In brief: Zalora owner plans $2b-plus IPO

Global Fashion Group (GFG), the emerging markets online fashion retailer set up by German ecommerce investor Rocket Internet and Sweden’s Kinnevik, is planning a stock market flotation.

GFG is seeking a valuation of US$2.05 billion to US$2.85 billion, Manager Magazin reported, above the US$1.71 billion it was valued at on September 30 by Kinnevik, which holds a 35 percent stake.

Source: Reuters

GFG runs sites including Zalora in Southeast Asia and The Iconic in Australia and New Zealand. It also has sites in Eastern Europe, Central Asia, South America, and the Middle East.

The company’s sales were up 17 percent in Q3 2018, hitting US$303 million. It narrowed its pre-tax loss for the quarter to US$24.3 million, and had US$124 million in cash.

The report didn’t indicate where GFG would seek to list its shares.

Currency converted from euros. Rate: US$1 = €0.88