Online fashion retailer Global Fashion Group, which operates in 17 countries, has set an IPO price range of between €6 and €8 per share.

The final price will be set on or around June 25, and trading on the Frankfurt Stock Exchange will begin two days later.

Existing shareholders will not be able to sell any shares during the first six months after the IPO and may only sell up to a maximum of 20% of their pre-flotation stakes during months seven to 12.

The five largest existing shareholders have entered into a co-ordination agreement for sell-downs in months seven to 12 post-IPO.

Co-chief executives Christoph Barchewitz and Patrick Schmidt said: “This is a very exciting and important next step for GFG.

“Through an IPO we will be able to invest in further strengthening of our end-to-end customer proposition, continue our path to profitability and reinforce our position as the leading fashion and lifestyle destination in growth markets.”

Net proceeds will be used for investment in the retailer’s technology platform, customer acquisition, fulfilment and delivery infrastructure and ”general corporate purposes”.