Friday, September 2, 2016

Rocket Internet: terrible news at midnight – Handelsblatt

leadership of Rocket Internet

the sharp depreciation of its Modehandels investments presses the Berlin Startup Investor deep in the red.

( Photo: Reuters)

Berlin The e-mail came as a surprise, and, moreover, to an unusual time. Officially wanted to present its half-year figures until September 22 Rocket Internet. But the accountants in the start-up factory was noticed that for the months of January to June a loss of 617 million has been recorded. In such a case, a listed company must publish an ad hoc announcement.

At eight minutes past midnight Rocket sent as a precaution a press release, it was pointed out in that especially the impairments in the Global Fashion Group (GFG) impact Group earnings. The GFG is a group of Zalando clones operate the online stores, among other things in Dubai, in Russia or Southeast Asia.

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In April had Rocket and the other major investor, the Swedish Kinnevik Group in Setting the mode startup announced a cash injection of 300 million. In July the business was closed. In this context, the company has been re-evaluated, with one billion dollars, two billion less than previously. In the first quarter of the year, sales of the Global Fashion Group rose by 25.7 percent, with any unreacted Euro makes the group but still 23.4 cents loss

The clothes business is highly capital-intensive. If an online store is to be profitable, it needs a lot of customers that are advertised with enormous marketing effort. this effort too big – In India, a country with a lot of competition, the GFG and their investors – in addition to the Rocket is mainly the Swedish Kinnevik Group. The GFG subsidiary Jabong was sold, presumably at a price which was below the investment involved.

This tells Oliver Samwer itself

  • “Too many people believe their own press releases. Measure success not reporting, but economic influence. [...] Operates a start-up as a bakery: Cakes in the morning, sold throughout the day and is one of the revenue in the night! [...] Do not be afraid not to live in the dirt. [...] Go to McKinsey, if you are failed. Why before? Now you are young. You should be happy. God has given you the Internet! “

    Oliver Samwer at different occasions about his work maxims

  • ” the funniest were the guest lectures by entrepreneurs, who told time Lapse, as from the created nothing a company with a few hundred or even 20,000 people, as well as time on the precipice stood until then just in time the decisive order came. “

    Oliver Samwer about the merits of his studies at WHU

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    “The ideal start-up is a combination of opportunity, team and timing. The ideal start-up addresses a huge market place that is open for a change, or is being done through a paradigm shift, has a team that is sensitive enough for the demands of the market, and comes on the market at the right time, not too early and not too late. Each of these properties, if it is bad enough, the company kills. “

    Oliver Samwer and Max finger over an” ideal start-up “in her thesis

  • ” We have Alando not sold at the right time. We were idiots, that we got out. We were the largest German Sedo. Today Ebay makes in Germany EUR 120 million profit in the year, therefore it was not wise Alando for sale for $ 50 million. In retrospect, I and my brothers can see that as our perhaps the biggest mistakes. “

    Oliver Samwer about the early exit of Samwers at Alando

  • “A really bad defeat. But we are often crawled through the mud. The successes that read afterwards in the newspaper as easily have insane cost in truth a lot of power. And there were always small defeats – and often great anxiety. Bertelsmann has once angespamt intensively all our users with Alando and tried to relax us. That cost us some sleepless nights. Until we have seen: People stay with us “

    Oliver Samwer 2007 on the challenges of their Alando-time

  • “at that time we engaged ourselves with the ‘Wireless’ market, looked to Japan and the European markets are considered. We found that not news, traffic reports or stock market prices, business with mobile services accounted for, but entertainment content. We saw the boom, [...] that games for mobile phones in Japan were a Renner and introduced ourselves that this could work together with music and images even in Europe. “

    Oliver Samwer in 2003 about the emergence of Jamba

  • “We get every day many business plans and e-mails from startups sent. Have we then found on a promising idea interest, it comes relatively quickly and pragmatically to contact. After a short time we can already make an investment decision, because we have to go through any bureaucratic processes. A conversation among us three brothers enough. From the first meeting to a decision it often needs less than 48 hours. “

    Oliver Samwer about the speed of European Founders Fund

  • ” We looked around in the uS and Asia. Here we noticed in Silicon Valley that many successful entrepreneurs invest their money in start-ups and young companies will also be active at the site. [...] But we want the founders not only give money but also our active support and our advice. “

    Oliver Samwer on the activities of the European Founders Fund

  • Joel Kaczmarek,” the godfather of the Internet “, published in the financial publishing FBV, ISBN: 978-3-89879-880-8

  • in other markets, it runs much better: Namshi in the Middle East, for example, is in the first quarter of this year almost profitable. This is not only because the more relaxed competitive position, but also the fact that people buy in affluent countries more expensive clothes, which is good for the margin.

    Insiders are optimistic. The new CEO, Romain Voog and Nils Chrestin would get the processes under control. Thus the individual companies would be better to exchange with each other now, and made the purchases together. The private label rate has been increased. Clothes that do not buy an online store, but can produce itself, are also good for the margin. Not estimated, however, is how the competition developed.

    Still unclear even what further depreciation Rocket’s had to make. Furthermore, the Group will, as planned, until September 22, provide information. Only then will be announced also details the operations that should be loud CFO Peter Kimpel on schedule.


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