DGAP-News

GLOBAL FASHION GROUP DELIVERS OUTSTANDING QUARTER, REAFFIRMING FULL YEAR OUTLOOK - Seite 2

Q1 2021 Highlights (growth rates at constant currency)

- Net Merchandise Value² growth of 37.8% (Q1/20: 13.1%)

- Revenue growth of 26.6% (Q1/20: 8.1%)

- Marketplace NMV grew by 98.5% yoy, achieving 35.9% participation (Q1/20: 24.9%)

- Gross Margin 44.1% (Q1/20: 40.6%) and Adj. EBITDA Margin (3.8)% (Q1/20: (8.3)%)

- Pro-forma³ cash balance at 31 March of €704.7m

- Strong Active Customer growth, up 25.8%, with NMV per Active Customer up 3.6% to €121.9

Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said:
"We've had a standout start in GFG's 10th anniversary year with very strong NMV growth across all of our regions. As ecommerce adoption continues at pace, we benefited from a broad view of how customers are responding across four very diverse markets. With 1.5 million new customers and the stronger performance in markets where covid restrictions have been lifted, we are very optimistic about delivering on our ambition to build a €10 billion NMV business."

Outlook

GFG reaffirms its FY2021 guidance and expects to grow NMV by over 25%, delivering c. €2.3-2.4 billion in NMV, and around €1.5 billion of revenue, all on a constant currency basis. GFG expects Adjusted EBITDA to improve modestly and Capex investment will be around €60 million in FY2021. GFG's outlook remains impacted by the elevated uncertainty associated with the ongoing impact of COVID-19 in its markets.

Business Review

In Q1, GFG delivered NMV of €449.9 million, up by 37.8% yoy. This was driven by continued customer acquisition and a solid recovery in repeat customers returning to the platform and spending more. GFG now has 16.7 million Active Customers, up 25.8% yoy, with 1.5 million new customers shopping across GFG's platforms in Q1 as consumers continue to shift online across its markets. NMV per Active Customer was up by 3.6% in the period.

Marketplace NMV increased by 98.5% yoy with participation of 35.9%, as more and more brand partners choose this channel to reach GFG's growing customer base. This has helped achieve exceptional growth rates across GFG's regions, even taking into account a prior year comparative that was impacted by the initial shock of COVID-19 in late March. ANZ, CIS & SEA each saw NMV growth of around 40%, as well as strong improvements in gross margin across each region. Growth in LATAM was a strong 28.7% despite the challenging macro environment and pandemic situation. ANZ serves as a benchmark for post-pandemic recovery, with 'going out' categories rebounding in line with regional growth while lockdown categories continue to perform well.