Australian fashion platform The Iconic has recorded a 9 per cent lift in net merchandise value (NMV), leading revenue across Global Fashion Group (GFG).
In an update to investors, GFG reported that the fourth quarter of 2024 was strong, driving up expected group-wide NMV year-over-year to an 8 per cent decrease, which is at the top end of its NMV guidance range of negative 8 per cent to 12 per cent.
In the fourth quarter, GFG reported that NMV – the total value of merchandise sold over a specific period – was flat overall in its two largest segments, The Iconic in ANZ and Dafiti in Latin America (LATAM), with both returning to growth with 9 per cent and 2 per cent increases, respectively.
Zalora, the group’s other fashion platform in Southeast Asia (SEA), reported an NMV decline of 20 per cent year-over-year.
GFG also confirmed full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is within the middle of its guidance range of negative €16 to negative €28 million – or around minus A$26 million to around minus A$46 million.
The group also reported substantial year-on-year improvements in normalised free cash flow and closed the year with €222 million pro-forma cash and €164 million pro-forma net cash.
In the same update, GFG also confirmed leadership changes. Group CFO Helen Hickman – who has held the role since August 2023 – has been appointed to the management board.
Gunjan Soni has stepped down from the management board following her resignation from her positions as Group COO and CEO of GFG’s Zalora business to pursue new professional opportunities.
During a handover period until the end of March, Soni will work closely with GFG CEO Christoph Barchewitz, who takes on her technology and sustainability management board responsibilities and assumes the role of interim CEO of Zalora.
The GFG management board now consists of Christoph Barchewitz (CEO) and Helen Hickman (CFO). The Group COO role will not be replaced.
“I’m delighted to welcome Helen to the management board,” Barchewitz said. “Her appointment is a natural progression that reinforces our focus on strategic financial leadership. Helen’s expertise and dedication have been invaluable to GFG, and her expanded role will be crucial as we continue to execute our strategic plan and drive toward our longer term financial ambitions.”
Barchewitz then extended gratitude to Soni for her “significant contributions” to GFG and Zalora, and wished her well in her next steps.
GFG supervisory board chairman Cynthia Gordon also extended appreciation to Soni, saying she has been instrumental in shaping Zalora and navigating the business through different stages of its evolution.
“She successfully developed Zalora’s scalable B2B platform services business and led technological innovation with early adoption of AI tools,” Gordon said. “The supervisory board wishes her every success in her future endeavours.
“We now welcome Helen to the management board and congratulate her on this well-deserved appointment. Her proven leadership as CFO gives us every confidence in her ability to guide GFG alongside Christoph, who we thank for his commitment to the group as he takes on an increased focus on Zalora in the interim.”