Global Fashion Group Q1 revenue up 11 percent

Online fashion retailer Global Fashion Group has reported an 11 percent increase in revenue in Q1.

The company, which operates e-commerce platforms The Iconic, Zalora, Dafiti and Lamoda, saw revenue increase to 301.3 million euros in the quarter compared to 271.4 million euros in the prior-year period.

Net merchandise value grew 37.8 percent, while marketplace net merchandise value surged by 98.5 percent. It came as the company’s consumer base grew 25.8 percent.

Gross profit increased 21 percent to 132.9 million euros.

Adjusted EBITDA loss was almost halved from 22.7 million euros to 11.5 million euros.

“We’ve had a standout start in GFG’s 10th anniversary year with very strong NMV growth across all of our regions. As e-commerce adoption continues at pace, we benefited from a broad view of how customers are responding across four very diverse markets,” co-CEOs Christoph Barchewitz and Patrick Schmidt said in a joint statement.

“With 1.5 million new customers and the stronger performance in markets where Covid restrictions have been lifted, we are very optimistic about delivering on our ambition to build a 10 billion dollar NMV business.”

The company reaffirmed its FY2021 guidance, expecting to grow NMV by over 25 percent, delivering between 2.3 billion dollars and 2.4 billion dollars in NMV, and around 1.5 billion dollars of revenue, all on a constant currency basis.