Online fashion and lifestyle destination, Global Fashion Group has confirmed it will be withdrawing financial guidance for 2020, which excluded negative effects from the coronavirus.
After trading in line with expectations until mid-March, Global Fashion Group now reports that the global COVID-19 pandemic is negatively affecting its business with regard to supply, demand and operations across all 17 countries of operation.
As a consequence, the business is reassessing its plans and forecasts for 2020,
making adjustments to its cost base and investment plans, with new guidance to be released as soon as the COVID-19 situation becomes clearer.
The fashion group announced there is a possibility that fulfilment centres may be temporarily closed as it complies with future Government restrictions and adapts its business to the evolving circumstances.
Global Fashion Group will continue to accept orders in all its markets around the globe, including where temporary closures are ongoing.
Results for the groups first quarter are scheduled to be released on 14 May 2020. The company’s annual general meeting scheduled for 22 May 2020 in Luxembourg has however been postponed, with the new date to be announced in due course.