Global Fashion Group, a subsidiary of Rocket Internet with a focus on fashion eCommerce is reporting a higher loss for the first quarter of the year.
On a year on year basis, losses widened by 32% as its negative adjusted EBITDA for the quarter was put at EUR217 million compared to EUR127 million posted in the year before.
Revenue for the quarter was EUR265.3 million representing growth of 34.7% on a Euro basis and 17.6% on a constant currency pro-forma basis, against a back drop of challenging trading environments. The company’s net merchandise value, NMV, which includes Marketplace sales, increased by 35.2% in Euro basis and 16.9% on a constant currency pro-forma basis to EUR 271.7 million.
Kinnevik AB, one of the largest shareholders in GFG said Emaar Malls will be partnering with the group to develop Namshi.
It would be recalled that Emaar Malls lost the bid to buy Souq.com, the largest eCommerce company in the Middle East. It happened that Amazon, was the lucky buyer of Souq after it made an initial offer.