Global Fashion Group — All three regions in profit for first time

Not only did Global Fashion Group (GFG) deliver better-than-expected adjusted EBITDA in FY25, but the results also represent an important milestone as it is the first full financial year profit for the current group structure, with all three regions positive at the same time. The performance was broad based with year-on-year improvements in gross margin for all three regions, helped by the expected continuing increase in Marketplace revenue and despite mixed trends for growth and KPIs among the regions. The higher gross margin was complemented by leveraging fulfilment and technology and administration costs while keeping marketing constant on a relative basis. Management is optimistic about generating further profit growth in FY26.