FASHION AND LIFESTYLE DESTINATION IN GROWTH MARKETS - #1 - September 2020 - Global Fashion ...
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#1 FASHION AND LIFESTYLE DESTINATION IN GROWTH MARKETS September 2020
OUR VISION IS TO BE THE #1 FASHION AND LIFESTYLE DESTINATION IN OUR MARKETS OUR PURPOSE IS TO ENABLE TRUE SELF-EXPRESSION 2 COMPANY PRESENTATION: SEPTEMBER 2020
OUR OPPORTUNITY 3 COMPANY PRESENTATION: SEPTEMBER 2020
ONE BILLION PEOPLE LIVE IN OUR REGIONS AND ARE MOVING
ONLINE
LATAM CIS SEA ANZ
Countries 4 4 7 2
People 330m 210m 450m 30m
Smartphone Penetration 85%+ 120%+ 95%+ 100%+
FASHION & LIFESTYLE
MARKET €100bn €80bn €100bn €30bn
Source: GFG calculations based on data from WCIS; Euromonitor International Ltd: Apparel and Footwear 2020 edition, Beauty and Personal Care 2019 edition, Personal Accessories and Eyewear 2020 edition. Fashion and lifestyle
market size refers to the aggregation of Apparel and Footwear, Beauty and Personal Care, and Personal Accessories and Eyewear. Retail value RSP incl. Sales Tax, Fixed 2019 ex rates, Current Prices. Smartphone penetration calculated
as smartphone devices divided by population.
4 COMPANY PRESENTATION: SEPTEMBER 2020
OUR MARKET IS LARGE WITH LONG-TERM RUNWAY FOR GROWTH
A LARGE MARKET OUTGROWING OTHERS LONG-TERM GROWTH POTENTIAL
FASHION AND LIFESTYLE SPENDING IN GFG FOOTPRINT1 FASHION AND LIFESTYLE ONLINE PENETRATION – GFG VS OTHER Survey
conducted
MAJOR MARKETS (2019)
3 0
% Pre-COVID
27%
2023
23%
€400bn+
2 5
%
22%
19%
>2x
2 0
%
faster growth 15 %
4x
vs developed
markets2
2019
~€320bn
10 %
7%
5 %
0%
GFG Germany UK US China
United States ~€540bn China ~€550bn
Source: GFG calculations based on data from Euromonitor International Ltd: Apparel and Footwear 2020 edition, Beauty and Personal Care 2019 edition, Personal Accessories and Eyewear 2020 edition. Fashion and lifestyle market size
refers to the aggregation of Apparel and Footwear, Beauty and Personal Care, and Personal Accessories and Eyewear. Retail value RSP incl. Sales Tax, Fixed 2019 ex rates, Current Prices.
(1) GFG footprint refers to the fashion and lifestyle market in the 17 countries where it operates.
(2) Based on fashion and lifestyle market CAGR from 2019-2023 in GFG footprint compared to Western Europe and United States.
5 COMPANY PRESENTATION: SEPTEMBER 2020
HOW WE WIN 6 COMPANY PRESENTATION: SEPTEMBER 2020
HOW WE BUILD THE LEADING ONLINE FASHION AND LIFESTYLE
DESTINATION IN OUR MARKETS
1. INSPIRING AND SEAMLESS 2. STRATEGIC PARTNER TO 3. SCALABLE OPERATIONS AND
CUSTOMER EXPERIENCE LEADING BRANDS PROPRIETARY TECHNOLOGY
• Inspirational and localised • Gateway to growth markets • Fashion-centric operational
discovery infrastructure
• Flexible and tailored
• Most relevant assortment of business model • Rich data and tools to drive
global and local brands personalisation capabilities
• Fashion-specific fulfilment
• Seamless and tailored and media solutions • Best-in-class app for a
shopping experience mobile-first audience
7 COMPANY PRESENTATION: SEPTEMBER 2020
WE OFFER A BROAD, RELEVANT & UNPARALLELED ASSORTMENT
ACROSS FASHION AND LIFESTYLE CATEGORIES
ASSORTMENT CATEGORY SPLIT ROLLOUT OF NEW CATEGORIES
2019 NMV SHARE ACROSS REGIONS
100-400k ANZ SEA LATAM CIS
SKUs in
major
markets1 KIDS ◔ ◔ ◕ ◑
ACCESSORIES (11%)
PREMIUM ◑ ◔ ◔ ◑
SPORT (17%)
SPORT ◑ ◑ ◑ ◑
BEAUTY ○ ◔ ◔ ◔
HOME ○ ○ ◔ ◔
APPAREL (39%) FOOTWEAR (25%) KIDS, BEAUTY & OTHER (8%)
Note: Category splits based on FY2019 NMV share, excluding VAT/GST and delivery fees.
