DGAP-News: Global Fashion Group S.A.
/ Key word(s): Annual Results/Quarter Results
GLOBAL FASHION GROUP DELIVERS FIRST ADJ. EBITDA POSITIVE YEAR, Q4 NMV UP 29%
Luxembourg, 1 March 2021 - 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.
- Net Merchandise Value2 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-forma3 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.
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.
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
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About Global Fashion Group
For more information visit: www.global-fashion-group.com
01.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Global Fashion Group S.A.|
|Phone:||+352 691 20 56 54|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||1171756|
|End of News||DGAP News Service|