Global Fashion Group profits smash £156m

Global Fashion Group
Markets where Covid-19 restrictions were lifted saw the strongest growth driven by the recovery in formal and partywear categories
// Global Fashion Group profit reaches £156.5m for the second quarter of the year
// Revenue increased 18% year on year to £338.5m

Global Fashion Group has seen its profit rise 28 per cent year on year to €183.7 million (£156.5 million) for the second quarter of the year, thanks to the easing of Covid-19 restrictions.

Revenue, on a constant currency basis, increased 18 per cent year on year to €397.3 million (£338.5 million) compared with €336.1 million (£286.4 million) in the equivalent period last year.

Adjusted EBITDA grew 22 per cent to €11.6 million (£9.9 million, while the group’s net merchandise value (NMV) increased by 24.9 per cent to €610.1 million (£519.9 million).

In the quarter, Global Fashion Group launched new categories and brand partnerships with Country Road Group and Massimo Dutti.

It also geographically expanded its ranges with Kate Spade and Yves Saint Laurent.

Markets where Covid-19 restrictions were lifted saw the strongest growth driven by the recovery in formal and partywear categories.

This was most evident in its Australian and New Zealand market in which which NMV grew by 68 per cent as a result of the post-pandemic recovery.

“It’s been another promising quarter for GFG despite the ongoing impact of the pandemic across most of our markets,” Global Fashion Group co-chief executives Christoph Barchewitz and Patrick Schmidt said.

“As consumer spending continues to shift online, NMV grew 32 per cent, active Customers reached 17 million and we delivered 13 million orders.

“We have also seen a strong recovery in order frequency of 10 per cent and a 60 per cent growth in marketplace.

“As ecommerce 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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