(1) Based on Australia, Brazil and Russia.
8 COMPANY PRESENTATION: SEPTEMBER 2020
WE ARE A HOUSE OF BRANDS INSPIRING ACROSS A WIDE PRICE
SPECTRUM
GFG
Luxury Assortment
Premium Fashion /
INSPIRATION + Entry Luxury
BRAND
BUILDING Premium Lifestyle
We work with
78%
of the top 50
Core Mainstream global brands
AFFORDABILITY,
VOLUME, SCALE
Fast Fashion
Unbranded
Note: Based on a selection of GFG brands, list not comprehensive.
9 COMPANY PRESENTATION: SEPTEMBER 2020
THESE BUSINESS MODELS ENHANCE THE SCALABILITY OF OUR
BUSINESS
RETAIL MARKETPLACE
• Best model for core and low risk • Best model for new brands, new
products categories and long tail
• Attractive gross margins Air Max • No inventory risk Cayman
A$2,190
A$150 • No working capital required
% OF NMV
79% 21%
0% 10 % 2 0
% 3 0
% 4 0
% 5 0
% 6 0
% 7 0
% 8 0
% 9 0
% 10 0 %
% OF SHIPPED ITEMS
2019 77%
0% 10 % 2 0
% 3 0
% 4 0
% 5 0
% 6 0
% 7 0
%
FULFILLED BY GFG
8 0
% 9 0
%
DROP SHIPMENT
10 0 %
% OF SKU’S CROSS-DOCKING
46% 54%
0% 10 % 2 0
% 3 0
% 4 0
% 5 0
% 6 0
% 7 0
% 8 0
% 9 0
% 10 0 %
10 COMPANY PRESENTATION: SEPTEMBER 2020WE OPERATE ALL MAJOR PARTS OF THE FASHION ECOMMERCE
VALUE CHAIN TO ENSURE A SEAMLESS CUSTOMER EXPERIENCE
SOURCING FULFILMENT PAYMENT DELIVERY & RETURNS CUSTOMER SERVICE
EPRODUCTION
10 830k+ 35+ 20%+ 30k+ 24/7
Fulfilment Daily item Localised Deliveries with Pick-up points Support in 11
centres output capacity payment methods own fleet languages
Note: Based on FY2019.
11 COMPANY PRESENTATION: SEPTEMBER 2020APP CREATES A TRULY PERSONALISED EXPERIENCE FOR OUR
CUSTOMERS
CONTENT & ADVICE THAT INSPIRE OUR … TOOLS TO CURATE WHAT THEY … CREATING A TRULY PERSONALISED
CUSTOMERS… WANT TO SEE… EXPERIENCE
E.G. COMPLETE THE LOOK E.G. SWIPE TO LIKE, FOLLOW THE BRAND UNIQUE, PERSONALISED FEED
12 COMPANY PRESENTATION: SEPTEMBER 2020CUSTOMERS LOVE SPENDING TIME AND SHOPPING ON OUR APPS
APP IS A CRITICAL PART OF THE CONVERSION FUNNEL HALF OF SALES ARE NOW FROM APP
SHARE OF VISITS FROM APP (%) NMV FROM APP (€M), SHARE OF NMV FROM APP (%)
1, 0 0
37% 42% 50%
+45%
895
42% 9 0
8 0
30%
32%
34m 7 0
6 0
+38% 604
App 491
downloads 5 0
(+40% yoy) 4 0
3 0
2 0
10 0
0
2017 2018 2019 2017 2018 2019
Note: Growth rates are shown on a constant currency basis and therefore exclude the effect of foreign currency movements.
13 COMPANY PRESENTATION: SEPTEMBER 2020OUR FINANCIAL TRACK RECORD 14 COMPANY PRESENTATION: SEPTEMBER 2020
STRONG NMV GROWTH DRIVEN BY ACCELERATING ORDERS
AT A PROFITABLE AVERAGE ORDER VALUE
NMV ORDERS
(€M) (M)
+23.0% 34.6
Retail 28.2
Marketplace
+23.0%1 1,777.8
1,453.5 21%
2018 2019
15%
AVERAGE ORDER VALUE
(€)
51.6
+0.0%1 51.3
2018 2019 2018 2019
(1) Constant currency growth rate. Bars are a graphical representation of values on a constant currency basis.
