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Rocket Internet sells Indian fashion website to Amazon competitors
The Indian fashion business of the Berlin start-up factory Rocket Internet is being sold to local Amazon rival Flipkart for $ 70 million. The Jabong company was previously part of the Global Fashion Group, in which the Swedish Rocket major shareholder Kinnevik holds the majority.
Rocket Internet and the Swedish financial investor Kinnevik are bringing order to their holdings in foreign fashion retailers. The highly competitive business in India, Jabong, is being sold to domestic online retailer Flipkart for $ 70 million in cash. The Global Fashion Group (GFG) made a corresponding statement on Tuesday.
The sale marks a milestone for the realignment and investments in the core business, said the head of the holding, Romain Voog. GFG includes fashion retailers such as Lamoda (Russia), Dafiti (Latin America) and Zalora (Southeast Asia). According to Voog, it is now a matter of breaking breakeven as quickly as possible. So far, neither Jabong nor the others have succeeded in this. Jabong had sales of almost 33 million euros in the first quarter, accounting for around 14 percent of GFG revenues.
There has been speculation about a sale of Jabong for months. In addition to the industry leader Flipkart, the competitor Snapdeal has long been considered a possible prospect. The Indian online fashion market, in which Amazon is also strongly represented, is considered highly competitive. Strong investments from Amazon recently drove the consolidation.
Since the most recent, 330 million euro financing round, Rocket Internet (ISIN DE000A12UKK6) only has a 20.4 percent stake in GFG, Kinnevik holds 35 percent. Rocket Internet went public at the end of 2014. The performance of the paper was disappointing for investors. When the company went public, the shares were issued for EUR 42.50. Over the course of the year, the share lost around 40 percent in value. It is currently trading at EUR 17.44.
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