Global Fashion Group SA
XETRA:GFG
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Global Fashion Group SA
XETRA:GFG
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Global Fashion Group SA
Global Fashion Group S.A. operates online fashion stores. The company provides a wide range of market-oriented products, such as apparel, accessories, sportswear and footwear, among others, with a particular focus on the customer experience. The firm manages four e-commerce platforms: THE ICONIC, ZALORA, Dafiti and lamoda and is active in Asia Pacific (APAC), Latin America (LATAM) and the Commonwealth of Independent States (CIS).
Global Fashion Group S.A. operates online fashion stores. The company provides a wide range of market-oriented products, such as apparel, accessories, sportswear and footwear, among others, with a particular focus on the customer experience. The firm manages four e-commerce platforms: THE ICONIC, ZALORA, Dafiti and lamoda and is active in Asia Pacific (APAC), Latin America (LATAM) and the Commonwealth of Independent States (CIS).
Profitability: GFG turned the group adjusted EBITDA positive in 2025 (EUR 9 million) after a multi-year reset driven by gross margin expansion and EUR 106 million in cost cuts.
Top-line: Group NMV was just over EUR 1 billion in 2025 and broadly stable in constant currency, but reported figures were hurt by FX (AUD and BRL about -7% vs EUR).
Regional performance: ANZ is the profit engine (ANZ NMV +6% CC, adjusted EBITDA EUR 26 million); LATAM returned to growth (NMV +6% CC, adjusted EBITDA EUR 3 million); SEA still declining (NMV -15%) but adjusted EBITDA positive (EUR 3 million).
Cash & balance sheet: Pro forma cash EUR 185 million and pro forma net cash EUR 143 million at year-end; normalized free cash outflow improved to EUR 32 million for 2025 with Q4 generating EUR 46 million inflow.
Guidance: 2026 NMV guidance -4% to +4% CC (EUR 0.99 billion to EUR 1.07 billion at Dec '25 FX); adjusted EBITDA guidance EUR 15–25 million.
Strategic levers: Marketplace is 39% of NMV and Platform Services 4% of revenue; targets remain ~45% Marketplace share and >5% Platform Services; gross margin target in excess of 47%.
Customer focus & efficiency: Active customers down 4% (end 2025), order frequency +2.3%, gross profit per active customer +14% CC; inventory down 43% since end-2022 and brand count down 26%.
