STOCKHOLM/FRANKFURT Sweden's Kinnevik revealed a big drop in the value of Global Fashion Group (GFG), highlighting concerns over how much digital consumer businesses are worth and knocking shares in co-investor Rocket Internet.
Kinnevik said the lower value of the online fashion firm, which involves a widely different valuation view from Germany's Rocket, weighed on its first quarter net asset value.
The two holding companies share a common strategy of placing big bets in emerging markets and ecommerce, but differences in their strategies and risk tolerance are widening.
Wednesday's news knocked Rocket's already dented shares, which were down 14.5 percent at 1300 GMT (8 a.m. ET) as investors fretted over possible markdowns in its other companies. Rocket's stock has fallen 41 percent since its October 2014 IPO.
Shares in Kinnevik, also a shareholder in Rocket Internet, were down 3 percent at 1300 GMT, compared with a largely flat wider Stockholm bourse.
Kinnevik and Rocket disclosed a new funding round of 300 million euros ($339 million) for GFG, which is exposed to struggling economies in Brazil and Russia but also stronger performing markets in southeast Asia, at a sharply reduced valuation of 1.0 billion euros.
This cut Kinnevik's appraisal of the value of its stake by 38 percent and forced Rocket, which valued GFG at 3 billion euros as recently as March, to cut its valuation by 67 percent.
Technology company valuations have come under pressure since the third quarter of 2015, with global venture capital investments falling by a third since then, according to a recent CB Insights and KPMG report.
"It's a perfect storm of everything going wrong from a valuation point of view despite everything going fine for the company," Kinnevik Chief Executive Lorenzo Grabau told Reuters.
Grabau said Kinnevik's accounting for assets such as GFG reflected a conservative approach to the falling prices of venture capital-backed peers and restricted funding in private markets, while Rocket's methods relied on transaction values.
"This is the first real down round in Rocket's portfolio and so the bearish picture today makes a lot of sense," said Neil Campling, technology analyst at Aviate Global.
"This is a substantial mark down and we have had a few questions on what its other key businesses like Hello Fresh might be valued at now."
Kinnevik, which is also a major shareholder in Europe's biggest dedicated online fashion firm Zalando, said its own net asset value fell to 72.7 billion crowns ($9 billion) due to a fall in. Michigan Apparel
the value of both its listed and privately held assets.
GFG, which includes online fashion businesses Zalora in Southeast Asia, Dafiti in Latin America and Lamoda in Russia, is 26 percent owned by Kinnevik.
Grabau said Kinnevik, which is flush with cash following last year's sale of its stake in Russian online classifieds firm Avito, would take advantage of weaker valuations with possible new investments in financial technology and healthcare.
"This is the year of fintech - the market is maturing in terms of consumer adoption of new business models and the opportunities are more reasonably priced than last year."
"If we were to make another investment in the next 6 months, it would probably be fintech," he added.
Grabau frequently describes his Internet investing approach as "conservative" and "disciplined" and at an investor conference in November said the free flow of capital during 2015 into late-stage companies "made us feel quite uncomfortable."
By contrast, Rocket Internet boss Oliver Samwer remains bullish, talking about growth, gaining scale, and rapidly launching new companies using an internal company creation process dubbed "SkyRocket".
"Nothing of our thesis has changed," he said at the company's investor day earlier this month.
Kinnevik, which recently invested $65 million worth of shares in U.S. investment advice firm Betterment, is returning 7.1 billion crowns to shareholders in the first half of 2016.
($1 = 8.1016 Swedish crowns)
($1 = 0.8842 euros)
(Additional reporting by Alasdair Pal; Editing by Elaine Hardcastle and Alexander Smith)
BySarah Fitzmauriceand Lara Gould And Steve Farrell
Updated: 21:04 GMT, 10 October 2011
A delighted Sir Paul McCartney and his new wife Nancy are pictured after their wedding in a kooky official portrait taken by Sir Paul's daughter Mary.
Sir Paul and the new Lady McCartney had emerged beaming after the ceremony at Marylebone Register Office.
The newlyweds were greeted on the steps of the building by friends and family who covered them in rose petals.
'I do': The newlyweds pose in this official but quirky wedding photograph taken by Sir Paul's photographer daughter Mary McCartney
womens clothes stores wife: Sir Paul McCartney and his new wife Nancy Shevell wed in an intimate ceremony at Marylebone Town Hall today" class="blkBorder" />Man and wife: Sir Paul McCartney and his new wife Nancy Shevell wed in an intimate ceremony at Marylebone Town Hall
Husband and wife: Sir Paul McCartney and new wife Nancy Shevell leaving the Marylebone Register Office
The pair got into a car with Paul's daughter Beatrice who had acted as bridesmaid and made their way to their North London home for the reception.
