Jabong parent GFG gets 300-million euro funding
The Dollar Business Bureau Global Fashion Group (GFG), the owner of fashion retailer Jabong, on Monday announced it has secured funding of €300 million from Rocket Internet and Investment AB Kinnevik. “With this investment, Kinnevik will own at least 25% and Rocket at least 21.9% of GFG. The fashion platform will use the funds for logistics, marketing and product development,” Global Fashion Group (GFG) said in a press release. Jabong has been on a loss-making streak: In the financial year 2015-16, Jabong announced an operating loss of Rs.426 crore. The company had reported an operating loss in 2014-15, too. The company’s total revenue growth crawled by just 7% to Rs.866 crore in last fiscal from Rs.811 crore in fiscal 2014-15. The investment is expected to revive the ...
