Kinnevik leads financing round in Global Fashion Group and agrees to contribute its shareholding in two Brazilian e-commerce businesses
(Thomson Reuters ONE) -
Investment AB Kinnevik (publ) ("Kinnevik") today announced that it is leading a
EUR 150m internal financing round in Global Fashion Group ("GFG"). Kinnevik will
invest its pro rata share of the financing round amounting to EUR 41 million and
has undertaken to guarantee an additional part of the financing round jointly
amounting to a total maximum commitment of EUR 65 million. Separately, Kinnevik
has agreed to contribute its entire shareholding in the two Brazilian online
fashion businesses Kanui and Tricae to GFG in a share for share transaction.
The financing round provides GFG with additional capital to solidify its
position as the leading emerging markets fashion e-commerce company. The
proceeds will mainly be invested to strengthen GFG's fulfilment, marketing and
product development as well as to build the infrastructure to capitalize on the
synergies between GFG's market-leading online fashion businesses in Latin
America, Middle East, Russia & CIS, India, South East Asia and Australia.
Kanui is a sports and outdoor e-commerce business in Brazil founded in 2011
mainly focusing on the attractive surf and skate lifestyle verticals, but also
on regular fashion apparel as well as various sports equipment. Kanui is growing
rapidly and generated more than EUR 30m of net revenues in 2014. Tricae is a
kids and baby e-commerce company in Brazil founded in 2011. It generated more
than EUR 20m of net revenues in 2014. The two businesses will be integrated into
Dafiti, GFG's market leader in Latin America.
The financing round and the strategic acquisition value GFG in line with the
most recent investment, and imply a post-money valuation of EUR 3.1 billion.
Kinnevik will own at least 25.0% and Rocket at least 21.9% of GFG after the
financing round and the strategic acquisition.
Romain Voog, CEO of GFG, commented: "The additional capital will give us an
exceptionally strong run-way and allow us to capitalize on the massive growth
opportunity of fashion e-commerce in emerging markets. In addition, the
strategic acquisitions of Kanui and Tricae enable the integration of two great
businesses that have a natural fit with our Latin American brand Dafiti and are
acquired at attractive terms."
Lorenzo Grabau, Chairman of GFG and CEO of Kinnevik, commented: "We are very
pleased with the progress that the management team of Global Fashion Group has
made in terms of capturing the substantial growth opportunities in its 27
markets. As Global Fashion Group's largest shareholder, we are proud to be
leading the financing round to ensure its continued success as the leading
emerging markets fashion e-commerce company."
The information is of such character, which Investment AB Kinnevik (publ) shall
disclose in accordance with the Securities Market Act (2007:528) and/or the law
on Trading with Financial Instruments (1991:980). The information was submitted
for publication on 1 July, 2015 at 08.30 (CET).
For further information, visit www.kinnevik.se or contact:
Torun Litzén, Director Investor Relations +46 (0)8 562 000 83
+46 (0)70 762 00 83
Kinnevik is an entrepreneurial investment group focused on building digital
consumer businesses in four sectors: Communication, E-commerce & Marketplaces,
Entertainment, and Financial Services. We work in partnership with talented
founders and managers to create, invest in and lead fast growing digital
businesses both in developed and developing countries. Kinnevik was founded in
1936 by the Stenbeck, Klingspor and von Horn families.
Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies
under the ticker codes KINV A and KINV B.
Press release:
http://hugin.info/1114/R/1933280/695808.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kinnevik via GlobeNewswire
[HUG#1933280]
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Datum: 01.07.2015 - 08:31 Uhr
Sprache: Deutsch
News-ID 404158
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