Tengelmann backs Global Fashion Group

The investment implies a post-money valuation of €2.8bn for GFG. Group founders Rocket Internet and Investment AB Kinnevik own 23% and 25.4% of the company respectively.

The fresh investment marks the completion of the merger of five Rocket Internet-owned fashion sites - Latin America-based Dafiti, India-based Jabong, Russia's Lamoda, Namshi (operating in the Middle East and south-east Asia) and Australia-based Zalora - to form GFG.

Each company will continue to be led by its own management team.

GFG claims the global fashion market is worth €630bn and 2.5 billion people worldwide purchase clothing and accessories online.

Brussels-based Verlinvest is a family-owned investment holding company focusing on the consumer sector.

Company
Founded in 2011, GFG is a fashion e-commerce group operating in 27 emerging markets. It offers international and local fashion brands. The group employs 9,500 people.

People
Romain Voog has been appointed CEO of GFG. Lorenzo Grabau is chairman of GFG.

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