
Recently listed fashion e-tailer Global Fashion Group reported Q3 results on Wednesday and said it delivered its strongest growth in net merchandise value (NMV) of the year during the past three months.
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Recently listed fashion e-tailer Global Fashion Group reported Q3 results on Wednesday and said it delivered its strongest growth in net merchandise value (NMV) of the year during the past three months.
Global Fashion Group raised less than half the sum it had originally targeted in an initial public offering of new shares that drew weak investor demand and ended up being mostly backed by its existing shareholders.
Global Fashion Group (GFG), an online fashion retailer focused on Asia and Latin America, is postponing its initial public offering until July, which sources close to the matter said was due to low investor demand.
Global Fashion Group has announced the pricing range for its planned IPO with the offering set at between €6 and €8 per share and the firm hoping to raise around €300m.
Matthew Price is set to join Global Fashion Group as new chief financial officer later this year, taking over from Nils Chrestin. He was most recently CFO of Moneysupermarket.com.
The former Guess CEO has been named non-executive director and chairman of the sustainability committee of Global Fashion Group, the portfolio of fashion e-commerce platforms including The Iconic, Zalora and Dafiti.
Rocket Internet’s Global Fashion Group improved its adjusted EBITDA loss from €98m to €49.8m last year as a result of marketing efficiencies and reduced marketing costs.
The company, which operates e-tail sites including LaModa and Dafiti, said group revenue increased by almost 17% in the third quarter, while adjusted EBITDA margin improved to 8.1%.
The Spanish retail group has recently signed a new partnership with online marketplace Lamoda for its Oysho and Pull&Bear brand as part of CEO Pablo Isla’s ambition to make all its brands available online by 2020.
Rocket Internet’s Global Fashion Group unit reported a buoyant Q1 on Friday as revenue and customer numbers rose strongly, although the company remains loss-making on an Ebitda basis.