Global Fashion Group

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Global Fashion Group S.A.
Traded asFWBGFG
ISINLU2010095458 Edit this on Wikidata
IndustryOnline shopping
FounderKinnevik AB, Rocket Internet SE Edit this on Wikidata
Key people
Cynthia Gordon (Chair)
Patrick Schmidt (Co-CEO)
Christoph Barchewitz (Co-CEO)
Matthew Price (CFO)
ProductsClothing, shoes, accessories, beauty
Revenue€1.16 Billion (2018)
OwnersKinnevik AB (Lead)[3]
Rocket Internet SE[4]
Access Industries
Summit Partners
Ontario Teachers' Pension Plan
Tengelmann Group
MembersDafiti, lamoda, THE ICONIC, Zalora
Number of employees

Global Fashion Group (GFG) is a publicly traded e-commerce fashion site in emerging markets.

Through its network of regional companies, GFG operates across 4 continents and employs over 10,000 people. The Group has developed commercial relationship with more than 10,000 international and local brands and has developed an integrated supply chain infrastructure including last mile delivery in over 300 cities and on delivery cash payment to circumvent the lack of existing infrastructure and low credit card penetration in their markets.

In May 2019, GFG reported net revenue of over €1.15 billion for financial year 2018.[6]

GFG is currently led by co-CEOs, Patrick Schmidt and Christoph Barchewitz.

Schmidt, formerly CEO of THE ICONIC is based in Kuala Lumpur. Barchewitz, formerly from Kinnevik AB, which is GFG's lead investor, is based in London.


Global Fashion Group (GFG) was established in 2014 through a consolidation of fashion e-commerce regional companies in emerging markets backed by Kinnevik and Rocket Internet. Its regional companies Dafiti, lamoda, THE ICONIC, ZALORA and Jabong (later sold) were founded in 2011 and 2012.[7][8]

In 2011 and 2012, the GFG regional companies began operations with a business model of selling inventory to customers from its own warehouses.

From 2013, the GFG regional companies started creating their own private-label brands, such as Lost Ink and ZALORA (formerly Ezra).[9]

In April 2015, Romain Voog was appointed chief executive officer of GFG.[10] He retained the role for approximately 3 years.

In 2016, GFG rolled out its Marketplace platform across key markets to complement its traditional inventory-led model.[11]

In April 2017, GFG appointed Cynthia Gordon, a board member of Kinnevik, as the new Chair of GFG Board of Directors.[12]

In February 2018, Patrick Schmidt and Christoph Barchewitz were appointed co-chief executive officers, succeeding Romain Voog.[13]

As of July 2019, it is now listed on the Frankfurt Stock Exchange (ticker symbol: GFG).[14]

Geographical operations and presence[edit]

GFG is registered in Luxembourg, and headquartered in Singapore and London. Through its four regional companies, GFG currently operates across 24 markets with a total population of more than 1 billion, serving a fashion market estimated to be worth over €350 billion.

Since their launch in 2011 and 2012, the five GFG regional companies have developed online fashion platforms in their respective markets and invested heavily in building necessary infrastructure, including last mile delivery networks, private-label brands, and mobile applications.[8]

The Group operates more than 10 warehouses across the world, including THE ICONIC's new 19,000sqm fulfilment centre in Australia[15] and ZALORA’S new Regional e-Fulfilment Hub in Malaysia.[16][17]

Through its own last mile delivery fleets and extensive network of trusted partners, GFG offers last mile delivery in over 300 cities. For instance, leveraging its own logistics and courier service, lamoda offers next-day delivery to more than 150 Russian cities and superior customer service. Once a delivery arrives, shoppers have 15 minutes to try it on, with the courier trained to offer style and size advice.[18][19]

As of 31 December 2018, GFG has more than 11 million active customers and over 10,000 employees.[20][12]


GFG's brand portfolio consists of more than 10,000 international and regional brands, in addition to its own private labels.

