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词条 Global Fashion Group
释义

  1. History

  2. Geographical operations and presence

  3. Brands

      International brands    Regional/ local brands    Private labels  

  4. Business figures

  5. Fundraising and M&A

      Fundraising    Acquisitions    Strategic Partnerships    Divestments  

  6. References

{{Infobox company
| name = Global Fashion Group S.A.
| logo = Global Fashion Group logo.png
| type = Private
| industry = Online shopping
| founded = 2014[1][2]
| members = Dafiti, Lamoda, Namshi, THE ICONIC, Zalora
| hq_location_country = Singapore
| key_people = Cynthia Gordon (Chair)
Patrick Schmidt (Co-CEO)
Christoph Barchewitz (Co-CEO)
Nils Chrestin (CFO)
| owners = Kinnevik AB (Lead)[3]
Rocket Internet SE[4]
Access Industries
Summit Partners
Ontario Teachers' Pension Plan
Tengelmann Group
Verlinvest[5]
| products = Clothing, shoes, accessories, beauty
| revenue = €1.16 Billion (2018)
| num_employees = 9,000+
| website = {{URL|http://global-fashion-group.com}}
}}

Global Fashion Group (GFG) is a group that operates e-commerce fashion site in emerging markets.

Through its network of regional companies, GFG operates across 24 countries and employs over 9,000 people. The Group has developed commercial relationship with more than 3000 international and local brands and has developed an integrated supply chain infrastructure including last mile delivery in over 300 cities and on delivery cash payment to circumvent the lack of existing infrastructure and low credit card penetration in their markets.

In April 2018, GFG reported net revenue of over €1 billion for financial year 2017.[6]

GFG is currently led by co-CEOs, Patrick Schmidt and Christoph Barchewitz.

Based in Singapore, Schmidt also retains his role as CEO of THE ICONIC until a successor is appointed.

Barchewitz, formerly from Kinnevik AB, which is GFG's lead investor, is based in London.

History

Global Fashion Group (GFG) was established in 2014 through a consolidation of fashion e-commerce regional companies in emerging markets backed by Kinnevik and Rocket Internet. Its regional companies Dafiti, Lamoda, Namshi, THE ICONIC, ZALORA and Jabong (later sold) were founded in 2011 and 2012.[7][8]

In 2011 and 2012, the GFG regional companies began operations with a business model of selling inventory to customers from its own warehouses.

From 2013, the GFG regional companies started creating their own private-label brands, such as Lost Ink and ZALORA (formerly Ezra).[9]

In April 2015, Romain Voog was appointed chief executive officer of GFG.[10] He retained the role for approximately 3 years.

In 2016, GFG rolled out its Marketplace platform across key markets to complement its traditional inventory-led model.[11]

In April 2017, GFG appointed Cynthia Gordon, a board member of Kinnevik, as the new Chair of GFG Board of Directors.[12]

In February 2018, Patrick Schmidt and Christoph Barchewitz were appointed co-chief executive officers, succeeding Romain Voog.[13]

Geographical operations and presence

GFG is registered in Luxembourg, and headquartered in Singapore and London. Through its five regional companies, GFG currently operates across 24 markets with over 1 billion population, serving a fashion market estimated to be worth over €350 billion.

Since their launch in 2011 and 2012, the five GFG regional companies have developed online fashion platforms in their respective markets and invested heavily in building necessary infrastructure, including last mile delivery networks, private-label brands, and mobile applications.[8]

The Group operates more than 10 warehouses across the world, including THE ICONIC's new 19,000sqm fulfilment centre in Australia[14] and ZALORA’S new Regional e-Fulfilment Hub in Malaysia.[15][16]

Through its own last mile delivery fleets and extensive network of trusted partners, GFG offers last mile delivery in over 300 cities. For instance, leveraging its own logistics and courier service, Lamoda offers next-day delivery to more than 150 Russian cities and superior customer service. Once a delivery arrives, shoppers have 15 minutes to try it on, with the courier trained to offer style and size advice.[17][18]

As of 31 December 2016, GFG has 10 million active customers and over 9,000 employees.[19][12]

Brands

GFG's brand portfolio consists of more than 3,000 international and regional brands, in addition to its own private labels.

