Global Fashion Group — Refined and redefined

Global Fashion Group (GFG) operates leading fashion and lifestyle platforms that enable brands to reach customers in a mix of developed and developing markets with high growth potential. Management has responded to industry-wide competitive and macroeconomic challenges by focusing its geographic coverage and refining its product offer and customer engagement, which is leading to more encouraging trends in customer numbers and spend per customer. This gives management confidence to guide to a significant increase in profitability in the medium term, to levels comparable with its peers. This is significant given GFG’s low absolute enterprise value, with a market capitalisation broadly similar to its net cash position including leases and low multiples versus its peers.