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NORDSTROM
Asset Prevention Security Ambassador Downtown Seattle
Permanent · Seattle
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L BRANDS
Asset Protection Officer, Morse rd (2nd Shift 3pm - 11pm)
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Asset Protection Officer, Morse Crossing - 3rd Shift (11pm-7am)
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BATH & BODY WORKS
District Manager - Bath & Body Works - North Austin - Austin, tx
Permanent · Waco
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Asset Protection Officer, Broad st -1st Shift 7am-3pm
Permanent · Reynoldsburg
L BRANDS
Asset Protection Officer, New York City
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Senior HR Generalist - Home Office
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Brand Operations Manager-White Marsh
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Asset Protection Investigator, Victoria's Secret (Southland Mall - Hayward, ca)
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PINK
Brand Operations Manager-Solano
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Product Owner
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ESTÉE LAUDER COMPANIES
Manager, Creative Operations, Creative Content Hub, North America
Permanent · New York
ESTÉE LAUDER
Director, Ecommerce, North America - dr.Jart+
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JCPENNEY
Product Manager - Site Management Tools & Cms
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JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
By
Reuters
Published
Jul 1, 2019
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Global Fashion Group IPO mostly backed by existing shareholders

By
Reuters
Published
Jul 1, 2019

Global Fashion Group (GFG) raised less than half the sum it had originally targeted in an initial public offering of new shares that drew weak investor demand and ended up being mostly backed by its existing shareholders.


Swedish investor Kinnevik, which owns 36.8% in GFG, and Germany’s Rocket Internet, with 20.4%, bought shares worth 60 million euros and 50 million euros respectively - The Iconic


GFG said it placed 40 million new shares at a price of 4.50 euros, raising 180 million euros ($205 million).

Swedish investor Kinnevik, which owns 36.8% in GFG, and Germany’s Rocket Internet, with 20.4%, bought shares worth 60 million euros and 50 million euros respectively.

A further 4 million existing shares were allocated to cover an over-allotment option for banks running the deal. If taken up, proceeds would rise to 198 million euros, GFG said in a statement.

In a last-ditch effort to salvage the stock market listing, GFG cut the price of its offering on Wednesday to 4.50 euros a share, from an initial price range of 6 to 8 euros.

GFG had extended the offer period to June 28 and sources told Reuters that cancelling the listing had also been discussed.

The sources said investors had expressed scepticism about investing in the company, which focuses on emerging markets in Latin America and Asia, and operates The Iconic, Zalora, Dafiti and Lamoda platforms.

Investors have been shying away from buying assets backed by Rocket, which is known as a fast follower of successful internet companies rather than as an innovator. Most have lost value after listing, one person familiar with the GFG deal said.

GFG shares are due to start trading in Frankfurt on July 2.

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