Global Fashion Group’s third-quarter revenue declined as consumer spending dropped amid cost of living pressures.

The company behind The Iconic and Dafiti saw revenue fall 25 per cent year over year to $309.5 million as net merchandise value slid 19.4 per cent to $476.3 million.

“Despite prolonged headwinds across our markets and the sector impacting our Q3 results, we remain resolute in executing our strategy. This includes our transition to a robust platform business and emphasis on driving technology-enabled efficiency through reducing costs and complexity,” said Christoph Barchewitz, CEO of Global Fashion Group.

“We firmly believe that these actions will position GFG favourably for a brighter market environment ahead, which we are confident will materialise.”

The volume of orders declined 26 per cent to 4.6 million while the number of active customers went down 19.1 per cent to 9.2 million during the third quarter.

Meanwhile, the company maintained its forecasted revenue of $1.3 billion and estimated a decrease of 16 to 18 per cent in net merchandise value for FY23.