Home / Knowledge / News / Press Release / GFG expects strong Q2 growth & positive adjusted EBITDA

GFG expects strong Q2 growth & positive adjusted EBITDA

10
Jul '20
Pic: Global Fashion Group
Pic: Global Fashion Group
Global Fashion Group (GFG), an online fashion and lifestyle destination, has announced that the company expects its second quarter (Q2) to be its second adjusted EBITDA-profitable and first cash flow-positive quarter, as a result of strong customer demand recovery since the end of April, and the company’s strategic response to the Covid-19 pandemic.
 
“We continue to put the safety of our people first and are humbled by this strong financial performance, which is a direct result of the agility and adaptability of the GFG teams around the world. Over the last few months customer acquisition, Marketplace share growth and brand relationships have been accelerated. We have continued to execute against our strategic priorities with a focus on capturing the significant fashion and lifestyle e-commerce opportunity in our markets,” Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said in a press release.
 
Company’s preliminary results show that its net merchandise value (NMV) is above 20 per cent or the quarter despite the negative Covid-19 impact in April, driven by more than two million new customers. Also, there is an improved marketplace share of more than 30 per cent (Q2 19: 19 per cent) and around 90 per cent marketplace NMV growth as a result of category mix shift and increased Marketplace SKU share.
 
GFG reported that the company experienced a strong recovery in sales from late April, with order intake up over 30 per cent since the start of May compared to the same period last year. This was driven by strong performances in CIS and LATAM, while APAC saw more moderate growth as a result of soft trading in Australia.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Jan 2021

China's textile & garment exports rise 9.6% in 2020

Despite the COVID-19 pandemic and global economic slowdown, textile...

Pic: Shutterstock

Textiles | On 26th Jan 2021

Vietnam, Israel to sign labour cooperation pact this year

Israel and Vietnam recently initiated negotiations over a labour...

Pic: Shutterstock

Fashion | On 25th Jan 2021

Boohoo buys Debenhams brand, website, but not its stores

Boohoo has reportedly purchased Debenhams brand and website for £55...

Interviews View All

Top executives, Indian retail players

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Top executives, Textile industry

Top executives
Textile industry

Denimsandjeans India 2018

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Francesco Gozio,

Francesco Gozio

Italian company Marzoli is a leading manufacturer of the complete line of...

Ritu Ajbani & Neha Agarwal,

Ritu Ajbani & Neha Agarwal

Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...

Poonam Naik Desai,

Poonam Naik Desai

Peekaboo is a sustainable, high quality, luxury sleepwear brand providing...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search