International brands

Top international brands collaborate with GFG and its regional companies to gain instant entry and access into high potential emerging markets. Key international brands include TOPSHOP, Aldo, Tommy Hilfiger, Hugo Boss and Nike.[20]

In April 2017, ZALORA established a partnership with Abercrombie & Fitch. This partnership will provide Abercrombie & Fitch access to more than 600 million of ZALORA's online customers.[21]

Regional/ local brands

The GFG regional companies also offer a curated assortment of regional and local brands to cater to local fashion trends, nuances and seasonality.[22] GFG's portfolio of regional and local brands include Colcci in Dafiti, Lover in THE ICONIC and Edge Street in Lamoda.

Private labels

From 2013, the GFG regional companies started creating their own private label brands, with in-house design teams and collaboration with local designers.[23] GFG private label brands include Lost Ink, ZALORA (formerly EZRA), ZALIA, 24:01 and Something Borrowed.

In addition to collaboration with local designers, ZALORA also supports the local fashion scene through its partnership with FOX International Channel for the hit reality TV series, Asia's Next Top Model.[24][25]

Business figures

In April 2018, GFG reported net revenue of over €1 billion in 2017 (excluding Jabong and Namshi), with sales up 19.9% from 2016.

Still on its path to profitability, GFG improved its adjusted EBITDA margin from (12.5)% in 2016 to (8.9%) in 2017. It credits this improvement with investments and efficiency gains in marketing and fulfilment.[26] Namshi was the first GFG regional company to achieve full-year profitability in 2016 with an adjusted EBITDA of €2.5 million.[26]

GFG ended 2017 with €257.3 million in cash on a pro-forma basis.[26]

YearNet Revenue (EURm)Revenue growth (%, FX neutral basis)Adjusted EBITDA marginCash position (EURm)
2014[11]627.5Undisclosed(38.0)%223.8
2015[12][11]808.048.2%(26.9)%76.7
2016[12]1023.1 (excl. Jabong)26.4%(12.5)%255.0
20171095.0 (excl. Jabong & Namshi)19.9%(8.9%)257.3

Fundraising and M&A

Fundraising

In 2015, GFG raised €150 million from existing investors Kinnevik and Rocket Internet in an internal financing round.[27][28]

GFG secured additional funding of €330 million from existing shareholders led by Kinnevik and Rocket Internet during H1 2016. The funding round resulted in a cash balance of €342.6 million at the end of H1 2016.[11]

Acquisitions

In 2015, GFG acquired sports and outdoor activities e-commerce company Kanui, and kids/ baby-focused online retailer Tricae. Both deals are undisclosed and the two Brazil-based businesses have been integrated into Dafiti.[27]

Strategic Partnerships

In February 2017, GFG announced a strategic partnership with one of the Philippines’ oldest and largest conglomerates, the Ayala Group. Ayala invested to take a 49% ownership in ZALORA Philippines.[12][29]

In May 2017, GFG announced the partnership with Emaar Malls in the Middle East, whereby Emaar has acquired 51% of Namshi for a cash consideration of US$151 million, with GFG retaining the remaining 49%.[30][6]

Divestments

In March 2016, GFG's South American business Dafiti sold its operations in Mexico.[31]

In April 2016, GFG's Southeast Asian business ZALORA sold its operations in Thailand and Vietnam to retailer Central Group for an undisclosed amount.[11]

In August 2016, GFG sold its Indian business Jabong to Flipkart for US$70 million in cash.[11]

