EQS-News

GLOBAL FASHION GROUP REPORTS Q2 2023 RESULTS

EQS-News: Global Fashion Group S.A. / Key word(s): Half Year Results/Quarter Results GLOBAL FASHION GROUP REPORTS Q2 2023 RESULTS 10.08.2023 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. GLOBAL FASHION GROUP REPORTS Q2 2023 RESULTS

Luxembourg, 10 August 2023 - Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, continues to execute cost action plans to adapt to challenging market conditions and improve performance going forward.

 

Q2 2023 Highlights (growth rates at constant currency)

• Net Merchandise Value growth of (14.7)% (Q2/22: (1.9)%)
• Revenue growth of (18.6)% (Q2/22: 0.8%)
• Marketplace NMV achieved 39.1% share of total NMV (Q2/22: 34.7%)
• Gross Margin 42.0% (Q2/22: 43.4%) and Adj. EBITDA Margin (7.2)% (Q2/22: (1.5)%)
• Active Customers down (19.0)%, Order Frequency down (1.2)%
• Pro Forma Cash[1] of €466.7m and Pro Forma Net Cash¹ of €173.2m

 

Christoph Barchewitz, CEO of GFG, said:

“Macro pressures continue to impact customer behaviour in GFG’s markets, which is reflected in our Q2 results. While our topline is challenged in the near-term, our commitment to improving each of our regions’ propositions for demand recovery, remains strong. These improvements will grow our platform and are adapted to our current focus on careful cost and inventory management. We are confident in our ability to navigate these challenges and in building long-term value for our customers, partners and shareholders.” 

 

In Q2 2023, GFG delivered NMV of €346.5 million, down 14.7% yoy. Demand was weaker than expected as is reflected in Orders down 28.1% and Active Customers down 19.0%. The lower topline was partially offset by an 18.7% increase in Average Order Value, with inflation driving more than half of the increase. The remainder was split between country and category mix, including a shift to more premium products, along with an increase in items per order. Revenue was down 18.6% yoy.