Correction of a release from 06/03/2024, 08:00 CET/CEST - GLOBAL FASHION
GROUP REPORTS Q4 & FY 2023 RESULTS

EQS-News: Global Fashion Group S.A. / Key word(s): Annual Report/Annual
Results
Correction of a release from 06/03/2024, 08:00 CET/CEST - GLOBAL FASHION
GROUP REPORTS Q4 & FY 2023 RESULTS

07.03.2024 / 13:27 CET/CEST
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

GLOBAL FASHION GROUP REPORTS Q4 & FY 2023 RESULTS

Luxembourg, 6 March 2024 - Global Fashion Group S.A. ("GFG"), the leading
online fashion and lifestyle destination in LATAM, SEA and ANZ, demonstrated
resilience in executing its strategic initiatives amidst market headwinds to
achieve breakeven Adjusted EBITDA and a Gross Margin improvement in Q4.

Q4 2023 Highlights (growth rates at constant currency)

* Net Merchandise Value decrease of 14.0% (Q4/22: (6.4)%)

* Revenue decrease of 16.8% (Q4/22: (8.3)%)

* Marketplace NMV achieved 38% share of total NMV (Q4/22: 34%)

  * Gross Margin 43.6% (Q4/22: 42.7%) and Adj. EBITDA Margin 0.2% (Q4/22:
    (1.9)%)

* Active Customers decrease of 18.6%, Order Frequency decrease of 5.5%

* Pro-Forma Cash of EUR396.5m and Pro-Forma Net Cash of EUR206.3m1

Christoph Barchewitz, CEO of GFG, said:

"2023 was a year of significant change and adaptation for GFG, and I am
proud of the team's resilience and focus. We anticipated a challenging
market and took action to navigate it by prioritising growing our
Marketplace and Platform Services, reducing costs and advancing our
strategic initiatives. As a result, we achieved Adjusted EBITDA breakeven in
Q4, and maintained a healthy Gross Margin. We entered 2024 with a stronger
foundation and a clear path forward to capitalise on our long-term
potential."

In Q4 2023, GFG delivered a Net Merchandise Value ("NMV") of EUR369 million,
representing a 14.0% yoy decrease due to the continued subdued consumer
demand environment. Lower conversion rates led to a 19.5% yoy drop in
Orders. However, GFG partially offset this volume impact by maintaining
growth in Average Order Value, increasing 6.9% in Q4. Whilst moderating from
prior quarters in 2023, this growth in order value was primarily driven by
inflation, followed by category mix shifts.

In LATAM, NMV declined 12.4% yoy where the focus remained on strengthening
the customer proposition in an inflationary and competitive market. SEA
focused on its controllable levers and exceeded the Group's longer term
platform goals with Marketplace participation at 50% and Platform Services
revenue share of 12% in FY 2023. This drove SEA's Gross Margin increase of
1.1ppt to 43.3%, even with an NMV decline of 18.0% in Q4. ANZ also improved
Gross Margin by 1.5ppt to reach 46.4% in Q4. This was achieved despite a
challenging market still recovering from higher cost-of-living, which led to
a 12.6% decline in NMV.

GFG's focus on the expansion of its platform business and implementation of
cost-saving actions culminated in year-on-year improvements for both Gross
Margin and Adjusted EBITDA in Q4. Each region also delivered Gross Margin
improvements which contributed to the Group's Gross Margin increasing 0.9ppt
yoy to 43.6%. Despite fixed cost deleverage from lower volumes, GFG achieved
an Adjusted EBITDA margin of 0.2%, improving 2.1ppt yoy.

GFG successfully delivered on its cost-saving initiatives resulting in
significant reductions to the Group's total cost base encompassing
fulfilment, marketing, technology and administrative costs and office and
fulfilment centre leases. GFG also maintained its inventory and working
capital discipline resulting in a 32% yoy inventory reduction on a constant
currency basis and a EUR33m Normalised Free Cash Flow in Q4. GFG closed 2023
with a strong cash position of EUR396.5m Pro-Forma Cash and EUR206.3m Pro-Forma
Net Cash.1

By taking decisive action throughout 2023, GFG has built a stronger
foundation for 2024 with a leaner cost structure, healthy inventory and
robust balance sheet. GFG is committed to its ongoing efficiency programme
to ensure it is well positioned to navigate various scenarios and capitalise
on future growth opportunities.

