Online fashion retailer Global Fashion Group (GFG), which owns fashion e-commerce platforms such as Zalora in Southeast Asia and The Iconic in Australia and New Zealand, plans to go public, Manager Magazin reported, citing unnamed insiders.
The firm, set up by German e-commerce investor Rocket Internet and Sweden’s Kinnevik, is targeting a public market valuation of US$2.05 billion to US$2.85 billion, according to the report. The listing venue was not disclosed.
An online fashion retailer focusing on emerging markets, GFG operates a number of brands including Asia-focused Zalora, Russia-focused Lamoda, Australia’s The Iconic, Jabong in India, Dafiti in Latin America, and Namshi in the Middle East.
The group recorded US$303 million in sales revenue for the third quarter of 2018, up 17 percent from a year ago, while pre-tax loss narrowed to US$24.3 million. It had a turnover of more than a billion euros in 2017.
As of September, GFG was valued at US$1.5 billion by Kinnevik, which holds a 35 percent stake in the company, Manager Magazin said.
The German monthly publication said GFG has mandated several investment banks, including Morgan Stanley and Goldman Sachs, to prepare for an IPO in March next year, assuming market conditions are favorable.
Founded in 2007 in Berlin, Rocket Internet has built business units in diverse areas, holding stakes in startups such as food delivery service firms Delivery Hero and HelloFresh as well as online furniture retailers Home24 and Westwing.
Luxury e-commerce platform Farfetch went public in New York in September with a market valuation of over US$5.8 billion.
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