April 28, 2014 / 6:15 AM / 4 years ago

Kinnevik Q1 net asset value rises 16 pct

STOCKHOLM, April 28 (Reuters) - Swedish investment firm Kinnevik said on Monday its first quarter net asset value rose 16 percent to 66.2 billion Swedish crowns ($10.05 billion) from a year earlier and said a sharp increase in smartphone use had positively affected its old and new holdings.

The investment company, a major investor in the telecoms industry and Germany’s Zalando - Europe’s biggest online fashion firm, said earlier this month it had picked board member and former Goldman Sachs banker Lorenzo Grabau as chief executive.

It said Zalando would provide a trading update on May 9. ($1 = 6.5898 Swedish Crowns)

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