Global Fashion Group (GFG) which owns fashion etailer Jabong, which is backed by Rocket Internet and AB Kinnevik, is in talks with Paytm to sell the company, according to a report by Mint. The report added that AB Kinnevik is spearheading the sale process and is reaching out to other buyers as well. AB Kinnevik is the majority shareholder in Global Fashion Group with 25% while Germany's Rocket Internet owns 21.9% in the company. The report added that AB Kinnevik is also holding negotiations on behalf of Rocket Internet and that the talks are in initial stages with the company being valued at around $500 million and $800 million. The Economic Times last week reported that GFG's chief financial officer Nils Chrestin is running day-to-day operations at Jabong following the exit of co-founders Arun Chandra Mohan and Praveen Sinha. In September 2014, Rocket Internet merged Jabong with four other online fashion retailers in Latin America, Russia, Middle East, South-East Asia and Australia to create GFG. The company houses the German e-commerce company’s fashion businesses from emerging countries, including India’s fashion website Jabong, Latin America’s Dafiti, Russia’s Lamoda, Namshi of the Middle East and Zalora of South-East Asia and Australia. Amazon's earlier attempt to buy Jabong In November 2014, it was reported that Amazon was in talks to buy Jabong. At the time the deal was pegged at around $1.2 billion. However, the deal did no go through in January following disagreements between the companies over valuation, according to a VCCircle report. Financials Jabong…
