Global Fashion Group (GFG), Europe’s leading online fashion and lifestyle destination, has generated €1.0 billion (~$1.1601 billion) of Net Merchandise Value (NMV), with Q4 peak trading contributing about a third of the full year. On a constant currency basis (ccy), FY NMV was broadly stable increasing 0.3 per cent year-on-year (YoY) and Q4 NMV increased 0.7 per cent YoY.
GFG continued to prioritise profitable customer acquisition, engagement and reactivation. The customer base ended 2025 down 4.0 per cent YoY, whilst order frequency increased 2.3 per cent, supported by engagement initiatives in ANZ and LATAM that more than offset the decline in SEA.
ANZ, GFG’s largest region with 49 per cent of group NMV, returned to growth and delivered stronger profitability with a 5.7 per cent YoY ccy NMV increase and €26 million (~$30.16 million) of Adjusted EBITDA which converted strongly into positive Normalised Free Cash Flow. LATAM (30 per cent of group NMV) delivered an NMV increase of 6.1 per cent ccy and €3 million (~$3.48 million) of Adjusted EBITDA with NFCF near breakeven. SEA (21 per cent of group NMV) remained challenged on the topline with NMV down 15.2 per cent YoY ccy. However, SEA’s rate of decline continued to ease with Q4 NMV down 9.7 per cent YoY ccy. In 2025, SEA remained resilient on profitability and delivered €3 million (~$3.48 million) Adjusted EBITDA, and was also near NFCF breakeven.
Supported by a healthier inventory profile and ongoing business model shift toward marketplace and platform services, GFG increased its gross margin by 1.5ppt to 46.4 per cent in 2025. The expanding margin combined with ongoing cost reductions drove a €27 million (~$31.32) million improvement in Adjusted EBITDA to €9 million (~$10.44 million), representing a 1.4 per cent margin. This marked the delivery of one of GFG’s key financial ambitions: positive group Adjusted EBITDA. Q4 Adjusted EBITDA margin was particularly strong at 7.6 per cent, up 3.5ppt YoY, the company said in a press release.
This improvement to Adjusted EBITDA along with a reduction in capital expenditure following the completion of key technology investments drove GFG’s €10 million (~$11.60 million) improvement in NFCF to an outflow of €32 million (~$37.12 million) in 2025.
In 2026, GFG expects to deliver NMV in a range of (4)-4 per cent YoY ccy, implying €990-1,070 million (~$1,148.50–$1,241.31 million) of NMV. This reflects softer current trading and H1 expectations, as well as different H2 trajectories to account for macroeconomic factors in nine markets. Adjusted EBITDA is expected to be in a range of €15-25 million (~$17.40–$29.00 million).
Fibre2Fashion News Desk (RR)
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