Founder of Global Fashion Group and Jumia (potentially valued at over $1.6 billion in recent IPO), the German e-commerce investor plans to set up even more companies this year.

Ten years ago, Robert Gentz and David Schneider founded what has become Europe’s biggest fashion e-commerce player. Now, Amazon is targeting their turf, but the duo has bigger plans: an operating system for fashion.

Chief executive Oliver Samwer said he would incubate and invest in firms trying to make it in the competitive US market.

After a slew of challenges, the ex-Rocket Internet fashion e-commerce subsidiary is taking a more pragmatic view on the future.

The adjusted loss narrowed to €32.3 million ($34.3 million) from €54 million a year earlier.

Rocket Internet has lowered the value of one of its key portfolio companies by more than 50 percent in a new financing round, the latest setback the Berlin-based startup incubator.

Rocket Internet shares fell the most in more than four months after a writedown of the value of online retailer Global Fashion Group contributed to a a first-half loss of €617 million ($690 million) at the startup factory.

Rocket Internet SE, Germany’s highest-profile startup investor, contributed 68 million euros to a 330-million-euro funding round for its startup Global Fashion Group, completing a deal first announced in April.