Sir Paul and Nancy, 51, became husband and wife in front of just 30 guests.
Ahead of the nuptials and with her groom by her side Nancy, who was wearing mens summer pajamas ivory flower in her hair, had looked happy and relaxed.
We did it! The couple emerge as friends and family, including ABC newswoman Barbara Walters (in red) throw rose petals into the air
First glimpse: Sir Paul and the new Lady McCartney seen as they emerged as man and wife for the first time
The former Beatle was seen acting the perfect gentleman offering his wife-to-be a helping hand as they got into the car at their north London home.
As they arrived at the venue, the couple posed together and waved at fans.
Nancy had opted for a demure ivory knee-length gown, designed by Paul's daughter Stella, which boasted button detail down the front and on the sleeves.
The bride was carrying a simple bouquet of mixed coloured roses while Sir Paul wore a smart navy suit and a light blue tie.
As the couple made their way up the steps Nancy turned around to the crowd and beamed, showing her delight at the day.
The pair were met at the top of the steps by Paul's daughter Beatrice, who took on the role as flower girl.
The eight year old, whose mother is McCartney's ex-wife Heather Mills, looked gorgeous in a pretty dress, a rose pink coat ballet slippers and a floral headdress.
On Sunday, the couple indulged in a pre-wedding workout and were seen leaving a gym together.
Sir Paul was expected to have performed a new song as a gift to his new wife at the reception.
The former Beatle will unveil the song on what would have been John Lennon's 71st birthday.
He was also expected to sing the iconic Let It Be, which he wrote for the Beatles, and Let Me Roll It, which he wrote for his band Paul McCartney & Wings, reported the Daily Record.
Happy couple: The pair looked relaxed as they arrived ahead of their wedding
Ready as ever: The couple were all smiles as they made their way into the register office
He apparently sang Let It Be to Nancy during one of their first holidays together in Morocco three years ago.
The second song was picked because it is American heiress Nancys favourite and contains the lyric: 'You gave me loving in the palm of my hand.'
The couple, who boast a combined fortune of 700million, decided to marry in front of just 30 guests at Marylebone Register Office where Sir Paul married Linda in March 1969.
Beautiful bride: Nancy Shevell and Sir Paul McCartney were seen leaving their house in St Johns Wood heading to Marylebone registry office
summer clothes for women car heading to their wedding" class="blkBorder" />Dashing groom: Sir Paul was seen offering a helping hand to his bride as they got into the car heading to their wedding
Instead of spending the morning getting hair and makeup done, Nancy took her fianc to the gym for an early morning work out at the gym ahead of their nuptials.
The pair looked relaxed and sporty in matching dark tracksuits.
Sources close to the star also say Sir Paul will also lovingly refer to Linda mother of three of his grown-up children who died from breast cancer in 1998.
Mary and Stella McCartney leave Marylebone register office after their father's wedding
Intimate wedding: The couple decided to wed in front of just thirty guests and Paul's Beatles band member Ringo Star and his wife Barbara wave to fans outside the wedding
But there will be no mention of his second wife, Heather Mills, whom he divorced acrimoniously in 2008, despite their daughter Beatrice, seven, acting as bridesmaid.
Yesterday, Paul and Nancy, 51, who is Jewish, visited the Liberal Jewish Synagogue near his home in St John's Wood, to mark Yom Kippur.
The couple left the singer's home in a chauffeur-driven Lexus just before 5pm, with Sir Paul winding down his window to say: 'Hi guys. Sleepwear and accessories for the whole family; Spa Slippers, Nightshirts, Kitchen Stuff and Matching Pajamas for sale and very affordable. At Lazy One, we believe in life, liberty, and the pursuit of laughter. And since the mind craves humor like the body craves comfort, we take great pride in combining both comedy and coziness in every product! So go aheadâ¤”sleep, sprawl, and snicker with Lazy One.
Thanks for coming. We're looking forward to it. See you guys.'
The service was conducted by Superintendent Registrar Alison Cathcart and cost 1,540.
The couple were thought to have exchanged rings from Los Angeles jeweller Neil Lane and back at his home Sir Paul showed off his simple gold band.
Yesterday, final preparations were getting under way at the house before thearrival of guests who are expected to include Sir Paul's five children adopted eldest daughter Heather from Linda's first marriage,photographer Mary, fashion designer Stella, son James, and youngestdaughter Beatrice.
