Indian e-commerce company Jabong is being merged into a roll-up of emerging markets focused fashion e-commerce brands called Global Fashion Group (GFG) by Rocket Internet and its investor Kinnevik. Other companies being merged into this entity include Dafiti (Latin America), Lamoda (Russia & CIS), Namshi (Middle East) and Zalora (South East Asia & Australia), and along with Jabong, will cover 23 countries. (hat tip: @vijayshekhar) According to the statement, as of 30 June 2014, GFG had 4.6m active customers and over 7,000 employees. For the first six months of 2014, GFG websites had 353m unique visitors, received 8.4m orders and generated EUR 436m of Gross Merchandise Volume, according to the investors. In 2013, GFG's IFRS revenues amounted to EUR 406m. Funding and Shareholding The companies have approximately EUR 350m of cash as of 30 Jun 2014. Since launch in 2011 and 2012, the five e-commerce companies have attracted funding in excess of EUR 1 bn from Kinnevik, Access Industries, Summit Partners, Verlinvest, Ontario Teachers' Pension Plan, Tengelmann and a number of other investors. The five companies have a combined valuation of EUR 2.7bn, as per their last funding round. All shareholders will contribute their shares into the Luxembourg-based GFG. The three largest shareholders in GFG will be Kinnevik, Rocket Internet and Access Industries, with 25.1%, 23.5% and 7.4% ownership interests, respectively. The transaction is subject to regulatory approvals, including antitrust approval, and is expected to close late in 2014. Kinnevik is also buying additional shares from Phenomen Ventures in Bigfoot,…
