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Global Fashion Group second-quarter losses continue to narrow

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Global Fashion Group second-quarter losses continue to narrow

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(Reuters) – Global Fashion Group, the emerging markets fashion retailer set up by investors Kinnevik <KINVb.ST> and Rocket Internet <RKET.DE>, reported its second-quarter operating losses nearly halved as net revenue jumped by 25.6 percent. The company, which runs websites in Russia, Latin America, the Middle East and south-east Asia, said on Friday its adjusted loss before interest, taxation, depreciation and amortisation (EBITDA) shrank to 12.1 million euros (11.11 million pounds). Quarterly net revenue came to 281.9 million euros. Excluding exchange rate fluctuations, net revenue was up by 16 percent. The results excluded its unit Namshi, now majority owned by Emaar Malls. GFG saw its valuation slashed by two thirds to 1 billion euros last April in a fund raising with Kinnevik. It is seen as a possible candidate for an eventual stock market flotation, along with Rocket’s meal kit delivery firm HelloFresh.

(Reporting by Anna Serafin and Bartosz Dabrowski; Editing by Maria Sheahan)
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