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Global Fashion Group (GFG) reported a third quarter net merchandise value decrease of 19.4 percent to 283.9 million euros and revenue decrease of 25 percent to 184.5 million euros.
The company reported gross margin of 42.1 percent and adjusted EBITDA margin of negative 9.7 percent.
Active customers decrease 19.1 percent during the quarter under review and order frequency decreases 3.8 percent.
Commenting on the quarterly financial update, Christoph Barchewitz, CEO of GFG, said in a statement: “Despite prolonged headwinds across our markets and the sector impacting our Q3 results, we remain resolute in executing our strategy. This includes our transition to a robust platform business and emphasis on driving technology-enabled efficiency through reducing costs and complexity.”
The group’s expectations for the full year include a 16 to 18 percent decrease in NMV on a constant currency basis to 1.2 to 1.3 billion euros, 0.8 billion euros of revenue and negative 9 to 7 percent adjusted EBITDA margin.
