×
480
Fashion Jobs
JOSEPH LTD
Full Time Menswear Supervisor (Mayfair)
Permanent · LONDON
MICHAEL KORS
Account Executive
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Flagship General Manager – Luxury Fashion – Regent st – £80k-£90k + Bonus
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Online Customer Service Manager
Permanent · HUNGERFORD
TOO FACED
Business Manager - Boots, Brent Cross
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Kings Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Notting Hill
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Showroom Sales Representative
Permanent · LONDON
TOO FACED
Business Manager - John Lewis Brent Cross
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Ltrtw & Mtm Client Service Manager – Luxury Ladieswear – Knightsbridge – £30k-£40k + Comm
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Haute Couture Client Service Manager – Luxury Ladieswear – Mayfair– £40k-£60k + Comm
Permanent · LONDON
MAJE
Sales Supervisor, Full-Time - Harrods, London
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Canary Wharf
Permanent · LONDON
HEAD OFFICE
Brand Manager
Permanent · LONDON
BETTY BARCLAY GROUP GMBH & CO KG
Retail Operations Manager
Permanent · LONDON
RETAIL PERM
Beauty Salon Manager
Permanent · LONDON
TOO FACED
Business Manager - Liverpool - New Mersey Retail pk (Speke), UK
Permanent ·
TOO FACED
Business Manager - Lisburn Sprucefield sc, UK
Permanent ·
TOO FACED
Business Manager - Stockton on Tees Teeside, UK
Permanent ·
TOO FACED
Business Manager Tamworth Ventura RP, UK
Permanent ·

Global Fashion Group IPO mostly backed by existing shareholders

By
Reuters
Published
today Jul 1, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Global Fashion Group (GFG) raised less than half the sum it had originally targeted in an initial public offering of new shares that drew weak investor demand and ended up being mostly backed by its existing shareholders.


Swedish investor Kinnevik, which owns 36.8% in GFG, and Germany’s Rocket Internet, with 20.4%, bought shares worth 60 million euros and 50 million euros respectively - The Iconic


GFG said it placed 40 million new shares at a price of 4.50 euros, raising 180 million euros ($205 million).

Swedish investor Kinnevik, which owns 36.8% in GFG, and Germany’s Rocket Internet, with 20.4%, bought shares worth 60 million euros and 50 million euros respectively.

A further 4 million existing shares were allocated to cover an over-allotment option for banks running the deal. If taken up, proceeds would rise to 198 million euros, GFG said in a statement.

In a last-ditch effort to salvage the stock market listing, GFG cut the price of its offering on Wednesday to 4.50 euros a share, from an initial price range of 6 to 8 euros.

GFG had extended the offer period to June 28 and sources told Reuters that cancelling the listing had also been discussed.

The sources said investors had expressed scepticism about investing in the company, which focuses on emerging markets in Latin America and Asia, and operates The Iconic, Zalora, Dafiti and Lamoda platforms.

Investors have been shying away from buying assets backed by Rocket, which is known as a fast follower of successful internet companies rather than as an innovator. Most have lost value after listing, one person familiar with the GFG deal said.

GFG shares are due to start trading in Frankfurt on July 2.

© Thomson Reuters 2019 All rights reserved.