Australia and New Zealand platform The Iconic generated more than eight times the profit of its two sister platforms combined last year, as Global Fashion Group's ANZ operations drove the Luxembourg-listed parent to its first positive adjusted EBITDA result.
GFG's 2025 annual report shows The Iconic produced €25.6 million (~A$40 million) in adjusted EBITDA, against €2.8 million from Latin American platform Dafiti and €3.0 million from South-East Asian platform Zalora.
Group adjusted EBITDA - which stands for earnings before interest, tax, depreciation and amortisation – landed at €9.3 million after a €22.1 million corporate overhead charge. The group had recorded an adjusted EBITDA loss of €17.6 million in 2024.
GFG chair Cynthia Gordon told shareholders at Wednesday's annual general meeting that the result was a key milestone in the group's journey toward sustainable, profitable growth, adding that the company's next financial target is normalised free cash flow breakeven.
“All three of our regions were profitable in 2025 and contributed to the group’s milestone whilst operating at different stages of development,” Gordon said. “ANZ is a profitable growth engine and represents approximately half of the group’s NMV [net merchandise value].
“LATAM demonstrated strong reset progress, having improved adjusted EBITDA by 25 million Euros since 2023. SEA remained resilient by continuing to drive profitability improvements even whilst navigating a weak topline.”
The Iconic's merchandise volumes grew 5.7 per cent in constant currency terms in 2025, with revenue up 3.1 per cent, while the group's active customer base fell 4 per cent to 7.3 million. ANZ's gross margin of 48.6 per cent was the strongest of the three regions, and the platform accounts for approximately half of GFG's total net merchandise value of €1.04 billion.
GFG's annual report attributes the ANZ performance in part to its 'Got You Looking' brand campaign, launched by CMO Joanna Robinson and the marketing team, with the group saying it "drove tangible improvements in customer engagement, supported by enhancements to our delivery proposition."
In December, The Iconic secured AUD$45 million in new credit facilities with National Australia Bank, comprising a AUD$30 million revolving credit facility and AUD$15 million in bank guarantees, running to January 2028. The facilities were signed directly through The Iconic.
GFG's statutory accounts show a net loss of €99.8 million for 2025, with accumulated losses of €3.24 billion carried forward.
Gordon told shareholders the group has maintained “strict discipline” across costs, inventory, customer acquisition and capital investment to deliver its financial goals.
“A central pillar of our strategy is our ongoing transition to a platform business,” Gordon said. “This approach has successfully supported our margins through varying levels of consumer demand.”
In 2025, marketplace represented 39 per cent of NMV and its platform services accounted for 4 per cent of revenue, with both business models increasing their share over 2024.
“As a technology-first business, we are implementing the latest innovations, including AI, across all of our platforms,” Gordon continued. “This ensures we remain competitive and helps us identify the efficiencies needed to deliver long-term value, even as we navigate external variables outside of our control.
“With a strong cash and liquidity position and a more resilient operating model in place, GFG is well-positioned to continue creating value for our shareholders.”