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Soaring revenues cut losses at Global Fashion Group

 

 

Global Fashion Group (GFG), the ecommerce company behind retailers including Zalora, The Iconic and Dafiti, has announced an 18.7% rise in revenues to €1.16bn (£1bn) for the full year 2018, cutting its adjusted EBITDA loss to €49.8m (£43m) for the period.

Adjusted EBITDA losses for 2017 stood at €98m (£84.68m), and the improvement was attributed to increased profitability across the business, thanks to operational improvements and marketing efficiencies, which reduced marketing costs as a percentage of revenue.

While the overall business’ adjusted EBITDA was negative, the Latin American section of the business and the Australian ecommerce site The Iconic achieved positive EBITDA – although exact figures were not disclosed.

The number of customers shopping with GFG brands rose to 11.4m at the end of 2018, with the amount spent per customer also increasing.

Commenting on the results, Christoph Barchewitz and Patrick Schmidt, co-chief executives, said: “It has been a year of significant progress for GFG. We continued to execute our growth strategy, building new and strengthening existing brand partnerships as well as enhancing our inspiring and seamless customer experience.”

GFG also announced that it has finalised the sale of Middle Eastern ecommerce site Namshi for €114m (£98.5m) to Dubai’s Emaar Malls, which already owned 51% of the company. 

 

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