Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
The group will particularly invest in the expansion of its marketplace and fashion services businesses. This will further power GFG’s platform capabilities, embed its role in the digital fashion ecosystem and strengthen its proposition to customers and brands.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
Both businesses are highly scalable and have significant scope for future growth. Marketplace has tripled its share of group NMV since 2017 to 34 per cent in Q3 2020. GFG will grow investment in its technology and operations underlying both units so that fashion and lifestyle brands seeking to accelerate their e-commerce businesses globally will be able to plug seamlessly into GFG’s fashion services across data analytics, marketing and fulfilment.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
“This capital raise is a vote of confidence by our investors in our strategy and execution track record. We are proud to have accelerated growth in 2020 while also expecting to deliver our first EBITDA-positive year – one year ahead of our original guidance. With more than 15 million customers, a record share of NMV coming from our marketplace channel and an unparalleled selection of fashion and lifestyle brands in our markets, we believe now is the right time to invest further in our customer value proposition, technology platform and operational infrastructure,” Christoph Barchewitz, co-chief executive officer at GFG, said in a press release.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
“Today, GFG operates in growth markets with some of the lowest fashion and e-commerce penetration worldwide. With over one billion consumers in these markets, our potential for growth is huge. With this transaction, we have even more firepower to accelerate fashion e-commerce adoption and to fuel the next chapter of our growth,” Patrick Schmidt, co-chief executive officer at GFG, said.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
In connection with the offering, GFG has agreed to a lock-up period of 180 days, subject to customary exemptions.
Global Fashion Group (GFG), a Singapore-based online fashion and lifestyle destination in growth markets, has announced that the group raised approximately €120 million in gross proceeds, via a placement of 16.5 million new shares at a price of €7.30 per share. GFG will use the additional capital to accelerate the execution of its mid-term strategy.#
Berenberg, Goldman Sachs and HSBC are acting as joint global coordinators and joint bookrunners on the transaction.
Fibre2Fashion News Desk (JL)
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