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Luxembourg firm Global Fashion Group's Q2 NMV expands to €610 mn

19 Aug '21
2 min read
Pic: Global Fashion Group
Pic: Global Fashion Group

Global Fashion Group (GFG), a leading online fashion and lifestyle destination, reported 18.2 per cent revenue growth to €397.3 million in second quarter (Q2) of FY21 ended on June 30, 2021. The group’s net merchandise value (NMV) for the quarter grew 25 per cent to €610.3 million driven by new customer growth and loyal customers returning to the platform.
 
“It’s been another promising quarter for GFG despite the ongoing impact of the pandemic across most of our markets. As consumer spending continues to shift online, NMV grew, active customers reached 17 million and we delivered 13 million orders,” Christoph Barchewitz and Patrick Schmidt, co-CEOs of GFG, said in a press release.
 
“All of GFG’s regions continued to grow in Q2,” according to the company. “Markets where Covid restrictions were lifted saw the strongest growth driven by the recovery in ‘going out’ categories. This was most evident in ANZ (Australia and New Zealand) which saw NMV growth of 68 per cent as a result of the post-pandemic recovery and soft trading last year.” 
 
“NMV growth in Southeast Asia was a strong 33 per cent despite Covid restrictions and in CIS, NMV grew 24 per cent – a good result following last year’s Q2 growth of 45 per cent,” Luxembourg e-commerce firm further added. “Latin America grew 21 per cent despite ongoing Covid-related disruption, heightened competition in the region and tougher comparables in the second half of the quarter.”
 
Continuing its focus on delivering an even broader assortment, GFG in Q2 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 YvesSaintLaurent.
 
“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,” Barchewitz and Schmidt concluded in the release.
 
In its outlook for FY21, GFG reaffirms its guidance and expects to grow NMV by over 25 per cent, delivering €2.3-2.4 billion in NMV, and around €1.5 billion of revenue.

Fibre2Fashion News Desk (JL)

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