Global Fashion Group

Global Fashion Group S.A.
Company typePublic
GFG.DE
IndustryE-commerce; Fashion retail
HeadquartersLuxembourg, Luxembourg [1]
Area served
Australia and New Zealand; Latin America; Southeast Asia [2]
Key people
Christoph Barchewitz (Chief Executive Officer)[3]
ProductsApparel, footwear, accessories, beauty, home
BrandsTHE ICONIC; Dafiti; ZALORA[4]
Revenue€743.5 million (FY 2024)[2]
Websiteglobal-fashion-group.com

Global Fashion Group S.A. (GFG) is a Luxembourg‑based leading online fashion and lifestyle destination operating in 9 countries across Australia & New Zealand (THE ICONIC), Latin America (Dafiti) and Southeast Asia (ZALORA). GFG's first platform launched in 2011.

GFG's inspiring and seamless platforms connect customers and brand partners through a one-stop shop experience featuring a broad and relevant assortment of products and services.

Christoph Barchewitz is the company's Chief Executive Officer.[3]

History

Global Fashion Group (GFG) was established in 2014 through a consolidation of fashion e-commerce regional companies backed by Kinnevik and Rocket Internet. Its regional companies Dafiti, Lamoda, The Iconic, Zalora and Jabong (later sold) were founded in 2011 and 2012.[5][6]

In 2011 and 2012, the GFG regional companies began operations with a business model of selling inventory to customers from its warehouses.

From 2013, the GFG regional companies started creating their own private-label brands, such as Lost Ink and Zalora (formerly Ezra).[7]

In April 2015, Romain Voog was appointed chief executive officer of GFG.[8] He retained the role for approximately 3 years.

In 2016, GFG rolled out its Marketplace platform across key markets to complement its traditional inventory-led model.[9]

In April 2017, GFG appointed Cynthia Gordon, a board member of Kinnevik, as the new chair of GFG Board of Directors.[10]

In February 2018, Patrick Schmidt and Christoph Barchewitz were appointed co-chief executive officers, succeeding Romain Voog.[11]

As of July 2019, it is now listed on the Frankfurt Stock Exchange (ticker symbol: GFG).[12]

Geographical operations and presence

GFG is registered in Luxembourg, and headquartered London, UK. Through its three regional companies, GFG currently operates across 9 markets with a total population of more than 700 million, serving a fashion market estimated to be worth over €350 billion.

Since their launch in 2011 and 2012, the three GFG regional companies have developed online fashion platforms in their respective markets.[6]

The Group operates six fulfilment centres across its regions, including The Iconic's 19,000sqm "fulfillment center" in Australia[13] and Zalora's Regional e-Fulfilment Hub in Malaysia.[14][15]

As of 31 December 2018, GFG has more than 11 million active customers and over 10,000 employees.[16][10]

International brands

In April 2017, Zalora established a partnership with Abercrombie & Fitch. This partnership will provide Abercrombie & Fitch access to more than 600 million of Zalora's online customers.[17]

Private labels

From 2013, the GFG regional companies started creating their private label brands, with in-house design teams and collaboration with local designers.[18] GFG private label brands include Lost Ink, Zalora (formerly Ezra), Zalia, 24:01 and Something Borrowed.

Business figures

In March 2024, GFG reported Net Merchandise Value (NMV) of €1,099.6m (excluding Chile), with sales down 6.6% on a constant currency basis from 2023.

Still, on its path to profitability, GFG improved its adjusted EBITDA margin from (6.6)% in 2023 to (2.4%) in 2024. This was due to ongoing cost efficiency and Gross Margin expansion.[2]

GFG ended 2024 with €222.4 million in cash on a net pro forma basis.[2]

Year Net Merchandise Value (EURm) NMV growth (%, FX neutral basis) Adjusted EBITDA margin Net Pro Forma Cash position (EURm)
2022 1,461.2 (excl. Arg & Chile) 1.5% (3.8)% 264.5
2023 1,210.1 (excl. Arg & Chile) (13.4)% (6.6%) 206.3
2024 1,099.6 (excl. Arg & Chile) (6.6)% (2.4)% 164.1

Fundraising and M&A

Fundraising

In 2015, GFG raised €150 million from existing investors Kinnevik and Rocket Internet in an internal financing round.[19][20]

GFG secured additional funding of €330 million from existing shareholders led by Kinnevik and Rocket Internet during H1 2016. The funding round resulted in a cash balance of €342.6 million at the end of H1 2016.[9]

Acquisitions

In 2015, GFG acquired sports and outdoor activities e-commerce company Kanui, and kids/ baby-focused online retailer Tricae. Both deals are undisclosed and the two Brazil-based businesses have been integrated into Dafiti.[19]

Strategic partnerships

In February 2017, GFG announced a strategic partnership with one of the Philippines’ oldest and largest conglomerates, the Ayala Group. Ayala invested to take a 49% ownership in Zalora Philippines.[10][21]

