Global Fashion Group S.A.
Global Fashion Group S.A.: GLOBAL FASHION GROUP REPORTS PRELIMINARY RESULTS WITH FULL YEAR 2023 NMV DECLINE BETTER THAN GUIDANCE AND Q4 ADJUSTED EBITDA AROUND BREAKEVEN

Luxembourg, 25 January 2024 – Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, reports preliminary results for the full year 2023 with a 14% year-on-year decrease in Net Merchandise Value (“NMV”) on a constant currency basis to c.€1.3 billion. This is above GFG’s latest guidance of a 16-18% decrease, primarily due to better than expected performance in Q4 peak trading events. In Q4, NMV decreased 14% for the Group, 12% in LATAM, 18% in SEA and 13% in ANZ.
 

Adjusted EBITDA for Q4 2023 is expected to be around breakeven, whilst Adjusted EBITDA margin for full year 2023 is expected to be in the upper end of GFG’s guidance range of (9)-(7)%. Based on preliminary figures, all other 2023 guidance metrics published on 26 October 2023 are expected to be met, including c.€0.8 billion in Revenue and c.€30 million in Capex.

Supported by a strong, positive Normalised Free Cash Flow in Q4, GFG expects to end the year with €397 million in pro forma cash and €206 million in net pro forma cash. The net position excludes the convertible bond liability and third-party borrowings.

All figures reported herein are preliminary and unaudited. The final numbers for Q4 and full year 2023 may deviate from what is presented in this release. GFG will publish its Q4 and full year results as scheduled on 6 March 2024.

Person making the notification: Claire Higgins, Group Senior Legal Counsel.

FURTHER INFORMATION

KPI and financial definitions, including alternative performance measures, such as Adjusted EBITDA are available in the 2022 Annual Financial Report and in the Q3 2023 Results.

For inquiries, please contact:

Saori McKinnon

Head of Investor Relations & Communications

investors@global-fashion-group.com

press@global-fashion-group.com

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, including the ongoing audit of our draft financial statements, could cause our actual results or 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 preliminary figures or opinions expressed in this announcement or the underlying assumptions.

About Global Fashion Group

Global Fashion Group is the leading fashion and lifestyle destination in 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 ecommerce platforms: Dafiti, ZALORA and THE ICONIC connect an assortment of international, local and own brands to 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 fashion & lifestyle destination in LATAM, SEA and ANZ, and we are committed to doing this responsibly by being people and planet positive across everything we do.

(ISIN: LU2010095458)

For more information visit: www.global-fashion-group.com