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Buoyant quarter for Global Fashion Group

Global Fashion Group unit reported a buoyant quarter as revenue and customer numbers rose strongly, although the company remains loss-making on an ebitda basis. The ebitda loss widened a little and the margin was a negative 13.6 per cent, better than the minus 13.9 per cent of the prior year’s quarter. The number of active customers rose over 12 per cent.

The company’s group net revenue for the quarter was up 17.6 per cent on a constant currency pro forma basis but translating into 3.6 per cent growth in reported euro terms. Net Merchandise Value (NMV), which includes marketplace sales, grew 19.9 per cent on a constant currency basis, which was an acceleration on the equivalent period last year.

The 3.6 per cent sported rise meant that depreciation across all key currencies hurt topline euro growth with the Brazilian real, the Russian ruble and the Australian dollar being particularly problematic.

However, continued operational efficiency gains had a positive impact, even though the company’s investments in price at Dafiti, Zalora and The Iconic meant the gross profit margin declined by one percentage point year-on-year to 37 per cent. This impact was more than offset by path-to-profit initiatives and scale benefits.

Global Fashion Group is a part of Rocket Internet.

 

 
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