The Tengelmann and Access Industries-backed Global Fashion Group has raised the money from Rocket Internet, its RICP fund and Kinnevik in a down round at a $1.1bn valuation.

E-commerce holding group Rocket Internet was among the investors in a €330m ($363m) round closed today by Global Fashion Group (GFG), a holding entity for several of its portfolio companies.

Rocket Internet itself provided $75m of the funding, including the conversion of an investment in an earlier round, and now holds a 20.4% share of GFG.

The company invested alongside Rocket Internet Capital Partners (RICP), the late-stage venture capital fund it closed in January this year, and investment firm Kinnevik…