides GFG with the necessary capital to continue on that path. We are looking forward to continuing to work with the GFG team as well as Kinnevik and the other GFG shareholders.”