15 COMPANY PRESENTATION: SEPTEMBER 2020STRONG GROWTH IN CUSTOMERS, FREQUENCY AND ORDERS
ACTIVE CUSTOMERS AVERAGE ORDER FREQUENCY NMV/ACTIVE CUSTOMER
(€M) (X) (€)
+14% CAGR +6% CAGR +4% CAGR
13.1
2.6 137 136
2.5 130
11.2 2.4
2.2 121
9.8
8.9
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
16 COMPANY PRESENTATION: SEPTEMBER 2020CUSTOMER ACQUISITION COSTS MANAGED WITHIN A
CLEAR CORRIDOR
Payback
within
CAC OVER TIME1 DECLINE IN MARKETING COSTS AS % OF REVENUE DESPITE
(€)
12 STRONG GROWTH IN MARKETPLACE SHARE
months
(%)
2 5
13.9
2 0
11.6
9.8 9.7
15
10 Maintained within
range2 of
5
+/-7%
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019
2016 2017 2018 2019
(1) Values are expressed in constant currency, based on 31 December 2017 FX rates, to exclude the effect of FX changes.
(2) Based on midpoint of range between maximum and minimum value.
17 COMPANY PRESENTATION: SEPTEMBER 2020WE HAVE ACHIEVED ATTRACTIVE AND SUSTAINABLE UNIT
ECONOMICS
FY2019 (€M)
1,777.8 (431.8)
1,346.0 (806.2) Percent of revenue
40.1% 24.1% 9.7% 6.3% 13.6% (2.8)%
539.8 (324.4)
(130.8)
84.6 (183.1)
61.6 (0.2) (37.1)
NMV VAT/GST Revenue Cost of Gross profit Fulfilment Marketing2,3 Contribution Tech & D&A Other6 Adj.
commission/ sales1 profit4 Admin3,5 EBITDA5
other
Includes Includes
D&A D&A
(1) Includes payroll costs of private label designers. (4) Calculated as gross profit less selling and distribution expenses,
(2) Marketing includes marketing payroll costs. (5) Excluding share-based payments.
(3) Costs adjusted for one-off fees, mainly due to GFG’s IPO. (6) Includes other operating income and expenses.
18 COMPANY PRESENTATION: SEPTEMBER 2020RESULTING IN SIMULTANEOUS TOP-LINE GROWTH AND MARGIN
EXPANSION
2016 2017 2018 2019
NMV1 €1,076m €1,343m €1,453m €1,778m
% Constant currency growth2 +20.5% +22.5% +23.0%
REVENUE €887m €1,095m €1,156m €1,346m
% Constant currency growth2 +20.1% +18.7% +17.2%
ADJ. EBITDA MARGIN3 (14.7)% (8.9)% (4.3)% (2.8)%
Pre IFRS 16 Pre IFRS 16 Post IFRS 16 Post IFRS 16
pp margin increase vs. previous period
+5.8PP +4.6pp +1.5pp
(1) Value of goods sold after cancellations, rejections and returns including VAT/GST and delivery fees.
(2) Growth rates are shown on a constant currency basis and therefore exclude the effect of foreign currency movements.
(3) Adjusted EBITDA is calculated as loss before interest and tax adjusted for depreciation of property, plant and equipment and right-of-use assets, amortisation of intangible assets and impairment losses, and adjusted for share-based
payment (income)/expenses as well as one-off fees related to the IPO, one-off tax adjustments, non-trading income and costs relating to the wind-down of a business discontinued pre-IPO.
19 COMPANY PRESENTATION: SEPTEMBER 2020DISCIPLINED INVESTMENT IN CAPEX AND WORKING CAPITAL
MANAGEMENT
DISCIPLINED INVESTMENT IN FULFILMENT AND TECHNOLOGY EFFICIENT WORKING CAPITAL
(€M) (€M)
PP&E Additions
Intangible Additions
72.1
23.2
41.9
15.0
48.9
26.9 (10.3)
(12.0)
2018 2019 2018 2019
20 COMPANY PRESENTATION: SEPTEMBER 2020ROBUST UNDERLYING GROWTH ACROSS ALL REGIONS
ACTIVE
NMV REVENUE GROSS PROFIT
CUSTOMERS
FY2019 (M, YOY GROWTH) (€M, YOY GROWTH1) (€M, YOY GROWTH1) (€M, MARGIN)
13.1 1,777.8 1,346.0 539.8
Group +17.0% +23.0% +17.2% 40.1%
5.9 557.8 401.4 164.6
LATAM +17.8% +21.9% +18.4% 41.0%
3.0 598.7 442.9 187.2
CIS +9.5% +24.4% +14.5% 42.3%
2.6 276.3 237.7 74.9
SEA +28.1% +31.6% +29.3% 31.5%
1.6 345.1 263.8 120.2
ANZ +12.5% +16.5% +14.4% 45.5%
(1) Constant currency growth rate.
