ROUNDUP: Rocket Holdings Global Fashion Group Continues to Pay in Red | 21/8/19

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LUXEMBOURG (dpa-AFX) – Global Fashion Group (GFG), the loss-making online fashion retailer, continues to lose money. The operating loss (adjusted Ebitda) decreased slightly to 28.8 million euros in the first half of the year. A year earlier, the minus had amounted to 30.3 million euros.

Turnover rose by almost 13 percent year-on-year to a good 603 million euros, as the Rocket Internet stake announced on Wednesday in Luxembourg. Adjusted for currency effects, growth was almost 16 percent, weaker than a year earlier. According to Global Fashion, Rocket Internet has held around 26 percent since its IPO.

On the stock market, the numbers did not arrive well. The price lost 2.68 euros in midday trading, down 2.68 percent, continuing the downward trend. Since the stock market debut in early July, the paper has clearly lost value and is trading more than a third below the issue price.

The online fashion retailer has grown faster than expected in the second quarter, wrote analyst Tushar Jain of the US investment bank Goldman Sachs in a first assessment. However, the loss (adjusted Ebitda) also increased compared to the same period of the previous year.

For the year as a whole, the online fashion retailer is targeting revenue of more than 1.3 billion euros. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization, the company wants to make "progress" to break even. The company will become more profitable in the second half of the year, co-CEO Christoph Barchewitz said during a telephone conference. However, he left open until when the company wants to break even.

Global Fashion Group was founded in 2011 and operates, among others, the Internet fashion retailers Dafiti in South America, Lamoda in Russia or Zalora in Southeast Asia. The role model is the German company Zalando, in which Rocket Internet was also a major shareholder and Kinnevik is still.

Global Fashion had barely made its IPO in early July. The company had to cut back on its volume and ask major shareholders to pay even more than was previously thought. The placement of up to 44 million shares for € 4.50 each was only possible with strong support from the two major shareholders, the Swedish investor Kinnevik and the German start-up incubator Rocket Internet.

Going public in Germany is generally more difficult for small and medium-sized companies than for larger, well-known companies. However, the stock market launch of the VW (VW) va) truck Traton at the end of June (TRATON) was also only mixed. In March, VW had put the plans on hold because of the then difficult market environment for the time being.

The Danish drug importer Abacus Medicine, however, has postponed the transition to the floor again. Already last year, the company planned to go public, but canceled it. Even the automation specialist Onoff made a short run shortly before the planned IPO and wants to postpone the project for the time being./mne/knd/jha/



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