Global Fashion Group S.A. (GFG) has said in a statement that after trading in line with expectations until mid-March, GFG has seen a significant negative impact on customer demand across all 17 countries of operations. Therefore, the company is withdrawing its financial guidance for the current year, which excluded the negative effect of coronavirus. The company had earlier said that in 2020, it aims to grow NMV between 17-20 per cent, delivering more than 2 billion euros in NMV and in the region of 1.5 billion euros revenue at constant currency. GFG had also said that it plans to make significant progress on the path to profitability in 2020, with the target of being profitable at an adjusted EBITDA level no later than 2021.
The company is experiencing the temporary closure of its fulfilment centres in the Philippines and Argentina as part of government measures to contain the COVID-19 virus. These two countries together contributed 6 percent of its 2019 NMV. The company added that there is a possibility that GFG’s fulfilment centres in other countries may be temporarily closed as it complies with future government restrictions and adapts its business to the evolving circumstances.
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In addition, the company said, due to the spread of the coronavirus in Europe, GFG will postpone the company’s annual general meeting scheduled for May 22, 2020 in Luxembourg.
Picture:Global Fashion Group newsroom