Internationally renowned e-tailer Global Fashion Group, or GFG, has raised €375 million in unsecured bonds.
The online fashion platform, which also owns reputed e-commerce platforms such as Zalora and The Iconic, has, reportedly, said that the proceeds from the finance will be invested in latest technology so as to speed up its marketplace and e-commerce business.
Additionally, it will be utilising the capital in its efforts to expand into different categories as well as to bring more innovation into delivery and returns.
Back in November 2020, the e-tailer had raised around €120 million for expansion through share placement.
Also Read: Global Fashion Group raises around €120 million for expansion
Notably, the convertible bonds are to be issued at 100 per cent of their principal amount, with a coupon of 1.25 per cent payable twice a year.
Talking about the finance, Christoph Barchewitz and Patrick Schmidt, Co-CEOs, GFG, said that the additional finance will help GFG support its goal of becoming a €10 billion net merchandise value business in next 7 to 9 years.
Last week, GFG had reported its maiden profitable year, which saw its gross profit jump by 44 per cent to €183 million in the 3 months that ended 31 December 2020.
With revenue of €1.16 billion, GFG operates across 4 continents and employs over 10,000 people.
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