Dafiti, Jabong, Lamoda, Namshi & Zalora to be combined into a single group of emerging markets focused fashion e-commerce brands

Stockholm, Sweden / Berlin, Germany, 4 September 2014 – Investment AB Kinnevik ("Kinnevik") and Rocket Internet AG (“Rocket”) today announced the entering into a definitive agreement to combine five leading fashion e-commerce businesses, namely Dafiti (Latin America), Jabong (India), Lamoda (Russia & CIS), Namshi (Middle East) and Zalora (South East Asia & Australia) to create a new global fashion e-commerce group (“GFG”).

GFG will operate across the five continents with a focus on growth markets, covering 23 countries with a EUR 330bn fashion market and population of over 2.5bn people who continue to move rapidly online and purchase via ecommerce. GFG will market a wide assortment of leading International apparel and accessories brands, a tailored selection of highly engaging internally developed brands and local assortments developed for specific ethnic markets notably in India, Indonesia and the Middle East.

GFG will maintain multiple business models including full inventory, branded shops and marketplaces tailored to the opportunities within the local markets. In addition, GFG will continue to explore the development of adjacent categories like personal care. Mobile commerce will remain a core focus for GFG through the continued development of mobile applications aimed at the growing smartphone user base in its territories.

The five GFG companies combine a unique expertise of developing leading online brands (e.g. Dafiti in Brazil), building the necessary infrastructure including where necessary last mile delivery networks (e.g. Lamoda Express in Russia), creating leading private label brands (e.g. “Lara Karen” and “Sangria” by Jabong in India and ”ZALORA” and “Ezra” by Zalora in South East Asia) and delivering best-in-class mobile applications (e.g. Namshi in Middle East).

The combination will improve global best practice sharing across functions, deliver economies of scale in sourcing international brands and marketing with global media channels, strengthen the private label efforts, enhance GFG’s ability to attract and retain top talent, accelerate development of technology platforms, and enable GFG to acquire a leadership position in growth market fashion e-commerce.

Per June 30th, 2014, GFG had 4.6m active customers and over 7,000 employees. For the first six months of 2014, GFG websites had 353m unique visitors, received 8.4m orders and generated EUR 436m of Gross Merchandise Volume. In 2013, GFG’s IFRS revenues amounted to EUR 406m.

Since launch in 2011 and 2012, the five e-commerce companies have attracted funding in excess of EUR 1bn from Kinnevik, Access Industries, Summit Partners, Verlinvest, Ontario Teachers’ Pension Plan, Tengelmann and a number of other investors. With approximately EUR 350m of cash as of 30 Jun 2014, GFG is very well capitalised to continue to execute on its plans and capture its growth opportunities.

Substantially all the direct and indirect shareholders in the five existing e-commerce companies will contribute their shares into a newly formed Luxembourg-based entity. The three largest shareholders in GFG will be Kinnevik, Rocket and Access Industries, with 25.1%, 23.5% and 7.4% ownership interests, respectively.

The GFG companies will continue to be led by their respective founders and management teams with a few select additions to the leadership team intended to foster group synergies and the pursuit of global initiatives.

The Board of Directors of GFG will include Lorenzo Grabau, CEO of Kinnevik as Chairman, Oliver Samwer, CEO of Rocket as Deputy Chairman and representatives of the other largest shareholders.

For the purposes of the combination, the five companies were valued according to their last funding rounds, resulting in a valuation of EUR 2.7bn for the combined entity.

The agreed transaction is subject to binding rulings by fiscal authorities and antitrust approval. Closing is expected in late 2014.

Lorenzo Grabau, CEO of Kinnevik, said:

“The creation of GFG brings together five powerful digital brands led by a unique group of highly talented founders and managers. By operating as a single entity, Dafiti, Jabong, Lamoda, Namshi and Zalora will be even more effective in expanding their leadership positions in their respective marketplaces.”

Oliver Samwer, co-founder and CEO of Rocket, commented:

“GFG will be focused on capturing the massive growth opportunity of fashion e-commerce in emerging markets. Each of the business units will be able to build on the original Rocket platform and continue to leverage knowledge and expertise gained across 23 countries. I look forward to working with our founders in accelerating GFG’s growth profile and development even further.”

About Rocket Internet

Rocket's mission is to become the world’s largest Internet platform outside of China and the United States. Rocket identifies and builds proven internet business models and transfers them to new, underserved or untapped markets where it seeks to scale them into market leading online companies.

Rocket is focused on online business models that satisfy basic consumer needs across three sectors: e-Commerce, marketplaces and financial technology.

Rocket started in 2007 and now has more than 20,000 employees across its network of companies, which operate in more than 100 countries on five continents.

Press Contact Rocket Internet:

Andreas Winiarski
Global Head of PR & Communications
Tel: +49 30 300 13 18 68


Number of customers having made at least one transaction as defined in “total transactions” within the last 12 months before end of period calculated as the sum of active customers for the companies excluding Jabong.

Number of total unique identifiers visiting the website in the period (including from mobile & tablets) calculated as the sum of unique visitors for the 5 companies.

Total number of valid (i.e., not failed or declined) orders starting the fulfilment process less cancelled orders (before rejected and returned orders), i.e., total number of orders shipped in the period (e-commerce excluding marketplace). Calculated as the sum of orders for the 5 companies.

The total value of “total transactions” sold in period, excluding taxes and shipping costs (taxes and shipping costs excluded for comparison reasons between countries and companies), including value of vouchers. Calculated as the sum of GMV for the 5 companies.

Calculated as the sum of IFRS revenues of the 5 companies.

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About Rocket Internet

About Rocket Internet

Rocket Internet incubates and invests in internet and technology companies globally. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet’s selected companies are active in a large number of countries around the world with more than 33,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit