The online fashion retailer Global Fashion Group (GFG) turned over more in the first quarter than in the same period of the previous year, despite a difficult environment. Sales rose by almost 16 percent to a good 349 million euros, as the company announced on Tuesday. The adjusted operating loss (Ebitda) remained almost unchanged at 11.3 million euros. The number of active customers was also hardly changed with an increase of 0.3. The company, which has its business focus in the emerging countries, did not want to make a forecast because of the war in Ukraine.
GFG is present in the CIS region with its Lamoda platform and employs 9000 people there. The focus is on Kazakhstan, Belarus, Russia and Ukraine. The company has recently scaled back its activities there. Imports have been lowered and marketing and investments have been reduced, it said.
GFG also put plans for a second warehouse in Russia on hold. In April, the company repaid local liabilities from Lamoda of around 20 million euros, which means that it is now debt-free. In addition, there are currently guarantees for trade payables with a volume of around 40 million euros, which GFG is currently carefully managing. In addition, GFG will initially no longer be financially involved with Lamoda, it said. (dpa)