Amarquee had been erected on the drive of the three-storey detachedproperty, which is hidden from the street by a 6ft wall, while an awning had been erected on the pavement at the gates to the property.
Two van loads of flowers, including pastel coloured roses and white hydrangeas, were delivered and bottles of champagne could be seen in a fridge next to the marquee, while cotton gowns and robes vans delivered furniture including around 100 steel chairs and ten drinks tables with mirrored glass surfaces.
The proceedings are in stark contrast to the 1.5million Sir Paul spent on his wedding to Heather Mills in 2003 in front of 300 guests at Castle Leslie in Ireland.
That was followed by an elaborate reception which included a vegetarian banquet.
Returning home: Paul and his new wife Nancy arrive at their north London home following their wedding at Westminster Registrer Office
Showing off: Sir Paul McCartney showed off his gold wedding band as he and Nancy headed into the marquee at their London home
Reception: The couple held their reception in a marquee outside their North London home
Then, Sir Paul was reported to havespent tens of thousands of pounds on 300 bottles of vintage Cristal andLaurent Perrier, costing 180 a time.
But yesterday, fridges were beingloaded with a far cheaper option non-vintage Dumangin Grande Reservechampagne costing 26.50 a bottle.
The brand is little-known in the UKbut was described by one critic last year as 'delicious, rare anddelectable' and 'good value for money'.
Workmen carrying tools including a spirit level arrived at the property in a van from the firm Momart, which specialises in transporting fine art. One said they had been asked to hang paintings, including works by Picasso and some of Sir Paul's own work.
After the celebrations the newlyweds are expected to fly to America to mark their nuptials with a second gathering at the Hamptons, the exclusive seaside enclave two hours from New York where they both own homes.
The waiting crowd: Beatles fans and members of the media waited outside the Marylebone registry office before the couple's wedding ceremony
The move mirrors Sir Paul's wedding to Linda in 1969 when they flew to New York to visit her family.
Miss Shevell, a family friend of Sir Paul and Linda, is vice president of her family's transport firm and has a 19-year-old son, Arlen, from her 24-year marriage to first husband Bruce Blakeman
Memories: Paul McCartney leaving Marylebone Register Office after marrying Linda Eastman
Over: Sir Paul McCartney and Heather Mills outside Castle Leslie, in Glaslough, County Monaghan, Ireland, ahead of their marriage in 2002
The Olympics schedule 2012 basketball competition features a battle for first place in Group A. Team USA battles Argentina, and while everyone seems to believe the U.S. will run away with sleep disorders infants gold medals this year, they need to only ask Spain what pajamas men upset feels like. Spain fell to Russia in their fourth game, their first loss to a non-Team USA squad since 2000.
Meanwhile, in Group B, Russia clinched first place thanks to their upset of Spain. Now, Spain has to hope they dont stumble again as they face a very tough Brazil.
4:00 a.m. ET: Australia vs. Russia Russia (4-0) won Group B without this fifth game meaning anything. However, their opponent is Australia (2-2), whose only two victories came against winless Great Britain and China. Unless another upset occurs, Russian should enter the next part of the competition undefeated.
6:15 a.m. ET: Tunisia vs. Lithuania Tunisia (0-4) will finish their Olympic play after this game with Lithuania. The country hopes to pick up their first win in Olympic history against Lithuania (1-3). Lithuania looked tough against Team USA and France, but Argentina blew them out.
9:30 a.m. ET: France vs. Nigeria France (3-1) rebounded nicely from their only loss of Olympic play to Team USA and already clinched a spot in the next round of play. Their last opponent is the team that Team USA blew out in record-breaking fashion, Nigeria (1-3).
11:45 a.m. ET: Great Britain vs. China In what might be the toughest game of the day, for all the wrong reasons, Great Britain (0-4) and China (0-4) both try to pick up their first win of the Olympics schedule 2012. China is hurting with injuries, but both teams want to leave with at least one victory.
3:00 p.m. ET: Spain vs. Brazil Spain (3-1) came in as the favorites to make it to the Gold Medal game with Team USA, but their loss to Russia hurts those chances. Even worse is that their next opponent, Brazil (3-1), can knock Spain all the way to third place in Group B with a win. Brazils only loss, just like Spain, was to Russia.
