Kinnevik’s Global Fashion Group cuts down its losses

Patrick Schmidt

Global Fashion Group, the emerging markets fashion retailer owned by investors Kinnevik and Rocket Internet, said its second-quarter operating losses nearly halved as net revenue jumped by 25.6 percent.

Accrding to the company, Adjusted EBITDA margin improved by 6.0 percentage points to (4.3)% of Net Revenue. At EUR12.1 million for the quarter, the Adjusted EBITDA loss nearly halved from EUR (23.1)m in Q2 2016.

Global fashion group which runs its websites in Russia, Latin America, the Middle East and south-east Asia said its Group Net Revenue for the quarter was EUR 281.9 million representing growth of 25.6% on a Euro basis and 16.0% on a constant currency pro-forma basis. NMV, which includes Marketplace sales, reached EUR 292.1m, increasing 29.3% on a Euro basis and 18.8% on a constant currency pro-forma basis.

More details soon.