International brands[edit]

Top International brands collaborate with GFG and its regional companies to gain instant entry and access into high potential emerging markets. Key international brands include TOPSHOP, Aldo, Tommy Hilfiger, Hugo Boss and Nike.[21]

In April 2017, ZALORA established a partnership with Abercrombie & Fitch. This partnership will provide Abercrombie & Fitch access to more than 600 million of ZALORA's online customers.[22]

Regional/ local brands[edit]

The GFG regional companies also offer a curated assortment of regional and local brands to cater to local fashion trends, nuances and seasonality.[23] GFG's portfolio of regional and local brands include Colcci in Dafiti, Lover in THE ICONIC and Edge Street in lamoda.

Private labels[edit]

From 2013, the GFG regional companies started creating their own private label brands, with in-house design teams and collaboration with local designers.[24] GFG private label brands include Lost Ink, ZALORA (formerly EZRA), ZALIA, 24:01 and Something Borrowed.

In addition to collaboration with local designers, ZALORA also supports the local fashion scene through its partnership with FOX International Channel for the hit reality TV series, Asia's Next Top Model.[25][26]

Business figures[edit]

In April 2018, GFG reported net revenue of over €1 billion in 2017 (excluding Jabong and Namshi), with sales up 19.9% from 2016.

Still on its path to profitability, GFG improved its adjusted EBITDA margin from (12.5)% in 2016 to (8.9%) in 2017. It credits this improvement with investments and efficiency gains in marketing and fulfilment.[27] Namshi was the first GFG regional company to achieve full-year profitability in 2016 with an adjusted EBITDA of €2.5 million.[27]

GFG ended 2017 with €257.3 million in cash on a pro-forma basis.[27]

Year Net Revenue (EURm) Revenue growth (%, FX neutral basis) Adjusted EBITDA margin Cash position (EURm)
2014[11] 627.5 Undisclosed (38.0)% 223.8
2015[12][11] 808.0 48.2% (26.9)% 76.7
2016[12] 1023.1 (excl. Jabong) 26.4% (12.5)% 255.0
2017 1095.0 (excl. Jabong & Namshi) 19.9% (8.9%) 257.3
2018 1155.9 18.7% (4.3%) 178 end of Q1 2019

Fundraising and M&A[edit]


In 2015, GFG raised €150 million from existing investors Kinnevik and Rocket Internet in an internal financing round.[28][29]

GFG secured additional funding of €330 million from existing shareholders led by Kinnevik and Rocket Internet during H1 2016. The funding round resulted in a cash balance of €342.6 million at the end of H1 2016.[11]


In 2015, GFG acquired sports and outdoor activities e-commerce company Kanui, and kids/ baby-focused online retailer Tricae. Both deals are undisclosed and the two Brazil-based businesses have been integrated into Dafiti.[28]

Strategic Partnerships[edit]

In February 2017, GFG announced a strategic partnership with one of the Philippines’ oldest and largest conglomerates, the Ayala Group. Ayala invested to take a 49% ownership in ZALORA Philippines.[12][30]


In March 2016, GFG's South American business Dafiti sold its operations in Mexico.[31]

In April 2016, GFG's Southeast Asian business ZALORA sold its operations in Thailand and Vietnam to retailer Central Group for an undisclosed amount.[11]

In August 2016, GFG sold its Indian business Jabong to Flipkart for US$70 million in cash.[11]


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  3. ^ "Our Investments, Global Fashion Group". Kinnevik. Retrieved 24 August 2017.
  4. ^ Russell, Jon (22 July 2016). "Rocket Internet's GFG closes $365M down round as external investors shy away". Techcrunch. Retrieved 24 August 2017.
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  20. ^ "Global Fashion Group - WE ARE BRINGING FASHION ONLINE – WORLDWIDE". Retrieved 2017-08-21.
  21. ^ "Brands – Global Fashion Group". Retrieved 2017-08-21.
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  30. ^
  31. ^ Antúnez, Marco. "Inversionistas mexicanos adquieren Dafiti México | ebusinesshoy". Retrieved 2017-08-21.