Divestments

In March 2016, GFG's South American business Dafiti sold its operations in Mexico.[22]

In April 2016, GFG's Southeast Asian business Zalora sold its operations in Thailand and Vietnam to retailer Central Group for an undisclosed amount.[9]

In August 2016, GFG sold its Indian business Jabong to Flipkart for US$70 million in cash.[9]

On December 13, 2022, GFG completed the sale of Lamoda's business in Russia, Kazakhstan and Belarus to Yakov Panchenko, owner of the Stockmann department store chain.[23]

In H1 2023, GFG announced the closure of its Argentinian operations due to market challenges. This streamlined the Group's LATAM business.[24]

In March 2025, GFG also announced the closure of its Chile operations due to post-COVID challenges and competitive pressures. The closure occurred in Q1 2025.[2]

References

  1. ^ "Global Fashion Group HY 2025 Report" (PDF). Global Fashion Group. 14 August 2025.
  2. ^ a b c d e "Global Fashion Group Reports Q4 & FY 2024 Results". Global Fashion Group. 5 March 2025.
  3. ^ a b "Global Fashion Group Announces Management Board Changes and Preliminary Full Year 2024 Results". Global Fashion Group. 3 February 2025.
  4. ^ "Global Fashion Group Reports Q3 2025 Results". Global Fashion Group. 7 November 2025.
  5. ^ Lunden, Ingrid (4 September 2014). "Rocket Internet Consolidates 5 Emerging Market Fashion Brands Into One: $3.5B GFG | TechCrunch". Retrieved 2017-08-21.
  6. ^ a b "Kinnevik | Kinnevik and Rocket Internet to create global fashion e-commerce group". www.kinnevik.com. Archived from the original on 2017-04-09. Retrieved 2017-08-21.
  7. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2017-08-21.
  8. ^ "Global Fashion Group hires ex-Amazon.com exec as CEO". Reuters. April 8, 2015. Retrieved August 22, 2017.
  9. ^ a b c d "Archived copy" (PDF). Archived from the original (PDF) on 2017-08-21. Retrieved 2017-08-21.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ a b c "Archived copy" (PDF). Archived from the original (PDF) on 2017-08-29. Retrieved 2017-08-21.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ "GFG CEO Announcement" (PDF). Archived from the original (PDF) on 2018-01-31. Retrieved 2018-01-30.
  12. ^ Fish, 3 July 2019By Isabella (3 July 2019). "Global Fashion Group lists on Frankfurt Stock Exchange". Drapers. Retrieved 2019-07-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  13. ^ "The Iconic has moved to a new 19,000sqm fulfillment center - Internet Retailing". Internet Retailing. 2017-04-18. Retrieved 2017-08-21.
  14. ^ "Zalora invests US$4.2mil on the regional e-fulfillment hub in Malaysia". Digital News Asia. 2017-03-10. Retrieved 2017-08-21.
  15. ^ "A Rare Peek Inside the Zalora Warehouse | Preview.ph". Preview.ph. Retrieved 2017-08-21.
  16. ^ "Global Fashion Group - WE ARE BRINGING FASHION ONLINE – WORLDWIDE". global-fashion-group.com. Retrieved 2017-08-21.
  17. ^ "[4.11] E-commerce News You Should Know: Zalora to Stock Abercrombie & Fitch in Asia". ecommerceIQ - E-commerce in Southeast Asia, Reports, Data, Insights. 2017-04-11. Archived from the original on 2017-08-21. Retrieved 2017-08-21.
  18. ^ "Zalora supports Asian designers". Manila Standard. Archived from the original on 2017-08-21. Retrieved 2017-08-21.
  19. ^ a b Russell, Jon (July 2015). "Rocket Internet And Kinnevik Add $167M More To GFG, Roll In 2 Brazilian Fashion Portals | TechCrunch". Retrieved 2017-08-21.
  20. ^ "Zalora's owner raises €150m from existing investors AB Kinnevik, Rocket Internet - DealStreetAsia". www.dealstreetasia.com. Retrieved 2017-08-21.
  21. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2017-08-21. Retrieved 2017-08-21.{{cite web}}: CS1 maint: archived copy as title (link)
  22. ^ Antúnez, Marco. "Inversionistas mexicanos adquieren Dafiti México | ebusinesshoy". ebusinesshoy.com. Archived from the original on 2017-08-21. Retrieved 2017-08-21.
  23. ^ "Global Fashion Group completes sale of Lamoda business in Russia". tass.com. 2022-12-13.
  24. ^ Global Fashion Group (9 November 2023). "Global Fashion Group Reports Q3 2023 Results". Global Fashion Group. Retrieved 7 November 2025.
allikas: https://en.wikipedia.org/wiki/Global_Fashion_Group