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Global Fashion Group sees profits soar to €183.7m

Revenues at the group rose to 18% year on year to €397.3m (£338.5m) compared to €336.1m (£286.4m) in the same period in 2020

Global Fashion Group (GFG), the owner of ecommerce platforms such as The Iconic and Zalora has reported gross profits of €183.7m (£156.5m) in the second quarter of 2021, due to easing of Covid-19 restrictions. 

Revenues at the group rose to 18% year on year to €397.3m (£338.5m) compared to €336.1m (£286.4m) in the same period in 2020.

Furthermore, the group’s Adjusted EBITDA grew 2.2% to €11.6m (£9.9m), while the group’s Net Merchandise Value (NMV) rose 32.0% to €610.1m (£519.9m).

The group touted its success to the launch of new brand partnerships with Country Road Group and Massimo Dutti. In addition, it geographically expanded its location for brands such as Kate Spade and YvesSaintLaurent

All of GFG’s regions continued to grow in Q2. Markets where Covid restrictions were lifted saw the strongest growth driven by the recovery in ‘going out’ categories. 

The group said this was most evident in Australia and New Zealand which saw growth of 68% as a result of the post-pandemic recovery and soft trading last year. 

Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said :”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 32%, Active Customers reached 17 million and we delivered 13 million orders. We have also seen a strong recovery in order frequency of 10% and a 60% growth in Marketplace.”

They added: “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.”

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