LUXEMBOURG: Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in growth markets, has reported Q3 growth across all customer metrics.

Q3 2020 Q3 2021 YTD 2020 YTD 2021
Revenue €m 336.5 366.2 944.1 1064.8
% Constant Currency Growth 20.6% 8.5% 13.7% 18.9%
% € Growth 3.5% 8.8% 1.7% 12.8%
NMV €m 503.4 572.2 1363.8 1632.1
% Constant Currency Growth 34.5% 12.4% 24.2% 25.9%
% € Growth 16.0% 13.7% 11.4% 19.7%
Gross Profit €m 149.5 167.6 403.2 484.2
% Margin of Revenue 44.4% 45.8% 42.7% 45.5%
EBIT €m (8.3) (29.5) (58.8) (80.6)
Loss for the period €m (14.6) (34.9) (95.5) (100.0)
Adjusted EBITDA €m 10.3 (7.5) (2.9) (7.4)
% Margin of Revenue 3.1% (2.1)% (0.3)% (0.7)%

Q3 2021 Highlights

(growth rates at constant currency)

  • Net Merchandise Value* growth of 12.4% (Q3/20: 34.5%) 
  • Revenue growth of 8.5% (Q3/20: 20.6 %)
  • Marketplace NMV grew by 28% yoy, achieving 40% participation (Q3/20: 34%) 
  • Gross Margin 45.8% (Q3/20: 44.4%) and Adj. EBITDA Margin (2.1)% (Q3/20: 3.1%)
  • Strong Active Customer growth, up 9.7%, Order frequency increasing 10.9% with NMV per Active Customer up 15.5% to €131.5

Christoph Barchewitz and Patrick Schmidt, Co-CEOs of GFG, said: “Fashion demand is still recovering to pre-pandemic levels in our markets, so we are very proud of our team having delivered continued growth following an exceptional Q3 last year. We continue to see strong improvement across all of our customer metrics, with an 11% increase in order frequency and 15% growth in NMV/Active Customer. In a market with over 1 billion potential consumers where e-commerce adaptation continues at pace, we remain confident of the opportunity ahead.”


GFG reaffirms its FY2021 guidance and expects to grow NMV by over 25%, delivering c.€2.3-2.4 billion in NMV, and c.€1.5 billion of revenue, all on a constant currency basis. GFG continues to expect a modest improvement in Adjusted EBITDA compared to the €16m reported in FY2020. Capex investment will be c.€60 million, subject to timing around the year end on the large CIS fulfilment centre project.  In October, GFG delivered c.28% NMV growth on a constant currency basis; the outlook for the seasonally important November and December remains impacted by the uncertainty associated with Covid-19 across its markets.

Business review

In the context of an exceptionally strong comparative last year GFG has continued to see growth in Q3 2021. The Group delivered NMV of €572 million, up by 12% yoy and 51% on a two year basis. This was driven by an increase in orders and average order value, as loyal customers continued to spend more across GFG’s platforms. With 17 million Active Customers order frequency increased by 11% and NMV per Active Customer up 15% to €131.5. 

Q3 performance in LATAM was affected by the exceptionally strong comparative and a weaker macroeconomic environment. In CIS, NMV grew 31% reflecting the success of our premium proposition and customer initiatives. NMV growth in SEA and ANZ remained strong despite COVID restrictions at 16% and 29%, respectively.

Marketplace grew by 28% in Q3, with participation reaching 40% of NMV. This alongside GFG’s stable retail margin helped to deliver an increase in Gross Margin of 1.4pps to 46%. As expected, the normalisation in marketing spend, together with the performance and investment in LATAM reduced Q3 EBITDA.

GFG’s highly localised approach and adaptability continue to deliver against the company’s strategic priorities

Delivering a seamless and inspiring customer experience, tailored to local market needs is a key pillar of GFG’s market-leading proposition. In ANZ, GFG’s own brands Aere, Atmosphere and Dazie address gaps in the market and all three featured in the top 10 selling brands in the region. The rollout of adjacent categories such as beauty also continues to build momentum, which includes over 200 brands and 5,000 SKUs to date. 

In LATAM, GFG’s new fulfilment center continues to gain momentum and is improving throughput and unit economics. The Group also extended its own last mile delivery throughout the region, with over 80% of deliveries in Chile now made via a dedicated fleet. To help improve ease of returns,  the number of orders eligible for GFG’s home pick up service in LATAM has doubled, while the number of pickup and dropoff points has quadrupled.

GFG continued to broaden its assortment by welcoming new brands to its growing portfolio of global and local brands. In Southeast Asia, the company extended its partnership with H&M Group to include COS and Monki as well as welcoming OLD Navy from Gap Inc. Australian brand P.E.Nation, a longstanding partner, was exclusively launched in CIS. 

Continuing the execution of the Group’s People & Planet Positive agenda, GFG joined Global Fashion Agenda’s strategic partner group as the only partner representing LATAM, CIS, SEA and ANZ. GFG will help the leading non-profit for industry collaboration on sustainability in fashion, by supporting its ambition to spearhead the fashion industry towards a more sustainable future. 


Key Performance Indicators

Q3 2020 Q3 2021 YTD 2020 YTD 2021
Active Customers m 15.4 16.9 15.4 16.9
% Growth 24.2% 9.7% 24.2% 9.7%
NMV / Active Customer € 124.2 131.5 124.2 131.5
% Constant Currency Growth (0.5)% 15.5% (0.5)% 15.5%
% € Growth (7.9)% 5.8% (7.9)% 5.8%
Number of Orders m 10.8 11.6 28.8 34.2
% Growth 26.3% 7.5% 18.3% 19.1%
Order Frequency 2.5 2.8 2.5 2.8
% Growth (4.3)% 10.9% (4.3)% 10.9%
Average Order Value € 46.7 49.3 47.4 47.7
% Constant Currency Growth 6.5% 4.5% 5.1% 5.6%
% € Growth (8.1)% 5.7% (5.8)% 0.5%

*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.


KPI and financial definitions, including alternative performance measures are available in the GFG 2020 Annual Financial report.


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.


Global Fashion Group is the leading fashion and lifestyle destination in growth markets across LATAM, CIS, SEA and ANZ.  From our people, to our customers and partners, we exist to empower everyone to express their true selves through fashion. Our four e-commerce platforms: dafiti, lamoda, ZALORA and THE ICONIC connect an assortment of international, local and own brands to more than one billion consumers from diverse cultures and lifestyles. GFG’s platforms provide seamless and inspiring customer experiences from discovery to delivery, powered by art & science that is infused with unparalleled local knowledge. Our vision is to be the #1 online destination for fashion & lifestyle in growth markets, and we are committed to doing this responsibly by being people and planet positive across everything we do.