Luxembourg firm Global Fashion Group posts Q1 FY21 revenue of €301 mn

13 May '21

2 min read

Pic: Global Fashion Group

Global Fashion Group (GFG), a leading online fashion and lifestyle destination, posted 11 per cent revenue growth to €301.3 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to revenue of €271.4 million in same period prior fiscal. The group’s net merchandise value (NMV) for the quarter grew to €449.9 million (Q1 FY20: €372.1 million).

“We’ve had a standout start in GFG’s 10th anniversary year with very strong NMV growth across all of our regions. As e-commerce adoption continues at pace, we benefited from a broad view of how customers are responding across four very diverse markets,” Christoph Barchewitz and Patrick Schmidt, co-CEOs of GFG, said in a press release.

“With 1.5 million new customers and the stronger performance in markets where covid restrictions have been lifted, we are very optimistic about delivering on our ambition to build a €10 billion NMV business,” Barchewitz and Schmidt added.

Gross profit for the quarter rose to 44.1 per cent to €132.9 million (€110.1 million). Adjusted EBITDA for reported a loss of €11.5 million (€22.7 million).

GFG continues to scale its Global Fashion Platform, launching large-scale partnerships with global brands such as H&M and Puma, and leveraging its platform services to develop innovative new ways of serving them. GFG delivered 9.8 million orders in the quarter, up 32.5 per cent YoY with an improvement in average order value of 4.0 per cent. Order frequency was 2.7 orders per year, as company stated in the release.

Fibre2Fashion News Desk (JL)