In 2024, GFG expects to deliver a 5-15% decrease in NMV on a constant
currency basis, implying EUR1.1-1.2 billion in NMV. Adjusted EBITDA is
expected to be EUR(25)-(45) million. This guidance reflects ongoing market
challenges which have been observed in similar topline trends in the first
two months of 2024 compared to Q4 2023.

    EURm, unless stated otherwise  Q4 2022  Q4 2023  FY 2022  FY 2023
    Key Financial Metrics
    NMV                            442.8    369.3  1,553.6  1,279.3
    % Constant Currency Growth    (6.4)%  (14.0)%   (0.7)%  (14.2)%
    Revenue                        302.8    243.1  1,069.2    838.0
    % Constant Currency Growth    (8.3)%  (16.8)%     0.0%  (18.0)%
    Gross Profit                   129.4    105.9    452.7    352.9
    % Margin of Revenue            42.7%    43.6%    42.3%    42.1%
    EBIT                          (22.4)   (70.0)  (147.3)  (178.5)
    Adjusted EBITDA                (5.7)      0.5   (42.3)   (58.3)
    % Margin of Revenue           (1.9)%     0.2%   (4.0)%   (6.9)%
    Key Cash Metrics
    Pro-Forma Cash1                561.4    396.5    561.4    396.5
    Pro-Forma Net Cash1            264.5    206.3    264.5    206.3
    Normalised Free Cash Flow2      27.2     32.6  (113.3)   (67.7)
    Cash Capital Expenditure         9.1      6.9     42.5     28.5

                                 Q4 2022  Q4 2023  FY 2022  FY 2023
    Key Performance Indicators
    Active Customers (m)            10.8      8.8     10.8      8.8
    % Growth                     (16.0)%  (18.6)%  (16.0)%  (18.6)%
    Number of Orders (m)             7.4      5.9     27.0     20.8
    % Growth                     (17.1)%  (19.5)%  (13.9)%  (23.1)%
    Order Frequency (x)              2.5      2.4      2.5      2.4
    % Growth                        2.5%   (5.5)%     2.5%   (5.5)%
    Average Order Value (EUR)         59.9     62.1     57.5     61.5
    % Constant Currency Growth     12.8%     6.9%    15.4%    11.6%

Note: All Group figures are presented excluding Argentina except for
Pro-Forma cash for which Argentina balances remained within the Group
following the close of operations.

(1) Pro-Forma Cash is defined as cash & cash equivalents at the end of the
period, short term duration bonds and securitised funds plus restricted cash
and cash on deposits. Pro-Forma Net Cash is Pro-Forma Cash excluding third
party borrowings and convertible bond debt.

(2) Normalised Free Cash Flow ("NFCF") represents operating cash flows
excluding discontinued operations, exceptional items, changes in factoring
principal, interest and tax on investment income and convertible bond
interest.

FURTHER INFORMATION

KPI and financial definitions, including alternative performance measures
are available in the

2023 Annual Financial Report.

For inquiries, please contact:

Saori McKinnon

Head of Investor Relations & Communications

investors@global-fashion-group.com

press@global-fashion-group.com

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 destination in
LATAM, SEA and ANZ. From our people to our customers and partners, we exist
to empower everyone to express their true selves through fashion. Our three
ecommerce platforms: Dafiti, ZALORA and THE ICONIC connect an assortment of
international, local and own brands to 800 million consumers from diverse
cultures and lifestyles. GFG's platforms provide seamless and inspiring
customer experiences from discovery to delivery, powered by art & science
that is infused with unparalleled local knowledge. Our vision is to be the
#1 fashion & lifestyle destination in LATAM, SEA and ANZ, and we are
committed to doing this responsibly by being people and planet positive
across everything we do.

(ISIN: LU2010095458)

For more information visit: www.global-fashion-group.com


---------------------------------------------------------------------------

07.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---------------------------------------------------------------------------

   Language:       English
   Company:        Global Fashion Group S.A.
                   5, Heienhaff
                   L-1736 Senningerberg
                   Luxemburg
   E-mail:         investorrelations@global-fashion-group.com
   Internet:       https://global-fashion-group.com
   ISIN:           LU2010095458
   WKN:            A2PLUG
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Tradegate Exchange; Luxembourg Stock Exchange
   EQS News ID:    1853917

End of News EQS News Service
---------------------------------------------------------------------------

1853917 07.03.2024 CET/CEST