Jabong is now a part of Global Fashion Group

Leading Indian fashion portal Jabong is now a part of a new holding firm called Global Fashion Group (GFG), along with four other online fashion startups backed by tech incubator cum investor Rocket Internet and Swedish investment firm Investment AB Kinnevik. The group has roped in Romain Voog, former head of Amazon France as its first Chief Executive Officer and Nils Chrestin, former CFO of Russian online retailer Lomada, as Chief Financial Officer.

Luxembourg-based GFG is now the parent company for five fashion e-commerce start-ups including Dafiti (Latin America), Jabong (India), Lamoda (Russia and CIS), Namshi (Middle East) and Zalora (South East Asia and Australia). The group has also managed to raise 32 million euros (over Rs 210 crores) from Tengelmann Ventures and Verlinvest to expand its reach across 27 countries in four continents. It recently established presence in Belarus, Ukraine, Lebanon and Brunei. After the fresh funding round, Kinnevik owns 25.4 per cent stake in GFG, while Rocket Internet and Access Industries own 23 per cent and 7.4 per cent stake, respectively.