Emerging market fashion ecommerce group preparing IPO - report
22/11/2018 12:43
BERLIN, Nov 22 (Reuters) - Global Fashion Group (GFG), the
emerging markets online fashion retailer set up by German
ecommerce investor Rocket Internet RKET.DE and Sweden's
Kinnevik KINVb.ST , is planning a stock market flotation, a
magazine reported on Thursday.
GFG has previously said a public listing is one option open
to the firm, but has not given specific plans. Rocket Internet,
which holds a 20 percent stake in GFG, declined to comment.
The German monthly Manager Magazin cited unidentified
insiders as saying GFG had already mandated investment banks,
including Morgan Stanley and Goldman Sachs, to prepare for a
possible listing in March, and the management team was meeting
investors in London.
The market is seen as ripe for online fashion listings after
the New York flotation of Farfetch in September that valued the
luxury ecommerce player at over $5.8 billion. urn:newsml:reuters.com:*:nL8N1W72H9
Rocket Internet has listed a string of startups in recent
years, including food groups Delivery Hero DHER.DE and
HelloFresh HFGG.DE , and online furniture retailers Home24
H24.DE and Westwing WEW.DE .
GFG, which runs fashion sites in Russia, Latin America,
Australasia and south-east Asia, on Tuesday reported third
quarter sales rose 17 percent in constant currencies to 265
million euros ($303 million).
Its loss before interest, taxation, depreciation and
amortisation narrowed to 21.3 million euros, and it had a cash
position of 109 million euros at the end of the quarter.
GFG is seeking a valuation of 1.8-2.5 billion euros, Manager
Magazin reported, above the 1.5 billion it was valued at on
Sept. 30 by Kinnevik, which holds a 35 percent stake.
($1 = 0.8759 euros)
(Reporting by Emma Thomasson; Editing by Mark Pottter)
((+49 30 2888 5081; Reuters Messaging:
emma.thomasson.thomsonreuters.com@reuters.net))