The Iconic's parent company Global Fashion Group has become a publicly listed company on the Frankfurt Stock Exchange.
The group (GFG) began trading on the Frankfurt Stock Exchange on July 02 and raised €198 million from the IPO. Combined with GFG's net cash of €178 million (as of end of Q1 2019) the business is well-funded to invest in its growth strategy and customer proposition.
As part of becoming a publicly listed company, GFG has welcomed a new supervisory board which was appointed on May 31.
The board consists of six people who have experience across the fashion and beauty industries, bringing experience from companies such as Estee Lauder, Gucci, Macy's, American Eagle and Ashley Stewart.
GFG co-CEOs Christoph Barchewitz and Patrick Schmidt said that going public will allow the business to leverage new opportunities in all the markets GFG operates in.
"It is still very early days for fashion ecommerce in our markets.
"We are building the number one fashion and lifestyle destination in Asia Pacific, Latin America and CIS.
"Going public secures us funding to invest into our platform and infrastructure and in turn, benefit from the tremendous growth opportunities in our markets.
"As part of becoming a public company, we are also excited to welcome a new Supervisory Board, whose combined wealth of experience in fashion, e-commerce and growth markets will support us on our journey as the leading fashion and lifestyle destination in growth markets," they said.
Schmidt personally commented on his LinkedIn profile that this achievement is just the beginning.
"This is a vote of confidence by both existing and new investors.
"Our shareholders and our team of 11,000 people understand that this is just the beginning.
"Serving more than 11 million customers last year represents a huge achievement, but it’s small when compared to the potential a population of 1 billion people who live in our markets.
"[This is] a huge step for us and a tremendous effort by our team," he said.