New Delhi, 2 May, 2016: Global Fashion Group, which is the parent company of India’s leading online fashion portal Jabong, has successfully secured a funding of EUR 300 m from Kinnevik and Rocket Internet. While Rocket Internet will underwrite around EUR 100 million of the financing, it will invest around EUR 85 million including the conversion of an existing investment at the terms of the financing.
This comes as great news for Jabong, especially at a time when the e-commerce landscape in the country is constantly evolving. Speaking about the funding, Sanjeev Mohanty, MD & CEO, Jabong said, “This is excellent news as the funding will help us enhance our business operations. We have had success over the past few months, with Jabong recently recording its best month in terms of revenue. GFG sees good progress with Jabong in India and this trust will help us strengthen our operations in the country.”
The funding will greatly help Jabong, which is on a path of transformation from a start-up to a professionally run, profit oriented company. Jabong has also revamped its entire top leadership ever since Sanjeev Mohanty took charge of the company as MD & CEO in December 2015.
ABOUT GLOBAL FASHION GROUPGlobal Fashion Group (GFG) operates across four continents and 28 countries, employing over 9,500 people. With a focus on emerging markets, GFG targets a EUR 300 billion fashion market and over 2.5 billion people who rapidly continue to move online and purchase via e-commerce. GFG offers a wide assortment of leading international and local fashion brands, as well as a selection of internal brands. GFG invests consistently in delivering the best customer experience, including last mile delivery networks where necessary. Global Fashion Group was founded in 2011 by Swedish Investment AB Kinnevik and German Rocket Internet SE. For further information visit www.global-fashion-group.com
About Jabong:
Jabong is one of the five fashion ecommerce companies operating within Global Fashion Group (GFG), the world’s leading fashion group for emerging markets that operates in 28 countries. As India’s leading online fashion destination, Jabong is a one-stop shop that offers footwear, apparel, jewellery and accessories to meet the fashion needs of the style conscious men, women and kids. From home grown to exclusive international brands to designer labels, Jabong brings to its customers the latest trends across the globe. Jabong has launched several leading global fashion brands in the Indian market including TOPSHOP, TOPMAN, Dorothy Perkins, Miss Selfridge, River Island, Sisters’ Point, Burton, G Star Raw, Miss Bennett London, Tom Tailor and Bugatti Shoes. Jabong offers prompt and efficient customer service through innovative features like Favshop, Shop the Look and Ask a Friend apart from services like express delivery, 15-days return policy, and open box delivery. Its “Be You” ad campaign highlights individuality and emphasizes the freedom to be a leader and follow own sense of style.