Full Year 2023 Global Fashion Group SA Earnings Call Transcript
Good morning, everyone, and welcome to Global Fashion Group's Q4 and full year 2023 results presentation. I'm Christoph Barchewitz, CEO of GFG; and I'm joined today by our COO, Gunjan Soni; and our CFO, Helen Hickman. I will start with the highlights and then Gunjan and I will cover our regional results and key developments. Helen will then take us through the group results and outlook. After that, we'll open it up for Q&A.
2023 was another year of significant change for GFG, and I'm grateful to our global team from what we have achieved in this environment. We started the year anticipating lower demand and acted accordingly. The market proved to be more challenging, so we took further steps to adapt by prioritizing the expansion of our marketplace and platform services offering. We offset the challenges facing our retail business and maintained a stable gross margin for the year.
We reduced our cost base by EUR82 million with approximately half of this due to cost initiatives. These actions are helping us in 2024, and we are
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