22 July 2016, USA :
Global Fashion Group has added €30 million more to its previous funding to take the total funding to €330 million. Rocket Internet, Germany’s highest-profile startup investor, contributed €68 million in funding round for its startup Global Fashion Group, completing a deal first announced in April.
Global Fashion Group (GFG) is the world’s leading online fashion destination for emerging markets. It offers brands the chance to enter the fashion e-commerce sector in highly promising economies. We operate with six branded platforms in 27 countries.
“GFG has successfully built its position as market leader in online fashion in many key emerging markets,” said Oliver Samwer, CEO of Rocket Internet. “The recent funding round provides GFG with the necessary capital to continue on that path.”
Germany’s Rocket Internet SE invested €68 million and Swedish investment firm Kinnevik put in €161 million in this round, the two companies said in separate statements.
The development comes at a time when GFG is in advanced discussions with Softbank Group Corp. backed Snapdeal to sell Jabong. The deal is estimated to be around $50-75 million largely in cash, which would allow Rocket Internet and Kinnevik to exit Jabong.
Apart from Jabong in India, GFG runs five regional brands under its umbrella, including Dafiti in Latin America, Lamoda in Russia and CIS, Namshi in the Middle East, The Iconic in Australia and Zalora in South-East Asia.