References

1. ^{{cite news|last1=Lunden|first1=Ingrid|title=Rocket Internet Consolidates 5 Emerging Market Fashion Brands Into One: $3.5B GFG|url=https://techcrunch.com/2014/09/04/rocket-internet-consolidates-5-emerging-market-fashion-brands-into-one-3-5b-gfg/|accessdate=24 August 2017|publisher=Techcrunch|date=4 September 2014}}
2. ^{{cite web|title=Kinnevik and Rocket Internet to create global fashion e-commerce group|url=https://www.kinnevik.com/media/press-releases/2014/9/1853686-Kinnevik-and-Rocket-Internet-to-create-global-fashion-e-commerce-group|website=Kinnevik|accessdate=24 August 2017}}
3. ^{{cite web|title=Our Investments, Global Fashion Group|url=https://www.kinnevik.com/our-investments/global-fashion-group|website=Kinnevik|accessdate=24 August 2017}}
4. ^{{cite news|last1=Russell|first1=Jon|title=Rocket Internet’s GFG closes $365M down round as external investors shy away|url=https://techcrunch.com/2016/07/22/rocket-internets-gfg-closes-330m-down-round-as-external-investors-shy-away/|accessdate=24 August 2017|publisher=Techcrunch|date=22 July 2016}}
5. ^{{cite web|title=GFG Digital & Ecommerce|url=http://verlinvest.be/portfolio/gfg-2/|website=Verlinvest|accessdate=24 August 2017}}
6. ^http://global-fashion-group.com/reports/Q4_GFG_Results_FY2017.pdf
7. ^{{Cite web|url=https://techcrunch.com/2014/09/04/rocket-internet-consolidates-5-emerging-market-fashion-brands-into-one-3-5b-gfg/|title=Rocket Internet Consolidates 5 Emerging Market Fashion Brands Into One: $3.5B GFG {{!}} TechCrunch|last=Lunden|first=Ingrid|access-date=2017-08-21}}
8. ^{{Cite web|url=https://www.kinnevik.com/media/press-releases/2014/9/1853686-Kinnevik-and-Rocket-Internet-to-create-global-fashion-e-commerce-group|title=Kinnevik {{!}} Kinnevik and Rocket Internet to create global fashion e-commerce group|website=www.kinnevik.com|language=en|access-date=2017-08-21}}
9. ^{{Cite web|url=https://www.techinasia.com/zalora-ezra-private-label|title=Tech in Asia - Connecting Asia's startup ecosystem|website=www.techinasia.com|language=en-US|access-date=2017-08-21}}
10. ^{{Cite news|url=https://www.reuters.com/article/rocket-internet-fashion-idUSL6N0X440W20150408|title=Global Fashion Group hires ex-Amazon.com exec as CEO|last=|first=|date=April 8, 2015|work=Reuters|access-date=August 22, 2017|archive-url=|archive-date=|dead-url=}}
11. ^http://global-fashion-group.com/reports/H1_GFG_Results_2016.pdf
12. ^http://global-fashion-group.com/reports/Q4_GFG_Results_FY2016.pdf
13. ^{{Cite web|url=http://global-fashion-group.com/reports/GFG_CEO_Announcement_17012018.pdf|title=GFG CEO Announcement|last=|first=|website=|archive-url=|archive-date=|dead-url=|access-date=}}
14. ^{{Cite news|url=https://internetretailing.com.au/the-iconic-opens-new-19000sqm-fulfilment-centre/|title=The Iconic has moved to a new 19,000sqm fulfilment centre - Internet Retailing|date=2017-04-18|work=Internet Retailing|access-date=2017-08-21|language=en-US}}
15. ^{{Cite news|url=https://www.digitalnewsasia.com/business/zalora-invests-US4.2mil-on-regional-e-fulfilment-hub-malaysia|title=Zalora invests US$4.2mil on regional e-fulfilment hub in Malaysia|date=2017-03-10|work=Digital News Asia|access-date=2017-08-21|language=en}}
16. ^{{Cite news|url=http://www.preview.ph/fashion/a-rare-peek-inside-the-zalora-warehouse-a00038-20170314|title=A Rare Peek Inside the Zalora Warehouse {{!}} Preview.ph|work=Preview.ph|access-date=2017-08-21}}
