EQS-News: GLOBAL FASHION GROUP ANNOUNCES MANAGEMENT BOARD CHANGES AND PRELIMINARY FULL YEAR 2024 RESULTS

GLOBAL FASHION GROUP ANNOUNCES MANAGEMENT BOARD CHANGES 
AND PRELIMINARY FULL YEAR 2024 RESULTS
CFO Helen Hickman joins the Management Board as COO Gunjan Soni resigns

Luxembourg, 3 February 2025 – Global Fashion Group (“GFG” or the “Group”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, announces changes to its Management Board that will take effect from today.

Having successfully served as Group CFO since August 2023, Helen Hickman has been appointed to the Management Board, bringing her deep financial expertise and nine years of leadership experience at GFG.

Gunjan Soni has stepped down from the Management Board following her resignation from her positions as Group COO and CEO of GFG’s SEA business, Zalora, to pursue new professional opportunities. During a handover period until the end of March, Gunjan will work closely with Christoph Barchewitz, CEO of GFG, who takes on her technology and sustainability Management Board responsibilities and assumes the role of interim CEO of the SEA business. 

The GFG Management Board now consists of Christoph Barchewitz (CEO) and Helen Hickman (CFO). The Group COO role will not be replaced.

Following a strong Q4, GFG reports preliminary and unaudited full-year results in line with the Group’s updated full-year guidance expectations announced on 16 October 2024. Full-year 2024 results show significant progress with GFG delivering an 8% decrease in Net Merchandise Value (“NMV”) year-over-year which is at the top end of its NMV guidance range of a decrease of 8% to 12% year-on-year, all on a constant currency basis. In Q4, NMV was flat overall with GFG’s two largest segments, ANZ and LATAM, returning to growth with 9% and 2% increases, respectively. SEA’s NMV declined 20% year-over-year.

GFG confirms full-year Adjusted EBITDA within the middle of its Adjusted EBITDA guidance range of €(16) to €(28) million.

The Group achieved substantial year-on-year improvements in Normalised Free Cash Flow and closed the year with €222 million Pro-Forma Cash and €164 million Pro-Forma Net Cash.¹  

GFG will report its Q4 and full-year 2024 results as scheduled on 5 March 2025.

Christoph Barchewitz, CEO of GFG, commented:
“I’m delighted to welcome Helen to the Management Board. Her appointment is a natural progression that reinforces our focus on strategic financial leadership. Helen’s expertise and dedication have been invaluable to GFG, and her expanded role will be crucial as we continue to execute our strategic plan and drive toward our longer term financial ambitions. I extend my sincere appreciation to Gunjan for her significant contributions to GFG and Zalora and wish her well in her next steps. I’m confident in our team’s ability to adapt and look forward to working more closely with the strong leadership we have in SEA as I assume the interim CEO role.”

Cynthia Gordon, Chairman of the GFG Supervisory Board, said:
“Over the past six years, Gunjan has been instrumental in shaping Zalora and navigating the business through different stages of its evolution. She successfully developed Zalora’s scalable B2B platform services business and led technological innovation with early adoption of AI tools. The Supervisory Board wishes her every success in her future endeavours. We now welcome Helen to the Management Board and congratulate her on this well-deserved appointment. Her proven leadership as CFO gives us every confidence in her ability to guide GFG alongside Christoph, who we thank for his commitment to the Group as he takes on an increased focus on Zalora in the interim.”
 

^{(1) Pro-Forma Cash is defined as cash & cash equivalents at the end of the period, short term duration bonds and securitised funds plus restricted cash and cash on deposits. Pro-Forma Net Cash is Pro-Forma Cash excluding third party borrowings and convertible bond debt. Normalised Free Cash Flow (“NFCF”) represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, interest and tax on investment income and convertible bond interest.}

FURTHER INFORMATION
KPI and financial definitions including alternative performance measures are available in the
2024 Half-Year Report.

For inquiries, please contact:
Saori McKinnon
Head of Investor Relations & Communications
investors@global-fashion-group.com
press@global-fashion-group.com

Forward-looking Information
This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions.

About Global Fashion Group
Global Fashion Group (“GFG”) is the leading fashion and lifestyle destination in LATAM, SEA and ANZ. GFG exists to empower its people, customers and partners to express their true selves through fashion. GFG’s three ecommerce platforms - Dafiti, ZALORA and THE ICONIC - offer a curated assortment of international, local and own brands to a diverse market of 800 million consumers. Through a seamless and inspiring customer journey, powered by a blend of data-driven insights and local expertise, GFG’s platforms deliver an exceptional customer experience from discovery to delivery. GFG’s vision is to be the #1 fashion & lifestyle destination in its markets, and is committed to doing this responsibly by being people and planet positive across everything it does. (ISIN: LU2010095458)

For more information visit: www.global-fashion-group.com