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Global Fashion Group

Fashion e-commerce (emerging markets)Luxembourg/Germany
New to Unitard
📉 Public < $1B
Peak $3.42 BillionRecorded estimate
~-96%
from peak
  1. 🦄
    Became a unicorn
    Sep 2014
  2. 📈
    Peak valuation
    $3.42 Billion ’15
  3. 💔
    Became a Unitard
    Jan 2022
  4. 💸
    Last valuation estimate
    ~$123M
Current status
Listed on the Frankfurt Stock Exchange (GFG) since July 2019; exited Russia and the CIS with the Lamoda sale in Dec 2022; operates Dafiti, Zalora and The Iconic
Live · GFG.DE· XETRA
as of 2026-10-23
€0.452▼ 7.76% today

The rise & fall

8 moments · 2014–2026

The key moments, with employee sentiment along the way.

Sep 4 ’14
Rocket Internet and Kinnevik form GFG
Dafiti, Jabong, Lamoda, Namshi and Zalora are combined at a €2.7B valuation based on their last funding rounds.
Kinnevik
Jul 1 ’15
The peak: €3.1B post-money financing$3.42B
A €150M round plus Kinnevik's Brazilian Kanui and Tricae stakes; about $3.4B at the day's exchange rate.
Kinnevik
Jul 22 ’16
€330M down round at €1.0B$1.1B
Existing investors put in fresh money at about a third of the 2015 valuation, roughly $1.1B.
Rocket Internet
Jul 2 ’19
Frankfurt IPO at €4.50, below its range
The price is cut from a €6-8 range and the listing raises €198M gross, valuing GFG at roughly $1B.
GFG
Jan 2022
Slips below $1B for good
After a pandemic rally that peaked in February 2021, the market value ends 2021 near €965M and keeps falling.
stockanalysis.com
Dec 12 ’22
Sells Lamoda and leaves Russia
GFG completes the sale for €95M net plus Lamoda's cash, exiting Russia, Belarus and Kazakhstan.
GFG
From the inside · Glassdoor reviews, 2023–24
Glassdoor reviews, mostly positive through 2022, grew more critical in 2023–24, with several employees faulting management and strategy. Average ratings moved from 4.0 (2019–22) to 3.0 (2023–25).
Oct 2026
Market value near €109M
About $122M on October 21, 2026, roughly 96% below the 2015 peak.
stockanalysis.com
Today
Still in the club — and still trading
Live · GFG.DE · XETRAas of 2026-10-23
€0.452▼ 7.76% today

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Global Fashion Group was formed in 2014 when Rocket Internet and Kinnevik combined their online fashion stores in emerging markets, including Dafiti in Latin America, Lamoda in Russia and Zalora in Southeast Asia. A July 2015 financing valued it at €3.1B, about $3.4B.

A year later a €330M round from existing investors valued it at €1.0B, and it sold Jabong in India and left several smaller markets. GFG listed in Frankfurt in July 2019 at €4.50, below its marketed range.

The shares rallied during the pandemic but slid from 2021, and its market value has stayed below $1B since January 2022. It sold Lamoda in December 2022 to leave Russia, and now runs Dafiti, Zalora and The Iconic under CEO Christoph Barchewitz.

Source: Kinnevik release (July 1, 2015): financing implies a post-money valuation of EUR 3.1B (about $3.42B at that day's EUR/USD close of 1.1034; Tech.eu: $3.45B). Kinnevik (Sept 4, 2014): GFG formed at a EUR 2.7B combined valuation. Rocket Internet (July 22, 2016): EUR 330M round values GFG at EUR 1.0B post-money (about $1.1B). GFG release (July 2, 2019): Frankfurt listing at EUR 4.50, EUR 198M gross proceeds; GFG (Dec 12, 2022): Lamoda sale completed. stockanalysis.com (Oct 21, 2026): market cap EUR 108.8M, about $122M at EUR/USD 1.1244, and below $1B since January 2022.

Who ran it

  • Christoph Barchewitz
    CEO (co-CEO from 2018, sole CEO since 2023)
    Still there — CEOLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.

Disclosed investors (9)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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