Global Fashion Group Reports Q1 2025 Results

Global Fashion Group S.A. (GFG) announced continued momentum from Q4 into Q1 2025, with improvements in margins driven by strategic initiatives. The Net Merchandise Value (NMV) saw a 1.3% increase year-on-year, and revenue rose by 0.9%. The marketplace NMV constituted 41% of the total NMV. Despite challenges, there was a gross margin rise to 46.0%, up from 43.9% in Q1 2024, with a normalized free cash flow of €(61) million.

While active customers declined by 5.2% and order frequency decreased by 2.2%, GFG reported growth in average order value. ANZ showed a 0.2% growth in active customers, benefiting from targeted campaigns in Melbourne. LATAM's NMV grew by 14.0%, whereas SEA faced a decline of 14.4%.

GFG improved adjusted EBITDA by €6 million and reduced cash capital expenditure by €3 million. Full-year guidance for 2025 projects an NMV between €1.0-1.1 billion, with expectations of breakeven adjusted EBITDA.