Global Fashion Group hails strong second quarter
Global Fashion Group, the online fashion and lifestyle destination that targets growth markets, has delivered another profitable quarter in Q2, saying it saw “a strong set of results and substantial gross margin improvements”.
It enjoyed Net Merchandise Value growth of 32% to €610.1 million and revenue growth of 24.2% to €397.3 million. Marketplace NMV grew by 60%, achieving 37.7% participation. The Gross Margin was 46.2%.
It also saw strong active customer growth, up 15.8%, with order frequency increasing 9.6% and NMV per active customer up 14.9% to €127.30.
All of GFG’s regions continued to grow in Q2.
Adjusted EBITDA rose to €11.3 million from €9.5 million yet the final loss doubled to €17.5 million from €8.6 million. However, the final loss for the first half as whole was narrower at €65.1 million after €80.9 million a year earlier.
Continuing the Group’s focus on delivering a broader assortment, in Q2 GFG launched new categories and strategic brand partnerships including Country Road Group and Massimo Dutti, as well as geographic expansions for brands such as Kate Spade and Yves Saint Laurent. This helped drive the 60% growth in Marketplace NMV, with participation of 37.7%, and saw categories such as Beauty grow by 68%.
Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said: “It’s been another promising quarter for GFG despite the ongoing impact of the pandemic across most of our markets. We have also seen a strong recovery in order frequency of 10% and a 60% growth in Marketplace. As e-commerce continues to grow at pace, the resilience of the GFG team and performance of our Marketplace business, continue to drive our strong results and we remain confident in achieving our long term targets.”
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