21 COMPANY PRESENTATION: SEPTEMBER 2020Q2/20 PERFORMANCE AND OUTLOOK 22 COMPANY PRESENTATION: SEPTEMBER 2020
Q2 2020 HIGHLIGHTS
€488.3m 14.6m 10.6m
NMV ACTIVE CUSTOMERS ORDERS
+22.8% yoy1 +21.6% yoy +18.8% yoy
42.7% +2.8% €263m
GROSS PROFIT MARGIN ADJ. EBITDA MARGIN
PRO-FORMA CASH2
+140bps yoy1 +370bps yoy1
(1) Constant currency growth rate.
(2) Includes restricted cash of €20m related to the RCF facility in place at the end of the period and approximately €10.5m drawn on local working capital facilities (Q1 20: €20m and €7.9m respectively).
23 COMPANY PRESENTATION: SEPTEMBER 2020ACCELERATED CUSTOMER ACQUISITION, PROMISING Q2 COHORT
ACCELERATED NEW CUSTOMER PROMISING Q2 CUSTOMER COHORT DEMAND SHIFT REFLECTS CUSTOMER
ACQUISITION ACTIVITIES IN LOCKDOWN
(M) NEW CUSTOMERS WITH 2 OR MORE
ORDERS
+56%
Best performing
2.5
(%) 25% Lounge- Kids
25 wear Apparel
20
Opportunity Lingerie Beauty
for customer
1.6 acquisition Q2/19 Q2/20
remains
significant
ORDERS PER NEW CUSTOMER
Worst performing
Women’s Formal
9% Dresses Shoes
1.3 1.5
Occasion-
Swimwear
wear
Q2/19 Q2/20 Q2/19 Q2/20
24 COMPANY PRESENTATION: SEPTEMBER 2020ACCELERATED DEVELOPMENT OF MARKETPLACE AND BRAND
PARTNERSHIPS
Marketplace
BRANDS LAUNCHED IN Q2 NMV of
top-30
MARKETPLACE
brands MORE BRANDS, MORE SKUS, MORE ITEMS
tripled YoY
+90%1
LATAM €152m
CIS Marketplace brands +c.50%
€85m
Marketplace SKUs +c.80%
SEA Inventory intake -c.50%
19% of NMV 31% of NMV
ANZ
Q2 2019 Q2 2020
(1) Constant currency growth rate.
25 COMPANY PRESENTATION: SEPTEMBER 2020SIGNIFICANT IMPROVEMENT IN ADJ. EBITDA MARGIN DRIVEN BY
GROSS MARGIN AND LEVERAGE OF MARKETING
H1
2019 2020 ∆
Improvement driven by a significant increase in
GROSS PROFIT 39.7% 41.8% 210bps Marketplace share and trading the Retail business
carefully during lockdown
Increase due to higher proportion of MP orders, of which
FULFILMENT COSTS 24.7% 25.3% (60)bps 71% were fulfilled by GFG; fulfilment CPO down by 9%
Significant leverage due to removal of spend as a result
MARKETING COSTS1 10.2% 8.6% 160bps of COVID-19, CAC at historic lows during the period
TECH & ADMIN COSTS1 14.8% 14.5% 30bps Tech investment offsetting reduction in admin CIR
ADJUSTED EBITDA (4.8)% (2.2)% 260bps Continued margin improvement, Q2 profitable
(1) 2019 costs adjusted for one-off fees, mainly due to GFG’s IPO
26 COMPANY PRESENTATION: SEPTEMBER 20202020 GUIDANCE
2019 2020 (CMD) 2020 (NEW) 2020 GUIDANCE
+23% 17-20% c. 20% • Constant currency growth of c. 20%
NMV
€1.78bn >€2.0bn c.€1.9bn • FX changes in BRL and RUB impacting reported EUR result
+17% • Slower than NMV reflecting the fast growth of MP
REVENUE c. €1.5bn c. €1.3bn
€1.35bn • FX changes in BRL and RUB impacting reported EUR result
• Intend to be Adj. EBITDA profitable no later than 2021
Profitable Approaching
ADJ. EBITDA MARGIN (2.8)% • Making significant progress in 2020 despite currency
by 2021 Breakeven headwinds
No more than • Investment for Brazil FC substantially completed in H1
CAPEX €72m c. €55m
€45m • No need for significant spend on new CIS FC in FY20
