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Revenue rises at Global Fashion Group

Revenue grew by 8.1% on a constant currency basis at international etailer Global Fashion Group in the three months to 31 March.

Net merchandise value increased by 13.1% on a constant currency basis to €372.1m (£329m) and the number of active customers increased by 15.5% to 13.3m.

The group owns websites including The Iconic, Zalora and Dafiti.

Global Fashion Group said the Covid-19 pandemic had a significant impact on demand across all international markets, although the timing and severity of the impact has varied.

Demand declined for three weeks in late March and early April, before recovering in the second week of April and then growing strongly. Customers are shopping for sport, wellness, and loungewear but categories such as dresses and formalwear have experienced significant decline.

All Global Fashion Group’s major fulfilment centres in Australia, Malaysia, Brazil and Russia have remained open. Two smaller fulfilment centres in Argentina and the Philippines were closed for around 30 and 40 days respectively.

The group plans to make a €40m [£35m] reduction in marketing, technology and administrative costs over the next year to mitigate current market uncertainty. It also plans to reduce its inventory intake by €90m [£70m].

 

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