Online fashion and lifestyle retailer Global Fashion Group has begun trading on the Frankfurt Stock Exchange following its initial public offering (IPO).
GFG set the price range for its IPO at EUR6-8 (US$6.74-8.98) per share last month ahead of its debut. Its shares are now listed in the Prime Standard under the trading symbol GFG.
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“It is still very early days for fashion e-commerce in our markets. We are building the number one fashion and lifestyle destination in Asia Pacific, Latin America and CIS. Going public secures us funding to invest into our platform and infrastructure and in turn, benefit from the tremendous growth opportunities in our markets,” said co-CEOs Christoph Barchewitz and Patrick Schmidt.
“As part of becoming a public company, we are also excited to welcome a new supervisory board, whose combined wealth of experience in fashion, e-commerce and growth markets will support us on our journey as the leading fashion & lifestyle destination in growth markets.”
The new body, which was appointed on 31 May, comprises a global and diverse set of individuals with a balanced mix of experience in fashion, e-commerce and growth markets. It consists of Cynthia Gordon (chair), Georgi Ganev, Alexis Babeau and Victor Herrero, as well as two new board members, Carol Shen and Laura Weil.
Shen has previously served as managing director of the Estee Lauder Companies affiliate in China and president of Gucci China. Weil, meanwhile, previously served as vice president of finance at Macy’s, executive vice president of American Eagle Outfitters, and CEO at Ashley Stewart.
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By GlobalDataGFG said its net cash of EUR178m (US$201m), as of end of Q1 2019, together with the gross proceeds of EUR198m make the company “well-funded to invest in its growth strategy, further strengthen the end-to-end customer proposition, and continue its path to profitability.”
