Jabong sell-off to help us get profitable: GFG
Rocket Internet-controlled Global Fashion Group (GFG), which sold Jabong to Flipkart for $70 million on Tuesday said, "The transaction will de-consolidate our highest loss-making operation while delivering capital that can be deployed in high-return opportunities across GFG’s footprint.” According to GFG, Jabong accounted for 13% of the group’s net revenues and 22% of adjusted EBITDA loss.