17. ^{{Cite web|url=https://www.ft.com/content/f267ecda-d290-11e2-aac2-00144feab7de?mhq5j=e1|title=Subscribe to read|website=Financial Times|access-date=2017-08-21}}
18. ^{{Cite news|url=https://www.reuters.com/article/us-russia-investment-lamoda-idUSBRE98P0N020130926|title=Russian online retailer Lamoda sees rapid growth, Ukraine next|last=|first=|date=September 23, 2016|work=Reuters|access-date=August 22, 2017|archive-url=|archive-date=|dead-url=}}
19. ^{{Cite web|url=http://global-fashion-group.com/about.html?slide=2|title=Global Fashion Group - WE ARE BRINGING FASHION ONLINE – WORLDWIDE|website=global-fashion-group.com|language=en|access-date=2017-08-21}}
20. ^{{Cite web|url=http://global-fashion-group.com/brands.html|title=Brands – Global Fashion Group|website=global-fashion-group.com|language=en|access-date=2017-08-21}}
21. ^{{Cite news|url=https://ecommerceiq.asia/ecommerce-news-4-11/|title=[4.11] Ecommerce News You Should Know: Zalora to Stock Abercrombie & Fitch in Asia|date=2017-04-11|work=ecommerceIQ - Ecommerce in Southeast Asia, Reports, Data, Insights|access-date=2017-08-21|language=en-US}}
22. ^{{Cite web|url=https://www.ecommerceworldwide.com/expert-insights/expert-insights/interview-with-melanie-smallwood-international-buying-director-at-global-fashion-group|title=Interview with Melanie Smallwood, International Buying Director at Global Fashion Group|website=Ecommerce Worldwide|language=En|access-date=2017-08-21}}
23. ^{{Cite news|url=http://thestandard.com.ph/business/biz-plus/234763/-zalora-supports-asian-designers.html|title=Zalora supports Asian designers|work=Manila Standard|access-date=2017-08-21|language=en}}
24. ^{{Cite web|url=http://www.bworldonline.com/content.php?section=CorporateBulletins&title=zalora-ties-up-with-fox-international&id=105965|title=BusinessWorld {{!}} ZALORA ties up with FOX International|website=www.bworldonline.com|language=en-US|access-date=2017-08-21}}
25. ^{{Cite web|url=http://madhousemnl.com/magazine/uncategorized/zalora-joins-the-search-for-asias-next-top-model/|title=Zalora joins the search for Asia’s Next Top Model – MadHouseMNL|website=madhousemnl.com|language=en-US|access-date=2017-08-21}}
26. ^{{Cite news|url=http://tech.eu/brief/global-fashion-group-report/|title=Global Fashion Group posts improved 2016 revenue but still making losses|work=Tech.eu|access-date=2017-08-21|language=en-US}}
27. ^{{Cite web|url=https://techcrunch.com/2015/06/30/rocket-internets-global-fashion-group-raises-167m-more-at-a-3-45b-valuation/|title=Rocket Internet And Kinnevik Add $167M More To GFG, Roll In 2 Brazilian Fashion Portals {{!}} TechCrunch|last=Russell|first=Jon|access-date=2017-08-21}}
28. ^{{Cite web|url=https://www.dealstreetasia.com/stories/zaloras-owner-raises-e150m-from-existing-investors-8621/|title=Zalora's owner raises €150m from existing investors AB Kinnevik, Rocket Internet - DealStreetAsia|website=www.dealstreetasia.com|access-date=2017-08-21}}
29. ^http://global-fashion-group.com/reports/Global%20Fashion%20Group%20signs%20strategic%20partnership%20with%20Ayala%20Group%20on%20ZALORA%20Philippines%20230217.pdf
30. ^http://global-fashion-group.com/reports/GFG_EMAAR_MALLS_NAMSHI_PARTNERSHIP_24May2017.pdf
31. ^{{Cite web|url=http://ebusinesshoy.com/inversionistas-mexicanos-adquieren-dafiti-mexico/|title=Inversionistas mexicanos adquieren Dafiti México {{!}} ebusinesshoy|last=Antúnez|first=Marco|website=ebusinesshoy.com|language=en-US|access-date=2017-08-21}}

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