Luxembourg-based fashion e-commerce company Global Fashion Group (GFG) secured €32m ($34.6m) yesterday from investors including Tengelmann Ventures, the corporate venturing arm of retail group Tengelmann.
Verlinvest, the office of one of beverage company Anheuser-Busch InBev’s founding families, also participated in the round.
GFG is a merger of five regional e-commerce companies that was initiated by incubator Rocket Internet and investment firm Kinnevik in September 2014. It consists of Dafiti (covering Latin America), Jabong (India), Lamoda (Russia and the Commonwealth of Independent States), Namshi (Middle East) and Zalora (South East Asia and Australia).
The merger, valued at €2.8bn, has now been completed.
Romain Voog has been appointed as chief executive of GFG and Nils Chrestin as chief financial officer. Voog previously served as e-commerce company Amazon’s president and managing director for France. Chrestin’s previous position was that of managing director and chief financial officer of Lamoda.
Prior to the merger, the five companies had raised more than €1bn between them. Rocket Internet currently owns 23% of GFG, while Kinnevik holds 25.4% and conglomerate Access Industries 7.4%.
– Image courtesy of GFG