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DGAP-News: Global Fashion Group S.A. / Key word(s): Half Year Results/Interim Report

20.08.2020 / 08:00
The issuer is solely responsible for the content of this announcement.


Luxembourg, 20 August 2020 - Global Fashion Group S.A. ("GFG"), the leading online fashion and lifestyle destination in growth markets, delivers strong constant currency1 revenue and gross margin growth, its second Adj. EBITDA profitable quarter and record growth across Active Customers, and Marketplace.

 Q2 2019Q2 2020H1 2019H1 2020
Revenue €m342.4336.1603.2607.6
% Constant Currency Growth16.5%11.3%15.9%9.9%
% € Growth15.0%(1.8%)12.8%0.7%
NMV €m449.4488.3790.2860.4
% Constant Currency Growth22.7%22.8%22.4%18.6%
% € Growth21.1%8.6%18.8%8.9%
Gross Profit €m141.3143.5239.4253.7
% Margin of Revenue41.3%42.7%39.7%41.8%
Loss before interest and taxes (EBIT) €m(14.3)(9.3)(65.8)(50.5)
Loss for the period €m(26.7)(8.6)(71.2)(80.9)
Adjusted EBITDA €m(3.2)9.5(28.8)(13.2)
% Margin of Revenue(0.9%)2.8%(4.8%)(2.2%)



Q2 2020 Highlights (growth rates at constant currency)

- Revenue up 11.3% and Net Merchandise Value2 ("NMV") increased by 22.8% to €488.3m

- Exceptional Marketplace NMV growth of 90% resulting in 31% share (Q2/19: 19%)

- Adjusted EBITDA profitability of €9.5m, a margin of 2.8%, breaking even for the second time

- Cash flow positive with pro-forma3 cash balance at 30 June of €263m, up €53m in the quarter

- Record Active Customer growth of 21.6% to 14.6m, with NMV per Active Customer of €126.2

- Orders grew by 18.8% to 10.6m, with a 3.3% increase in average order value, and customer frequency of 2.5 times per year

Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said: "Another strong quarter for GFG. Fashion & lifestyle ecommerce continues to accelerate across our markets helping us execute against our strategic priorities even faster. While focusing on health and safety, we delivered our second profitable quarter, with record growth across Active Customers, Gross Margin and Marketplace. These results are a real testament to the agility of our business, and our people who have adapted seamlessly to new ways of working, while continuing to strengthen our position as the leading online fashion & lifestyle destination in growth markets."


COVID-19 continues to impact countries globally, and the economic and consumer outlook remains uncertain across GFG's markets. After strong and profitable growth in the second quarter, the Company provides the following outlook for the Full Year 2020.

Constant currency NMV growth of c.20% delivering c.€1.9 billion NMV and c.€1.3 billion of revenue. GFG also expects to approach breakeven with respect to Adjusted EBITDA. Capex investment will be no more than €45 million. This guidance is based on the currency exchange rates at 30 June 2020.

GFG accelerates strategic priorities, delivering exceptional Marketplace growth

In Q2, the Group saw a record 2.5 million new customers shopping across its platforms, as the consumer shift from offline to online continued to gain traction. The acceleration of GFG's Marketplace model allowed even more brand partners to build their presence online when much of brick & mortar retail was closed. This resulted in GFG's top-30 brands tripling their Marketplace NMV YoY, driving a 90% constant currency increase in NMV against Q2/19 and an exceptionally high Marketplace share of 31% of NMV for the quarter.

The Group continued to work closely with its brand partners to adjust inventory intake and assortment to reflect the reality of lockdown conditions and customers spending more time at home. GFG observed and responded to, a marked shift away from occasion and business wear, to loungewear, casualwear and sportswear. In line with rapidly changing customer needs, GFG also accelerated the roll out of categories including Beauty, Home and Kids through a combination of the Retail and Marketplace business models.

Nearly 60% of Group NMV was generated through GFG apps in the quarter, reflecting the strength of GFG's app-first approach and ongoing focus on technology innovations to further enhance the customer experience. This was also reflected in the total number of Orders in the quarter which exceeded 10 million, driven partially by new customers. Customer frequency remained around 2.5 times per year, despite the short term change in consumer shopping habits.

As delivery methods are still being impacted by social distancing measures, the Group remains focussed on delivering the most inspiring and seamless customer experiences by adapting to the changing circumstances, with a focus on safety. In CIS, Lamoda more than doubled courier delivery capacity to address the increased demand while pick-up points were temporarily closed. The new Brazil fulfilment centre is operational and being run alongside the existing facility as inventory and order volume is shifted and the automated storage system is tested and ramped up.

In the first half of 2020, GFG made good progress on its sustainability commitments, becoming the first online retailer in ANZ to launch order satchels made from 100% post-consumer recycled plastic, and in SEA, ZALORA was the first fashion ecommerce retailer to establish a comprehensive sustainability plan. GFG also endorsed the ILO-coordinated COVID-19: Action in the Global Garment Industry in recognition of the significant impact of the pandemic on workers in its supply chain.

Key Performance Indicators

 Q2 2019Q2 2020H1 2019H1 2020
Active Customers m12.014.612.014.6
% Growth14.6%21.6%14.6%21.6%
NMV / Active Customer €131.1126.2131.1126.2
% Constant Currency Growth7.1%(0.9%)7.1%(0.9%)
% € Growth(0.2%)(3.8%)

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