Global Fashion Group (GFG), a €1bn start-up that takes top fashion brands such as Brazilian label Colcci to emerging markets, has set up a new Irish-based subsidiary.
The Dublin-based company, called Global Fashion Group Ireland Finance, was registered last week and has a share capital of €100m, according to its constitution. Nils Chrestin, CFG’s chief financial officer, is among the new company’s directors.
Global Fashion Group is an umbrella company that manages online fashion businesses backed by Rocket Internet, a Berlin-based fund that is among the largest start-up investors in Europe. The company closed a venture round of $365m (€350m) earlier this year, which valued it at €1bn — less than half its valuation a year earlier. Swedish investment firm Kinnevik AB has also invested heavily in the company, which has raised more than €500m to date.