27 COMPANY PRESENTATION: SEPTEMBER 2020MEDIUM-TERM GUIDANCE1 TO ACHIEVE AT LEAST A 6% ADJUSTED
EBITDA MARGIN IN 3-4 YEARS‘ TIME
2019 MEDIUM-TERM KEY ASSUMPTIONS
NMV GROWTH 23.0% 20%+ • NMV growth 20%+ constant currency after 2020
MARKETPLACE SHARE 21.0% 30%+ • Marketplace share aspiration of 30% of NMV
GROSS MARGIN 40.1% • Ongoing growth in gross margin with Marketplace tailwind
FULFILMENT COSTS (24.1)% • Modest growth in Fulfillment CIR due to Marketplace mix
MARKETING COSTS (9.7)% • Modest further leverage in the marketing CIR
• Ongoing leverage on Tech & Admin costs as achieve
TECH & ADMIN COSTS (13.6)%
scale
ADJUSTED EBITDA (2.8)% 6%+ • 6%+ in 3-4 years time
CAPEX (72.1) Less than €50m+ • Capex less than €50m after 2020
(1) Given at the Capital Markets Day presentation on 3-Mar-2020
28 COMPANY PRESENTATION: SEPTEMBER 2020APPENDIX 29 COMPANY PRESENTATION: SEPTEMBER 2020
WE ARE THE CLEAR #1 WITHIN ONLINE FASHION PUREPLAY
SHARE OF ONLINE FASHION AND LIFESTYLE IN GFG MARKETS GFG VS. #2 FASHION PUREPLAY
(2019) BY ONLINE APPAREL AND FOOTWEAR SALES1 (2019)
€22bn #1 #1 #1 #1
10 0 %
100%
8%
of total market
EXAMPLES: EXAMPLES: EXAMPLES: EXAMPLES:
8 0
%
0%
Brand.com Fashion Pureplay General Department ANZ SEA LATAM CIS
Merchandise Stores (online)
Source: GFG calculations based on data from Euromonitor International Ltd: Retailing 2020 edition, Retail value RSP incl. Sales Tax, Fixed 2019 ex rates, Current Prices. Ranking position based on estimated by Euromonitor online sales of
apparel and footwear products in researched GFG countries in 2019, including specialist fashion and lifestyle apparel and footwear online retailers only.
(1) Based on GFG markets only.
30 COMPANY PRESENTATION: SEPTEMBER 2020HIGH CUSTOMER LOYALTY, WITH GROWING SHARE OF NMV FROM
EXISTING CUSTOMERS
NMV BY COHORT1
(€M)
€1.8bn
€1.5bn 29%
€1.3bn
32%
€1.1bn
37% 71% OF NMV
44% FROM
EXISTING
CUSTOMERS
2016 2017 2018 2019
2015 and prior 2016 Cohort 2017 Cohort 2018 Cohort 2019 Cohort
Source: Company information. To ensure comparability between periods we have adjusted values for prior periods for acquisitions, disposals and corporate restructurings.
(1) Values are expressed in constant currency, based on 31 December 2017 FX rates, to exclude the effect of FX changes.
31 COMPANY PRESENTATION: SEPTEMBER 2020WE UNLOCK A HUGE, GROWING MARKET THAT IS COMPLEX FOR
BRANDS TO ACCESS
INFRASTRUCTURE TERRAIN REGULATION RETAIL SPACE
• Underdeveloped • Population located • Complex import • Lack of retail space vs
infrastructure and across vast and remote processes, regulatory developed markets
ecommerce solution areas and tax environments • US has 5x more retail
providers space1 than our
combined footprint
~50 >1/3 ~80% 7%
Average logistics of global of GFG items Retail space per
performance index land mass supplied locally capita2 in GFG
ranking1 (out of 160) countries vs US
Source: GFG calculations based on data from Economist Intelligence Unit via SNL, World Bank International Logistics Performance Index (LPI) 2018, The World Bank: Land area: Food and Agriculture Organization.
