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Global Fashion Group revenues rise

International ecommerce business Global Fashion Group (GFG) has announced a 15.1% growth in revenue to €261m (£225.29m) for the first quarter of 2019 – but the business is still yet to achieve profitability.

Global Fashion Group owns ecommerce sites including The Iconic, Zalora and Dafiti.

Net merchandise value (NMV) was up 22% for the period to €341m (£294.34m), and the number of active customers across the group reached 11.5m – up 14.5% year on year.

The company announced an adjusted EBITDA loss of €26m (£22.4m) – despite the loss, EBITDA margin improved 1.9 ppts year on year.

Commenting on the results, Chistoph Barchewitz and Patrick Schmidt, co-chief executive officers, said: “It has been a quarter of strong growth for GFG. We continue to build our online platform for fashion and lifestyle brands to access growth markets and now have over 10,000 brand partnerships.”

“We are seeing strong growth in active customers as structural adoption of mobile and e-commerce continues across our markets. Our customers are also buying more, and more often, as we use technology and our unique distribution network to make buying fashion online a frictionless part of every-day life. We continue to invest in the overall customer experience and our operational infrastructure to underpin our continued growth and progress to profitability.”

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