Clothes

Noerr advises on formation of e-commerce fashion group GFG

European law firm Noerr has advised on the formation of a fashion e-commerce group GFG.

Investment AB Kinnevik, Rocket Internet and a large circle of other investors have agreed to combine five fashion e-commerce businesses, namely Dafiti (Latin America), Jabong (India), Lamoda (Russia & CIS), Namshi (Middle East) and Zalora (South East Asia & Australia) to create a new global group.
 
The Noerr team, led by Christian Pleister, Tobias Koppmann and Sascha Leske legally advised on the transaction. Noerr negotiated the various transformation measures with approximately 100 parties including investors and groups such as Access Industries, Tengelmann, Summit Partners and Verlinvest and combined them in a master agreement which has now been notarised.
 
“The formation of GFG shows the enormous opportunities in the worldwide e-commerce market,” says Pleister.
 
The companies in GFG are represented in 23 countries and reach more than 2.5 billion people in a EUR330 billion E fashion market. GFG will market a wide assortment of international apparel and accessories brands, a tailored selection of internally developed brands and local assortments developed for specific ethnic markets notably in India, Indonesia and the Middle East.
 
Substantially all the direct and indirect shareholders will contribute their shares into a newly formed Luxembourg-based entity. The three largest shareholders will be Kinnevik, Rocket and Access Industries, with 25.1 per cent, 23.5 per cent and 7.4 per cent ownership interests, respectively.
 
The agreed transaction must still be approved by the relevant authorities. The closing is expected to take place towards the end of 2014.

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