Global Fashion Group posts revenue and NMV growth

Global Fashion Group S.A. (GFG), reported quarterly revenue and NMV growth of 17.9 percent and 22.9 percent respectively, and gross margin and adjusted EBITDA improvements.

Commenting on the results, Christoph Barchewitz and Patrick Schmidt, co-CEOs of GFG, said: “We release our Q1 2022 results in difficult times. The safety of our Ukrainian colleagues remains paramount and we continue to support them and the broader humanitarian response as best we can through an increased pledge of 5 million euros. Our customer and financial metrics continued to develop positively and we remain confident in achieving our long-term strategy as the leading fashion & lifestyle destination in growth markets.”

In the first quarter, GFG delivered NMV of 543.2 million euros, up by 22.9 percent, while NMV per active customer was up by 22.5 percent as a result of higher order frequency, up 8.4 percent and average order value, up 17 percent.

The company said in a release that the average order value increase was driven by country mix and inflation, most notably in CIS. GFG’s marketplace NMV increased by 35.8 percent reaching 39.2 percent of NMV. The group continues to see marketplace scale faster than retail growth.

The company added that stabilisation of LATAM’s performance is evident as the region continues to unlock its potential with improved assortment, a new customer front-end and steps towards improved delivery and returns processes.

CIS delivered NMV growth of 50 percent with high demand throughout the quarter which has slowed over the last couple of weeks. SEA delivered 5 percent NMV growth as Covid restrictions prevented the region from returning to pre-pandemic levels of demand. Conversely, GFG further said, ANZ benefitted from the lifting of restrictions and the growth in “going out” categories delivering strong NMV growth of 28 percent.