Global Fashion Group (GFG), the leading online fashion and lifestyle destination, posted 4.1 per cent revenue growth to €271.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of €260.7 million in same period prior year. Net Merchandise Value (NMV) increased 9.2 per cent to €372.1 million (Q1 FY19: €340.8 million).

 

Global Fashion Group (GFG), the leading online fashion and lifestyle destination, posted 4.1 per cent revenue growth to €271.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of €260.7 million in same period prior year. Net Merchandise Value (NMV) increased 9.2 per cent to €372.1 million (Q1 FY19: €340.8 million).#

“While the group was trading in line with management expectations until mid-March, GFG’s Q1 results were negatively impacted across each of the regions at different times by the Covid-19 pandemic, and by currency headwinds that resulted in a drag on NMV of around €20 million,” Christoph Barchewitz and Patrick Schmidt, co-CEOs of GFG, said in a press release.

 

Global Fashion Group (GFG), the leading online fashion and lifestyle destination, posted 4.1 per cent revenue growth to €271.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of €260.7 million in same period prior year. Net Merchandise Value (NMV) increased 9.2 per cent to €372.1 million (Q1 FY19: €340.8 million).#

Gross profit during the quarter was €110.1 million (€98.1 million). Capex during Q1 FY20 was €17.1 million (€11.8 million).

 

Global Fashion Group (GFG), the leading online fashion and lifestyle destination, posted 4.1 per cent revenue growth to €271.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of €260.7 million in same period prior year. Net Merchandise Value (NMV) increased 9.2 per cent to €372.1 million (Q1 FY19: €340.8 million).#

The company in its report mentioned that once the initial shock of lockdown passed, customers returned to GFG platforms but with different needs, and an increased demand for categories like sport, wellness and loungewear – while categories like dresses or formal wear saw significant declines. At the same time, GFG experienced a significant increase in new customers trying its services for the first time. In April, the group acquired more than 650,000 new customers, almost 50 per cent more than in that month last year.

 

Global Fashion Group (GFG), the leading online fashion and lifestyle destination, posted 4.1 per cent revenue growth to €271.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of €260.7 million in same period prior year. Net Merchandise Value (NMV) increased 9.2 per cent to €372.1 million (Q1 FY19: €340.8 million).#

Regarding its strategies for future, GFG stated that as demand for athleisure, sportswear and loungewear has increased, GFG continues to deliver inspiring customer experiences by adjusting its assortment accordingly to bring the most relevant products to customers.