5:15 p.m. Sleepwear and accessories for the whole family; Spa Slippers, Nightshirts, Kitchen Stuff mens lounge pants Matching Pajamas for sale and very affordable. At Lazy One, we believe in life, liberty, and the pursuit of laughter. And since the mind craves humor like the body craves comfort, we take great pride in combining both comedy and coziness in every product! So go aheadâ¤”sleep, sprawl, and snicker with Lazy One.
ET: Argentina vs. Team USA The last game in Group A for Team USA (4-0) is their toughest since playing France. What is amazing is that Argentina (3-1) still has the opportunity to win the group with an upset win over the United States. Team USA will have to play better than they did against Lithuania if they want to beat Argentina.
One of my personal highlights this year has been the Jarmy Army.
It has captured many of us. Sleepwear and accessories for the whole family; Spa Slippers, Nightshirts, Kitchen Stuff and Matching Pajamas for sale and very affordable. At Lazy One, we believe in life, liberty, and the pursuit of laughter. And since the mind craves humor like the body craves comfort, we take great pride in combining both comedy and coziness in every product! So go aheadâ¤”sleep, sprawl, and snicker with Lazy One.
The children of Flaxmere thank you for your kindness. As previously mentioned this has been a learning curve for those of us who have contributed.
This time we gather requests from the teachers of Kimi Ora School. We take numbers, sizes and gender. This request includes small adult sizing. There are 97 students. We decide after feedback from teachers and parents that we will provide http://feeds.delicious.com/v2/rss/lovingfunnypaja/pajamas thermal tee shirt and a pair of pyjamas for every child. Other schools we have basically asked - "hands up who has not got a pair of pyjamas". To those of you who sew or contribute lovely second-hand PJs, they have been snapped up.
But there is something about handing out brand-new ones in their crinkly packet. We receive such http://sleepwearsarecool.blog.com/ amazing deal from The Warehouse we collectively decide this is what we will pursue next year. For those of us that are ethically minded - we are pleased that The Warehouse provides the living wage as a minimum wage for staff. Plus Warehouse staff have been so helpful.
Kimi Ora School has recently had its challenges. Leaky buildings, a fluctuating roll creates the need to consult with the community to determine the schools future. Kimi Ora is neighbour to Te Aranga Marae. We see much potential with this school and are pleased to http://www.funnyholidaysleepwears.sitew.us/#Page_1.A the school will remain open. We are also pleased a new principal Matt O'Dawd has been appointed.
Meantime Tim Jones (semi-retired) acting principal for Kimi Ora School, tells me he is from Mahia and is now a professional whitebaiter. As much as he has loved teaching at Kimi Ora, he tells us he is looking forward to heading back up the coast and getting back to his fishing.
Pam O'Keefe, Sarah Tawhai and Tanya Jaine (from Plunket) and I are invited to attend lunchtime assembly. Mary and Peter Fama are away on holiday. The students lead assembly which includes singing and handing out awards. Awards are handed out for children for "trying" and "demonstrating good behaviour in certain situations". Many awards are handed out. The place is brimming with positive affirmations and rewards. I watch the "big boys" who sit up the back of assembly and wonder if they might be a bit too cool to receive their pyjamas. The singing is very good.
Its time to hand out the PJs. We watch as two girls and two boys go into a side room and come out wearing their pyjamas. They stand up the front and parade/model for us. We watch each class receive theirs. I watch the "big boys" pick their size out. I am pleased to report they receive them with just as much enthusiasm as the younger children. We receive a heartfelt thank you speech from one of the Kimi Ora students.
As we walk back to the marae marvelling at what a lovely experience this had been, we agree to continue to do this next year. Later on that afternoon Pam rings me to tell me she and Henare drive down Flaxmere Av to see Kimi Ora students walking home in their pyjamas. So for those of you that have donated personally, donated through your work, sewn, bought, or helped in any way with the Jarmy Army - these letters are also for you.
Dear Ana Apatu. Thank you so much for the pj's and thermals. We loved it. We wouldn't be warm over night. On Friday night my sisters and I were so nice http://familypajamasasgifts.beep.com/ warm. Thank you so much Ana Apatu and your crew. Yours sincerely, SV.
Dear Ana I had a warm sleep last night and my pyjamas felt like it was my blanket. My thermal was very mild and warm. Thank you very much for the pyjamas and thermals. I appreciate how nice people like you donate things to us. We really are grateful. Yours sincerely, NV.
And last: Dear Ana Apatu. Thank you for our new PJ's and thermals. We love our new warm PJ's that are waiting to be worn at night and so cosy that you will be warm in no minutes. AV.
-Ana Apatu is chief executive of the U-Turn Trust, based at Te Aranga Marae in Flaxmere.