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DGAP-Adhoc: Global Fashion Group S.A.: Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (market abuse regulation - MAR)
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DGAP-Ad-hoc: Global Fashion Group S.A. / Key word(s): Miscellaneous
Global Fashion Group S.A.: Public disclosure of inside information according
to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse
(market abuse regulation - MAR)
31-March-2020 / 08:34 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*GFG expects lower revenue and EBITDA in 2020 due to COVID-19*
Luxembourg, 31 March 2020 - Global Fashion Group S.A. (GFG), the leading
online fashion and lifestyle destination in growth markets, reports that the
global COVID-19 pandemic is negatively affecting its business with regard to
demand, supply and operations across all 17 countries of operation.
After trading in line with expectations until mid-March, GFG has seen a
significant negative impact on customer demand in most countries since then
with the impact on supply being less pronounced given the diversified
supplier base and Marketplace business model.
GFG is experiencing the temporary closure of its fulfilment centers in the
Philippines and Argentina as part of government measures to contain the
COVID-19 virus. These two countries together contributed 6% of its 2019 NMV.
There is a possibility that GFG's fulfillment centers in other countries may
be temporarily closed as it complies with future government restrictions and
adapts its business to the evolving circumstances. GFG continues to accept
orders in all its markets, including where temporary closures are ongoing.
As a consequence, GFG is reassessing its plans and forecasts for 2020,
including making adjustments to its cost base and investment plans. GFG is
therefore withdrawing its financial guidance for the current year which
excluded the negative effect of coronavirus, and will issue new guidance as
soon as the COVID-19 situation becomes clearer. GFG will publish its results
for the first quarter as scheduled on 14 May 2020.
In addition, due to the spread of the coronavirus in Europe, GFG will
postpone the company's annual general meeting scheduled for 22 May 2020 in
Luxembourg. The new date for the Annual General Meeting will be announced in
Jovana Lakcevic, Head of PR & Communications:
Adam Kay, Investor Relations Director: firstname.lastname@example.org
*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 is the leading fashion and lifestyle retail destination
in Asia Pacific, Latin America and CIS. We connect over 10,000 global, local
and own brands to a market of more than one billion consumers through four
established ecommerce platforms: THE ICONIC, ZALORA, dafiti and lamoda.
Through an inspiring and seamless customer experience enabled by our own
technology ecosystem and operational infrastructure, we are dedicated to
being the #1 fashion and lifestyle destination in our markets. With 17
offices and 10 fulfilment centres across four continents, GFG proudly
employs a dynamic and diverse team with deep local knowledge and expertise.
In 2019, GFG delivered more than 34 million orders to over 13 million Active
Customers. GFG is listed on the Frankfurt Stock Exchange (GFG.DE) ISIN:
For more information visit www.global-fashion-group.com 
31-March-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Company: Global Fashion Group S.A.
Phone: +352 691 20 56 54
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Dusseldorf, Tradegate Exchange; Luxembourg
EQS News ID: 1011301
End of Announcement DGAP News Service
1011301 31-March-2020 CET/CEST
(END) Dow Jones Newswires
March 31, 2020 02:34 ET ( 06:34 GMT)
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