Global Fashion Group withdraws outlook for 2020

Global Fashion Group S.A. (GFG) has said in a statement that after trading in line with expectations until mid-March, GFG has seen a significant negative impact on customer demand across all 17 countries of operations. Therefore, the company is withdrawing its financial guidance for the current year, which excluded the negative effect of coronavirus. The company had earlier said that in 2020, it aims to grow NMV between 17-20 per cent, delivering more than 2 billion euros in NMV and in the region of 1.5 billion euros revenue at constant currency. GFG had also said that it plans to make significant progress on the path to profitability in 2020, with the target of being profitable at an adjusted EBITDA level no later than 2021.