EQS-News

Correction of a release from 06/03/2024, 08:00 CET/CEST - GLOBAL FASHION GROUP REPORTS Q4 & FY 2023 RESULTS

EQS-News: Global Fashion Group S.A. / Key word(s): Annual Report/Annual Results Correction of a release from 06/03/2024, 08:00 CET/CEST - GLOBAL FASHION GROUP REPORTS Q4 & FY 2023 RESULTS 07.03.2024 / 13:27 CET/CEST The issuer is solely responsible for the content of this announcement. GLOBAL FASHION GROUP REPORTS Q4 & FY 2023 RESULTS

Luxembourg, 6 March 2024 - Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, demonstrated resilience in executing its strategic initiatives amidst market headwinds to achieve breakeven Adjusted EBITDA and a Gross Margin improvement in Q4.

Q4 2023 Highlights (growth rates at constant currency)

• Net Merchandise Value decrease of 14.0% (Q4/22: (6.4)%)
• Revenue decrease of 16.8% (Q4/22: (8.3)%)
• Marketplace NMV achieved 38% share of total NMV (Q4/22: 34%)
• Gross Margin 43.6% (Q4/22: 42.7%) and Adj. EBITDA Margin 0.2% (Q4/22: (1.9)%)
• Active Customers decrease of 18.6%, Order Frequency decrease of 5.5%
• Pro-Forma Cash of €396.5m and Pro-Forma Net Cash of €206.3m¹

Christoph Barchewitz, CEO of GFG, said:

“2023 was a year of significant change and adaptation for GFG, and I am proud of the team’s resilience and focus. We anticipated a challenging market and took action to navigate it by prioritising growing our Marketplace and Platform Services, reducing costs and advancing our strategic initiatives. As a result, we achieved Adjusted EBITDA breakeven in Q4, and maintained a healthy Gross Margin. We entered 2024 with a stronger foundation and a clear path forward to capitalise on our long-term potential.”

In Q4 2023, GFG delivered a Net Merchandise Value (“NMV”) of €369 million, representing a 14.0% yoy decrease due to the continued subdued consumer demand environment. Lower conversion rates led to a 19.5% yoy drop in Orders. However, GFG partially offset this volume impact by maintaining growth in Average Order Value, increasing 6.9% in Q4. Whilst moderating from prior quarters in 2023, this growth in order value was primarily driven by inflation, followed by category mix shifts.