Global Fashion Group (GFG), Europe’s leading online fashion and lifestyle destination, has generated €1.0 billion (~$1.1601 billion) of Net Merchandise Value (NMV), with Q4 peak trading contributing about a third of the full year. On a constant currency basis (ccy), FY NMV was broadly stable increasing 0.3 per cent year-on-year (YoY) and Q4 NMV increased 0.7 per cent YoY.

GFG continued to prioritise profitable customer acquisition, engagement and reactivation. The customer base ended 2025 down 4.0 per cent YoY, whilst order frequency increased 2.3 per cent, supported by engagement initiatives in ANZ and LATAM that more than offset the decline in SEA.

Global Fashion Group (GFG) generated ~$1.16 billion NMV in 2025, with Q4 contributing a third.
ANZ and LATAM grew NMV and delivered positive Adjusted EBITDA, while SEA remained challenged.
Gross margin rose to 46.4 per cent, driving ~$10.44 million Adjusted EBITDA and near NFCF breakeven.
In 2026, NMV is expected at ~$1.15–1.24 billion, with Adjusted EBITDA ~$17.4–29 million.

ANZ, GFG’s largest region with 49 per cent of group NMV, returned to growth and delivered stronger profitability with a 5.7 per cent YoY ccy NMV increase and €26 million (~$30.16 million) of Adjusted EBITDA which converted strongly into positive Normalised Free Cash Flow. LATAM (30 per cent of group NMV) delivered an NMV increase of 6.1 per cent ccy and €3 million (~$3.48 million) of Adjusted EBITDA with NFCF near breakeven. SEA (21 per cent of group NMV) remained challenged on the topline with NMV down 15.2 per cent YoY ccy. However, SEA’s rate of decline continued to ease with Q4 NMV down 9.7 per cent YoY ccy. In 2025, SEA remained resilient on profitability and delivered €3 million (~$3.48 million) Adjusted EBITDA, and was also near NFCF breakeven.

Supported by a healthier inventory profile and ongoing business model shift toward marketplace and platform services, GFG increased its gross margin by 1.5ppt to 46.4 per cent in 2025. The expanding margin combined with ongoing cost reductions drove a €27 million (~$31.32) million improvement in Adjusted EBITDA to €9 million (~$10.44 million), representing a 1.4 per cent margin. This marked the delivery of one of GFG’s key financial ambitions: positive group Adjusted EBITDA. Q4 Adjusted EBITDA margin was particularly strong at 7.6 per cent, up 3.5ppt YoY, the company said in a press release.

This improvement to Adjusted EBITDA along with a reduction in capital expenditure following the completion of key technology investments drove GFG’s €10 million (~$11.60 million) improvement in NFCF to an outflow of €32 million (~$37.12 million) in 2025.

In 2026, GFG expects to deliver NMV in a range of (4)-4 per cent YoY ccy, implying €990-1,070 million (~$1,148.50–$1,241.31 million) of NMV. This reflects softer current trading and H1 expectations, as well as different H2 trajectories to account for macroeconomic factors in nine markets. Adjusted EBITDA is expected to be in a range of €15-25 million (~$17.40–$29.00 million).

Fibre2Fashion News Desk (RR)

Turkiye’s trade sales volume index increased 7.6 per cent year on year (YoY) in January, according to data released by the Turkish Statistical Institute (TurkStat). The wholesale trade sales volume rose 1.5 per cent during the month.

Retail activity remained the main driver of the expansion. Retail trade sales volume increased 18.8 per cent YoY in January, highlighting continued consumer demand despite broader economic volatility, TurkStat said in a press release.

Retail sales in Turkiye rose strongly in January 2026, driven by demand for textiles, clothing and footwear, according to TurkStat.
The trade sales volume index increased 7.6 per cent year on year, while retail trade sales volume surged 18.8 per cent.
Textiles, clothing and footwear grew 14.9 per cent annually.
On a monthly basis, trade sales rose 0.1 per cent and retail sales increased 2.4 per cent.

Sector-wise, retail trade excluding watches and jewellery recorded an 11.1 per cent annual increase, while the textiles, clothing and footwear segment grew 14.9 per cent YoY, reflecting sustained spending on apparel and related products.

On a month-on-month (MoM) basis, total trade sales volume edged up 0.1 per cent in January compared with December. Within the trade categories, wholesale trade declined 1.6 per cent.

Retail trade continued to expand on a monthly basis as well, with the retail sales volume index increasing 2.4 per cent MoM. Retail trade excluding watches and jewellery grew 0.8 per cent, while textiles, clothing and footwear sales increased 1.3 per cent over the previous month.

Fibre2Fashion News Desk (SG)

Consumer sentiment in Australia showed a modest improvement in March 2026, with the Westpac–Melbourne Institute Consumer Sentiment Index rising 1.2 per cent to 91.6 from 90.5 in February. The increase points to a slight improvement in confidence, although overall sentiment remains firmly in pessimistic territory.

The latest reading indicates some resilience among consumers despite ongoing uncertainty, said Matthew Hassan, Westpac’s head of Australian macro-forecasting  adding, “While consumers remain firmly pessimistic, sentiment continues to show some resilience.” The relatively muted reaction to the Reserve Bank of Australia’s 25-basis-point rate hike in February helped sentiment edge slightly higher, he noted.

Australia’s consumer sentiment rose 1.2 per cent to 91.6 in March 2026, signalling modest improvement but continued pessimism.
It showed resilience despite the February rate hike, though concerns grew during the survey week amid Middle East tensions.
While perceptions of current finances and spending improved, expectations for the near-term economy and labour market weakened.

However, responses collected during the survey week indicate that sentiment weakened as the week progressed. According to Hassan, daily responses suggested growing unease linked to escalating tensions in the Middle East, with responses from the final three days of the survey consistent with a significantly lower index reading of around 84, Westpac Institutional Bank said in a press release.

The detailed components of the survey revealed a mixed picture. Assessments of current financial conditions and attitudes towards major purchases improved compared with February, indicating slightly better perceptions of present circumstances. At the same time, expectations for the broader economy over the next year deteriorated, highlighting concerns about near-term economic prospects.

Consumers, however, appeared more optimistic about the longer-term outlook. The sub-index measuring expectations for the economy over the next five years improved modestly and remained above its historical average. In contrast, the measure tracking expectations for the economy over the next 12 months declined, reaching its lowest level since September 2024.

Interest rate expectations continue to shape consumer sentiment. The Westpac-Melbourne Institute Mortgage Rate Expectations Index fell 3.9 per cent in March, reversing part of the sharp increase seen in February. Despite this easing, a strong majority of consumers still expect mortgage rates to rise further over the coming year.

Global developments are also influencing sentiment. The survey showed a sharp increase in consumer recall of international news, particularly related to the escalating Middle East conflict. Nearly 90 per cent of respondents who recalled such news assessed it as unfavourable, reflecting heightened concern about global instability and its potential economic impact.

Labour market expectations weakened as well. The Westpac-Melbourne Institute Unemployment Expectations Index rose 3.8 per cent to 134.7, indicating that more consumers expect unemployment to increase in the year ahead. The rise was especially pronounced among respondents aged over 45, while younger consumers reported slightly improved expectations.

Fibre2Fashion News Desk (SG)