Luxembourg, 14 August 2025 – Global Fashion Group S.A. (“GFG” or the “Group”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, today reported an Adjusted EBITDA profitable second quarter, driven by stronger Gross Margins and cost control, with stable Group NMV and Revenue.
Q2 2025 Highlights
(growth rates at constant currency)
- Net Merchandise Value decrease of (0.4)% (Q2/24: (11.2)%)
- Revenue decrease of (1.2)% (Q2/24: (11.7)%)
- Marketplace NMV achieved 38.7% share of total NMV (Q2/24: 37.3%)
- Gross Margin 47.7% (Q2/24: 44.9%)
- EBITDA Margin 1.8% (Q2/24: (2.1)%)
- Active Customers decrease of 2.5%, Order Frequency decrease of 1.4%
- Pro-Forma Cash of €150.5m and Pro-Forma Net Cash of €97.2m*
Christoph Barchewitz, CEO of GFG, said: “We have achieved positive Adjusted EBITDA for the Group in Q2, with improvement across all our regions in the half, driven by our ongoing cost savings initiatives and a strong topline recovery in two out of three regions. While Group NMV and Revenue have stabilised, robust growth in LATAM and ANZ, supported by positive customer momentum, has been partially offset by continued challenges in SEA. We remain focused on building sustainable growth and delivering value for our customers and brand partners in all regions.”
In Q2 2025, GFG continued to stabilise topline delivering €249 million of Net Merchandise Value (“NMV”), representing a (0.4)% decrease year-on-year (“yoy”) on a constant currency basis. NMV was supported by a 1.8% yoy increase in Average Order Value which was offset by a (2.1)% yoy decline in Orders. The rate of Active Customers decline continued to slow to (2.5)% yoy in Q2 as a result of improved customer retention.
GFG’s topline momentum was driven by ANZ and LATAM with GFG’s largest regions maintaining positive NMV growth for a third consecutive quarter. LATAM’s Q2 NMV increased 10.2% yoy, benefitting from double-digit growth in both Brazil and Colombia, while ANZ’s NMV increased 5.8% yoy, driven by high participation in campaign events, enhanced delivery offerings in key cities and the growing strength of the Marketplace offering. ANZ delivered a second quarter of customer growth with Active Customers increasing 4.3% yoy, exceeding 2 million Active Customers in Q2. In SEA, NMV declined by 22.5% as the business continued to prioritise profitability while refocusing its Fashion & Lifestyle assortment in a competitive market.
All regions delivered Gross Margin expansion and contributed to the Group achieving a record Gross Margin of 47.7% in Q2, increasing 2.9ppts yoy. This improvement was driven by stronger Retail Margins, resulting from lower discount rates and a fresher assortment, and higher Marketplace share. The combined impact of margin expansion and cost reduction initiatives drove a 3.9ppt yoy improvement in Adjusted EBITDA margin reaching 1.8% for Q2.
In the second quarter, Normalised Free Cash Flow (“NFCF”)** was broadly breakeven at €(1) million driven by profitability improvements and reduced yoy capital expenditure. During the quarter GFG completed a €7 million bond buyback and ended the period with a strong Balance Sheet, with €151 million of Pro-Forma Cash and €97 million Pro-Forma Net Cash.
GFG reconfirms its full year guidance for 2025: NMV is expected in a range of (5)-5% yoy on a constant currency basis, implying €1.0-1.1 billion of NMV; Adjusted EBITDA is expected to be breakeven.
KEY FINANCIAL METRICS
| Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | |
|---|---|---|---|---|
| NMV (€M) | 270.6 | 249.2 | 500.4 | 475.5 |
| % Constant Currency Growth | (11.2)% | (0.4)% | (13.4)% | 0.4% |
| Revenue (€M) | 178.4 | 163.4 | 326.5 | 309.3 |
| % Constant Currency Growth | (11.7)% | (1.2)% | (14.8)% | (0.3)% |
| GROSS PROFIT (€M) | 80.0 | 78.0 | 145.1 | 145.2 |
| % Margin of Revenue | 44.9% | 47.7% | 44.4% | 46.9% |
| EBIT (€M) | (18.6) | (9.6) | (49.5) | (32.5) |
| ADJUSTED EBITDA (€M) | (3.7) | 3.0 | (20.3) | (7.7) |
| % Margin of Revenue | (2.1)% | 1.8% | (6.2)% | (2.5)% |
KEY CASH METRICS
| Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | |
|---|---|---|---|---|
| Pro-Forma Cash (€M)* | 316.6 | 150.5 | 316.6 | 150.5 |
| Pro-Forma Net Cash (€M)* | 144.4 | 97.2 | 144.4 | 97.2 |
| Normalised Free Cash Flow (€M)** | (1.5) | (1.4) | (57.2) | (61.9) |
| Cash Capital Expenditure (€M) | 9.2 | 3.2 | 15.6 | 6.3 |
KEY PERFORMANCE INDICATORS
| Q2 2024 | Q2 2025 | H1 2024 | H1 2025 | |
|---|---|---|---|---|
| ACTIVE CUSTOMERS (M) | 7.6 | 7.4 | 7.6 | 7.4 |
| % Growth | (16.1)% | (2.5)% | (16.1)% | (2.5)% |
| NUMBER OF ORDERS (M) | 4.1 | 4.1 | 8.0 | 7.9 |
| % Growth | (15.7)% | (2.1)% | (16.2)% | (2.1)% |
| ORDER FREQUENCY (x) | 2.4 | 2.3 | 2.4 | 2.3 |
| % Growth | (4.1)% | (1.4)% | (4.1)% | (1.4)% |
| AVERAGE ORDER VALUE (€) | 65.2 | 61.4 | 62.2 | 60.4 |
| % Constant Currency Growth | 5.3% | 1.8% | 3.4% | 2.6% |
*Pro-Forma Cash is defined as cash & cash equivalents at the end of the period plus restricted cash and cash on deposits. Pro-Forma Net Cash is defined as Pro-Forma Cash excluding third-party borrowings and the nominal value of convertible bond liability.
**Normalised Free Cash Flow (“NFCF”) represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, interest and tax on investment income and convertible bond interest.
FURTHER INFORMATION
KPI and financial definitions, including alternative performance measures are available in the 2024 Annual Financial Report.
–ENDS–
