promising progress

Rocket Gets Real

ARCHIV - Rocket-Internet-Chef Oliver Samwer spricht am 08.06.2016 in Berlin bei der Internet-Konferenz NOAH. Foto: Britta Pedersen/dpa (zu dpa "Wertverlust bei Modehändlern drückt Rocket Internet tief ins Minus" vom 02.09.2016) +++(c) dpa - Bildfunk+++
It's a rocky road for Rocket.
  • Why it matters

    Why it matters

    Rocket Internet has cut jobs and written down the value of some of its holding and postponed some of its targets in a more realistic assessment of its business.

  • Facts

    Facts

    • Rocket Internet is an incubator of online startups with holdings in fashion, food delivery and home furnishings.
    • Rocket has struggled since its IPO in 2014 which raised €1.4 billion and earlier this year announced losses due to writedowns of its online shopping retail cluster, Global Fashion Group, and other operations.
    • Rocket Internet wrote down the book value of its holding in Home24 by more than half a billion euros in five months.
  • Audio

    Audio

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Rocket Internet is doing its best to keep up with the hype – even if it’s not making any money. The startup incubator on Thursday said it remains on target for its ambitious goals, though some have been pushed further into the future as it continues to work on its profitability and transparency.

Rocket, based in Berlin, is a startup incubator with 10 main companies in food delivery, fashion and home furnishings. It’s best known for creating Zalando as a startup in 2008 that has since become Germany’s biggest online retailer worth more than €9 billion.

On Thursday, Rocket reported its first half-financial results and provided more information about the value of some of its main holdings.

While Rocket announced a half-billion euro loss – mainly due to writedowns on its Global Fashion group holding – it reported some good news too, for example on the value of Hello Fresh, its food delivery service.

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