Kinnevik re-ups in Rocket-backed emerging markets fashion group

The group comprises five fashion e-commerce brands: India's Jabong; Zalora in Southeast Asia and Australia; the Middle East's Namshi; Dafit in Latin America; and Russia's Lamoda. The formation of the group, which was first announced last September, saw all direct and indirect shareholders in the five platforms fold their shares into a newly-formed Luxembourg-based entity.

GFG received EUR32 million from existing shareholders Tengelmann Ventures and Verlinvest in March. This latest investment implies a post-money valuation of EUR2.8 billion, with Kinnevik and Rocket Internet holding 25.4% and 23% of the company, respectively.

To coincide with the round, Romain Voog, former head of Amazon France, has been appointed as CEO, while Nils Chrestin has been brought over as CFO after holding a similar role at Lamoda.

According to a release, the leadership plans to scale up the group's operations, and improve its global infrastructure, by leveraging industry expertise across the group. However, GFG has said it will maintain individual business models, including full inventory, branded shops and marketplaces, in order to serve its respective regional markets.

Since launching across 2011 and 2012, the five e-commerce that now comprise GFG have attracted more than EUR1 billion. Other investors have included Access Industries, Summit Partners, and Ontario Teachers' Pension Plan among others.

The combined company operates over 27 countries with over 8,500 employees. According to Kinnevik, GFG is targeting a EUR630 billion fashion market where an estimated 2.5 billion people are moving online and increasingly engaging in e-commerce.

Founded in 2007, Rocket makes investments across e-commerce, marketplace and financial technology. The internet platform has more than 20,000 staff across its network of companies, which operates in more than 100 countries.

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• Topics
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