Global Fashion Group, a budding online fashion merchant assembled by Rocket Internet SE, named new leadership as shareholders plowed more money into the venture, paving the way for an initial public offering.
Romain Voog, the 43-year-old former managing director of Amazon.com Inc.’s French business, will become chief executive officer, GFG said Wednesday. The new finance head, Nils Chrestin, 34, has worked at the company’s Russian website Lamoda, the company said. Tengelmann Ventures GmbH and Verlinvest SA invested an additional 32 million euros ($35 million).
Rocket and Sweden’s Investment AB Kinnevik created GFG by combining retailers in Russia, Brazil, India, the United Arab Emirates and Malaysia to form what they say is the leading fashion destination for emerging markets. GFG sells Calvin Klein underwear and Tory Burch handbags as well as own-label goods, replicating the model that Berlin-based Rocket’s founders used at fashion site Zalando SE, which focuses on Europe.
“GFG, under the lead of Romain and Nils, will develop solutions to leverage know-how across the group even better, scale operations and hone its global infrastructure,” the company said.
The new financing values the company at 2.8 billion euros. Kinnevik now holds a 25.4 percent stake and Berlin-based Rocket owns 23 percent.
Rocket is known for copying business models of companies such as Groupon Inc. to Airbnb Inc. and applying them in other markets.
Rocket shares were little changed at 46.71 euros at 10:01 a.m. in Frankfurt.