(1) Based on median LPI ranking of GFG countries.
(2) Including clothing stores, shoe stores, and perfumeries/beauty stores.
32 COMPANY PRESENTATION: SEPTEMBER 2020WE OFFER BRANDS MULTIPLE PARTNERSHIP MODELS, TAILORED
TO THEIR REQUIREMENTS
MARKETPLACE
RETAIL
FULFILLED BY GFG CROSS-DOCKING DROP SHIPMENT
FRONT-END GFG (including payment, customer service, returns)
GFG owns product Brand owns product & pricing; books full retail value
PRODUCT OWNERSHIP & pricing GFG take rate dependent on fulfilment model
STORAGE GFG Brand
Brand picks & packs; GFG
PICKING & PACKING GFG manages delivery, incl. Brand
order consolidation1
DELIVERY GFG (own or 3rd party) Brand
CIS, SEA (SOME) ARGENTINA, CHILE, COLOMBIA, SEA (SOME) ANZ, BRAZIL, SEA (SOME)
High TAKE RATE / LEVEL OF SERVICE PROVIDED BY GFG Low
(1) GFG consolidates mixed orders at own fulfilment centre in Argentina, Chile and Colombia.
33 COMPANY PRESENTATION: SEPTEMBER 2020MARKETPLACE FULFILMENT IN INCOME STATEMENT
ILLUSTRATIVE 2019 P&L OF MARKETPLACE1 • Profitability of Marketplace is higher
than Retail as a percentage of
Revenue and of NMV
• “Fulfilled by GFG” Marketplace
GFG RETAIL MARKET PLACE inflates fulfilment CIR as percentage
of Revenue, but not as share of NMV
SHARE OF NMV 100% 79% 21%
• Illustration:
RETAIL MARGIN / TAKE-RATE - 35% 32%
- If the Group achieves 30%
FULFILMENT COSTS Marketplace share it would see
gross margin increase by 3pp of
% REVENUE 24% 22% 50%
Revenue, and 1pp would be spent
% NMV2 22% 23% 16% on higher fulfilment CIR
PROFIT AFTER FULFILMENT
% REVENUE 16% 13% 50%
% NMV2 14% 13% 16%
(1) Based on Unaudited information & simplified for presentation.
(2) Cost Income Ratio shown as a proportion of NMV Product Value (excluding VAT and excluding shipping fees).
34 COMPANY PRESENTATION: SEPTEMBER 2020TAILORED APPROACH TO EACH MARKET ENABLES RETURN RATES
WELL BELOW INDUSTRY LEVELS
RETURNS BY SEGMENT
(% OF 2019 SHIPPED ITEMS) Enabled by 80%
“try-on” orders
24% 8% 1%
APAC LATAM CIS
Note: Excludes item rejections, which were 1% in APAC, 1% in LATAM and 66% in CIS.
35 COMPANY PRESENTATION: SEPTEMBER 2020NOW ADJUSTED EBITDA PROFITABLE IN REGIONS REPRESENTING
OVER 80% OF GROUP REVENUE
REGIONAL ADJUSTED EBITDA IN FY 2019 • LATAM, CIS and Australia within
APAC have positive Adjusted
(€M) EBITDA
• Profitable regions account for >80%
4.3 (22.4)
6.1 of revenue (2018: >50% of revenue)
(37.1) • SEA remains Adjusted EBITDA
negative, but showed significant year
on year improvement in 2019
(25.1)
LATAM CIS APAC Group Total
36 COMPANY PRESENTATION: SEPTEMBER 2020DISCLAIMER
Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be
identified by the use of words such as “expects”, “may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages” or
“anticipates” or other words of similar meaning. These forward-looking statements are based upon current expectations and
assumptions regarding anticipated developments and other factors affecting the Global Fashion Group S.A. (“GFG”) and its
group (the “GFG Group”). They are not historical or current facts, nor are they guarantees of future performance.
By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual
results or events to differ materially from those expressed or implied by the forward-looking statements. These risks,
uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in
this document. These forward-looking statements speak only as of the date of this announcement. Except as required by any
applicable law or regulation, the GFG Group expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained in this document to reflect any change in the GFG Group’s
expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking
statement is based. Neither GFG nor any other person accepts any responsibility for the accuracy of the opinions expressed
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