Following Germany based Rocket Internet receiving fiscal and anti-trust approvals for its Global Fashion Group (GFG) concept, Indian online fashion retailer; Jabong.com would also be boarding GFG.
Rocket Internet is a major investor in Jabong.com, which said that the first roll-up into GFG has now been completed and completion of the remaining roll-up transactions is expected in the first quarter of 2015.
GFG will operate across five continents with a focus on growth markets, covering 23 countries with a combined €330 billion fashion market and with 2.5 billion people, who continue to move rapidly online.
GFG will market an assortment of global apparel brands, a selection of private brands and local assortments developed for specific ethnic markets notably in India, Indonesia and the Middle East.
Rocket’s mission is to become the world’s largest Internet platform outside of the United States and China.
Rocket identifies and builds proven internet business models and transfers them to new, under-served or untapped markets where it seeks to scale them into market leading online companies.
Rocket is focused on proven online business models that satisfy basic consumer needs across three sectors: eCommerce, marketplaces and financial technology.
Rocket was founded in 2007 and now has more than 25,000 employees across its network of companies, which operate in more than 100 countries on five continents.
Its e-commerce services include retail companies in the areas of fashion, general merchandise, home and living, office supplies and food and groceries.