Luxembourg, 15 March 2023 – Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, reports continued delivery of strategic objectives in a softer market environment.


Q4 2021 Q4 2022 FY 2021 FY 2022
Revenue* (€m) 327.6 308.3 1,035.9 1,102.1
% Constant Currency Growth 10.2% (8.5)% 15.7% 0.1%
NMV* (€m) 473.6 452.3 1,528.6 1,614.8
% Constant Currency Growth 14.0% (6.9)% 20.5% (0.7)%
Gross Profit (€m) 141.7 132.0 448.3 468.9
% Margin of Revenue 43.3% 42.8% 43.3% 42.5%
EBIT (€m) (28.9) (21.6) (109.3) (148.0)
Adjusted EBITDA (€m) 8.4 (3.9) (19.0) (40.8)
% Margin of Revenue 2.6% (1.3)% (1.8)% (3.7)%


Q4 2022 Highlights (growth rates at constant currency)

  • Net Merchandise Value* growth of (6.9)% (Q4/21: 14.0%)
  • Revenue* growth of (8.5)% (Q4/21: 10.2%)
  • Marketplace NMV achieved 34.8% share of total NMV (Q4/21: 32.7%)
  • Gross Margin 42.8% (Q4/21: 43.3%) and Adj. EBITDA Margin (1.3)% (Q4/21: 2.6%)
  • Active Customers down (16.5)%, Order Frequency increasing 2.5% 
  • Pro Forma Cash** of €561.4m and Pro Forma Net Cash2 of €264.5m 


Christoph Barchewitz, CEO of GFG, said: 

“2022 played out very differently to what we expected and I’m proud of how the team continued to adapt to a rapidly changing environment across all of our markets. We continued to focus on delivering our strategy, which helped us navigate a volatile market and ultimately deliver €1.6bn in NMV last year, while maintaining a strong Gross Margin. Looking ahead, we will prioritise profit and cash flow over the near term whilst continuing to selectively invest for the future, ensuring we are well-placed when growth returns.”


Outlook 2023

The outlook reflects the demand environment and the near term de-prioritisation of growth in order to protect cash flow and improve profitability. In 2023, GFG expects to deliver NMV growth of (5)-0%, c.€1.5-1.6 billion in NMV, and c.€1.0 billion of Revenue, all on a constant currency basis. Adjusted EBITDA margin is expected to be (3)-(1)%, improving profitability year-on-year, while actively managing costs. Capex investment will be c.€35 million. The Group expects to achieve Adj. EBITDA breakeven in 2024.

In the first two months of the year we have seen a continuation of Q4 trading trends.


Business Review

Reflecting the lower demand environment, GFG delivered NMV of €452.3 million in Q4, (6.9)% yoy, driven by order volumes, down 18.2% and Active Customers down 16.5%. This decline was offset by the 13.8% increase in Average Order Value which has four drivers: increased items per order, country mix, category mix and price inflation net of discounts. Revenue was down 8.5% for the quarter. 

In LATAM, NMV declined 13.2%. LATAM continues to rationalise marketing in a challenging market which is reducing the number of new customers. SEA’s NMV declined 8.3% reflecting pent-up demand for physical retail and travel continuing after the region’s comparatively late COVID re-opening. ANZ remained flat at 0.1% NMV growth reflecting the declining consumer sentiment.

GFG’s Marketplace share in Q4 grew to 34.8% of NMV, up 2.1% year-on-year. While SEA grew Marketplace materially, ANZ’s focus on high-margin own brands resulted in a slight decrease in share. In LATAM, Marketplace sellers were deliberately rationalised to improve the customer experience. Overall, Marketplace continued to grow in absolute terms. The Group increased focus on its Platform Services and generated higher revenue from its Marketing by GFG, Operations by GFG and Data by GFG offerings. 

Despite pricing activity from lower demand, GFG delivered a broadly stable Gross Margin performance at 42.8%. Profit was impacted by cost deleverage and additional costs at the ANZ fulfilment centre net of savings from lower marketing investments. Together this led to an Adj. EBITDA margin of (1.3)%. GFG successfully reduced its inventory levels down €12 million from 2021, putting us in a stronger position going into 2023.


Capital Markets Day

GFG will host a Capital Markets Day today at 15.00 to 16.30 (CET), during which the Management Board will update on company strategy, developments on key initiatives and GFG’s future targets. This presentation will be held in English and will be accessible on the GFG website here.



Key Performance Indicators

Q4 2021 Q4 2022 FY 2021 FY 2022
Active Customers (m) 13.4 11.2 13.4 11.2
% Growth 5.6% (16.5%) 5.6% (16.5%)
Number of Orders (m) 9.3 7.6 32.6 27.9
% Growth (4.4%) (18.2%) 11.6% (14.3%)
Order Frequency 2.4 2.5 2.4 2.5
% Growth 5.7% 2.5% 5.7% 2.5%
Average Order Value (€) 50.9 59.5 46.9 57.8
% Constant Currency Growth 19.3% 13.8% 8.0% 15.9%



KPI and financial definitions, including alternative performance measures are available in the 2022 Annual Financial Report. 


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 destination in growth markets across LATAM, SEA and ANZ. From our people to our customers and partners, we exist to empower everyone to express their true selves through fashion. Our three e-commerce platforms: Dafiti, ZALORA and THE ICONIC connect an assortment of international, local and own brands to over 800 million 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.

(ISIN: LU2010095458.)

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*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.
**Pro-forma cash is defined as cash & cash equivalents at the end of the period, short term duration bonds and securitised funds plus restricted cash and cash on deposits. Pro-forma net cash is pro-forma cash excluding third party borrowings and convertible bond debt.