Kinnevik and Rocket Internet’s Global Fashion Group (GFG) has closed a primary capital of $35 million from Tengelmann Ventures and Verlinvest, at a post money valuation of over $3 billion, thus, officially announcing the merger. The funding has been made at the merger valuation of the group consisting of online retail stores in emerging market backed by Rocket and Kinnvik, that includes Dafiti, Lamoda, Jabong, Zalora and Namshi.
The group has also appointed Romain Voog as CEO and Nils Chrestin as CFO for the conglomeration of the fashion companies, who would be responsible for overall strategic and operational development of GFG as well as the various group functions.
Now post this merger and new round of funding, Swedish Investment company Kinnevik owns 25.4% and Rocket Internet owns 23.0% of the GFG.
Global Fashion Group (GFG) operates across four continents and 27 countries, with a focus on emerging markets, including India, SEA, Latin America, Middle East and Russia. It was founded in 2011 by Rocket Internet and Kinnevik, the two announced the merger of the standalone companies in the group in September 2014.