GLOBAL FASHION GROUP DELIVERS OUTSTANDING QUARTER, REAFFIRMING FULL YEAR OUTLOOK05/12/2021
DGAP-News: GLOBAL FASHION GROUP DELIVERS OUTSTANDING QUARTER, REAFFIRMING FULL YEAR OUTLOOK
DGAP-News: Global Fashion Group S.A.
/ Key word(s): Quarter Results/Quarter Results
GLOBAL FASHION GROUP DELIVERS OUTSTANDING QUARTER, REAFFIRMING FULL YEAR OUTLOOK
Luxembourg, 12 May 2021 - Global Fashion Group S.A. ("GFG"), the leading online fashion and lifestyle destination in growth markets, reported quarterly Revenue and NMV growth of 26.6% and 37.8% respectively, and substantial gross margin and Adj. EBITDA improvements.
- Net Merchandise Value2 growth of 37.8% (Q1/20: 13.1%)
- Revenue growth of 26.6% (Q1/20: 8.1%)
- Marketplace NMV grew by 98.5% yoy, achieving 35.9% participation (Q1/20: 24.9%)
- Gross Margin 44.1% (Q1/20: 40.6%) and Adj. EBITDA Margin (3.8)% (Q1/20: (8.3)%)
- Pro-forma3 cash balance at 31 March of €704.7m
- Strong Active Customer growth, up 25.8%, with NMV per Active Customer up 3.6% to €121.9
Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said:
GFG reaffirms its FY2021 guidance and expects to grow NMV by over 25%, delivering c. €2.3-2.4 billion in NMV, and around €1.5 billion of revenue, all on a constant currency basis. GFG expects Adjusted EBITDA to improve modestly and Capex investment will be around €60 million in FY2021. GFG's outlook remains impacted by the elevated uncertainty associated with the ongoing impact of COVID-19 in its markets.
In Q1, GFG delivered NMV of €449.9 million, up by 37.8% yoy. This was driven by continued customer acquisition and a solid recovery in repeat customers returning to the platform and spending more. GFG now has 16.7 million Active Customers, up 25.8% yoy, with 1.5 million new customers shopping across GFG's platforms in Q1 as consumers continue to shift online across its markets. NMV per Active Customer was up by 3.6% in the period.
Marketplace NMV increased by 98.5% yoy with participation of 35.9%, as more and more brand partners choose this channel to reach GFG's growing customer base. This has helped achieve exceptional growth rates across GFG's regions, even taking into account a prior year comparative that was impacted by the initial shock of COVID-19 in late March. ANZ, CIS & SEA each saw NMV growth of around 40%, as well as strong improvements in gross margin across each region. Growth in LATAM was a strong 28.7% despite the challenging macro environment and pandemic situation. ANZ serves as a benchmark for post-pandemic recovery, with 'going out' categories rebounding in line with regional growth while lockdown categories continue to perform well.
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% yoy - with an improvement in Average Order Value of 4.0%. Order Frequency was 2.7 orders per year.
All regions now provide customers with sustainable shopping edits, making GFG the first major online fashion and lifestyle retailer to do so in its markets. Progress towards GFG's 2021 People and Planet Positive targets remains on track, with a continued focus on transitioning the business and industry towards a more sustainable model.
Key Performance Indicators
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For more information visit: www.global-fashion-group.com
|Company:||Global Fashion Group S.A.|
|Phone:||+352 691 20 56 54|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||1195430|
|End of News||DGAP News Service|