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Global Fashion Group, the fashion group founded by investment group Kinnevik and Rocket Internet, managed to lower its losses even more in the second quarter. On top of that, turnover grew more than 25 %.
Losses cut in half
Second quarter turnover grew 25.6 % to 281.9 million euro. Excluding exchange rate effects, turnover still grew 16 %. Despite that strong surge forward, its EBITDA was still negative, at minus 12.1 million euro, even though that is about half of the loss it incurred in the last year’s second quarter.
The Global Fashion Group owns several web shops in Russia, Latin America, the Middle East, Southeast Asia, all founded by German Rocket Internet.
The group was formed in 2014 through a collaboration with Swedish Kinnevik and had to turn the separate fashion shops into one powerhouse. When the group was launched, the shops were worth more than 2.5 billion euro, but that value has now significantly dropped, down to 1 billion euro.
