Global Fashion Group losses continue to narrow as sales rise

The online fashion retailer registered 18.7% sales growth during the three months to the end of September. The fashion platform’s adjusted EBITDA fell 2.8%, narrowing its losses by 3.1 percentage points year on year.

GFC owns ecommerce sites The Iconic, Zalora, Dafiti and Lamoda across Latin America, Asia Pacific and the CIS region, and specialises in modest wear.

During the period GFG launched its first sustainable own brand, AERE.

The fashion group’s full-year guidance remains unchanged and is expected to report revenue growth above €1.3bn (£1.1bn) and deliver further progress to adjusted EBITDA break-even.

GFG co-chief executive officers Christoph Barchewitz and Patrick Schmidt said: “We had a strong third quarter with a good step up in net merchandise value.

“We have focused on enhancing our market-leading customer experience through broadening our assortment, enhancing our app functionalities and further cementing sustainability as a key pillar of our business – all through our ongoing excellent localised execution.

“In this way, we continue to invest across our early-stage markets, strengthening our growth and path to profitability even further.”