Luxembourg: Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in growth markets, delivered a very strong Q4 performance, with record NMV, gross margin, Adj. EBITDA and margin. GFG is today also announcing its ambitious target to become a €10 billion NMV business in the next 7-9 years.

Q4 2019 Q4 2020 FY 2019 FY 2020
Revenue €m 417.7 415.6 1,346.0 1,359.7
% Constant Currency Growth* 17.7% 19.0% 17.2% 15.3%
% € Growth 17.1% (0.5%) 16.4% 1.0%
NMV €m 553.8 594.5 1,777.8 1,958.2
% Constant Currency Growth* 22.9% 28.9% 23.0% 25.7%
% € Growth 22.4% 7.4% 22.3% 10.1%
Gross Profit €m 168.9 183.0 539.8 586.2
% Margin of Revenue 40.4% 44.0% 40.1% 43.1%
Loss before interest and taxes (EBIT) €m (31.6) (6.0) (125.1) (64.8)
Loss for the period €m (51.2) (16.9) (144.6) (112.4)
Adjusted EBITA €m 0.7 19.3 (37.1) 16.4
% Margin of Revenue 0.2% 4.6% (2.8%) 1.2%

Q4 2020 Highlights (growth rates at constant currency)

  • Net Merchandise Value** growth of 28.9% (Q4/19: +22.9%), with 61% being generated via app
  • Marketplace NMV grew by 89% yoy, achieving 32% participation (Q4/19: 22%)
  • Gross Margin 44.0% (Q4/19: 40.4%)
  • Pro-forma*** cash balance at 31 December of €372m, an increase of €91m in the quarter, bolstered by the €120m share placing in November
  • Continued strong Active Customer growth, up 24.6%, with NMV per Active Customer up 0.9% to €120.3

FY 2020 Highlights (growth rates at constant currency)

  • NMV increased by 25.7% to €1,958.2m (FY/19: +23.0%)
  • First Adj. EBITDA positive year with €16.4m, and a margin of 1.2%


Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said: “FY 2020 was GFG’s first profitable year, on an Adj. EBITDA basis. This milestone and our continued like-for-like NMV growth is a testament to our leading position as the only online fashion and lifestyle-focused platform operating at scale in our markets, where we have continued to act as brands’ partner of choice. Performance this quarter was driven by a record increase in Active Customers, as ecommerce adoption continues to accelerate. We are well positioned for the next phase of growth and to deliver on our ambition towards becoming a €10 billion NMV business in the next 7-9 years.”



In 2021, GFG expects to grow NMV by over 25%, delivering c.€2.3-2.4 billion in NMV, and around €1.5 billion of revenue, all on a constant currency basis. GFG expects Adjusted EBITDA to improve modestly on 2020, which allows flexibility to take the growth opportunity from greater online penetration in our markets. Capex investment will be around €60 million. These forecasts assume no significant deterioration in the COVID-19 impact across the regions GFG or its suppliers operate in.

Business Review

In Q4, GFG delivered NMV of €594.5 million, up a strong 28.9% yoy. This was driven by accelerated customer acquisition and a significant increase in orders across all markets. GFG now has 16.3 million Active Customers, up 24.6% yoy, with 2.1 million new customers shopping across GFG’s platforms in Q4 alone (Q4/19: 1.8m) as consumers continue to shift online across its markets. NMV per Active Customer was up modestly reflecting the significant number of new customers.  

Marketplace NMV increased by 89% yoy with participation of 32% and still more brand partners working with this channel to reach GFG’s enlarged customer base. 

SEA, CIS and LATAM each saw NMV growth of more than 30% along with strong improvements in gross margin across every region, driven by a near 25% increase in Active Customers and a small increase in NMV/Active Customer. Growth in ANZ continued to recover, with NMV up 18.2% in Q4, driven by improved inventory levels and its biggest ever day on Black Friday, along with strong December sales.

GFG had another record number of orders – 13.3 million in the quarter – up 28.8% yoy, with a marginal improvement of average order value. Customer frequency was 2.6 orders per year. 

During Q4, GFG launched its third sustainable edit – Lamoda Planet, with more than 3,500 items across 400 brands, offering six selection criteria: Recycled and Innovation; Eco-composition; Cruelty Free; Vegan; Care for the Planet; and I Want to Help – products that support charities.

Capital Markets Day

GFG will host a Capital Markets Day today at 15.00 – 17.00 (CET), during which members of its leadership team will update on company strategy, developments in our sustainability initiatives and financial targets for 2021 and beyond. The presentation will be held in English and will be accessible via live webcast only.


Key Performance Indicators

Q4 2019 Q4 2020 FY 2019 FY 2020
Active Customers m 13.1 16.3 13.1 16.3
% Growth 17.0% 24.6% 17.0% 24.6%
NMV/ Active Customer € 136.1 120.3 136.1 120.3
% Constant Currency Growth 5.1% 0.9% 5.1% 0.9%
% € Growth 4.6% (11.6)% 4.6% (11.6)%
Number of Orders m 10.3 13.3 34.6 42.0
% Growth 20.3% 28.8% 23.0% 21.4%
Order Frequency 2.6 2.6 2.6 2.6
% Growth 5.1% (2.5)% 5.1% (2.5)%
Average Order Value € 53.6 44.7 51.3 46.6
% Constant Currency Growth 2.1% 0.1% (0.0)% 3.5%
% € Growth 1.7% (16.6)% (0.5)% (9.3)%

*Euro reported results were significantly impacted by the devaluation of two of the Group’s main trading currencies, the Russian ruble and Brazilian real. Growth at constant currency provides the underlying performance of the Group.
**NMV is the value of both Retail and Marketplace merchandise being sold through our platforms. Revenue, is the Retail value plus the commission earned on a Marketplace transaction, and is therefore disconnected from true volume.
***Includes restricted cash and cash on deposit of €6.3m (Q3/20: €6.0m).



KPI and financial definitions, including alternative performance measures are available in the H1 2020 Interim Management Report. 

For inquiries please contact:

Press / Communications

Christina Song, Strategy Director

[email protected] 

Investor Relations

Adam Kay, Investor Relations Director

[email protected]

Forward-looking information

This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions.

About Global Fashion Group

Global Fashion Group is the leading fashion and lifestyle retail destination in LatAm, CIS, SEA and ANZ. We connect over 10,000 global, local and own brands to a market of more than one billion consumers through four established ecommerce platforms: dafiti, lamoda, ZALORA and THE ICONIC. Through an inspiring and seamless customer experience enabled by our own technology ecosystem and operational infrastructure, we are dedicated to being the #1 fashion and lifestyle destination in our markets. With 17 offices and 9 fulfilment centres across four continents, GFG proudly employs a dynamic and diverse team with deep local knowledge and expertise. In the twelve months to 31 December 2020, GFG delivered 42.0 million orders to 16.3 million Active Customers. (ISIN: LU2010095458.)