Rocket Internet’s Fashion Group GFG Closes $365M Down Round


Rocket Internet’s Global Fashion Group is now valued at $1.1 billion, after receiving a new round of funding, as stated by a press release issued by Rocket Internet.

The only investors the company would disclose was Rocket Internet Capital Partners. Temasek and Tesco are among those which invested in other Rocket company Lazada, its Amazon-like service in Southeast Asia, so going outside of the usual circle of Rocket Internet-friendly investors is possible. But it appears that GFG wasn’t able to drum up that level of interest.

This latest round has closed at €330 million ($365 million) and retained that same $1.1 billion valuation since announcing a funding round in April 2016.

Founded in 2014, GFG is one of the leading online Fashion businesses in emerging markets. It combines six leading regional online fashion businesses, Dafiti in Latin America, Lamoda in Russia and GUS, Namshi in the Middle East, The Iconic in Australia, Jabong in India and Zalora in Southeast Asia.

Oliver Samwer, CEO of Rocket Internet, comments,

GFG has successfully built its position as a market leader in online fashion in many key emerging markets. The recent funding round provides GFG with the necessary capital to continue on that path. 

Funding has come in at a good time for the company as Rocket Internet’s latest report suggested that Zalora and Jabong were in desperate need of more money and scaling back the business.

A version of this appeared in TechCrunch on July 22. Find the full version here