November 28, 2017 / 8:00 AM / a year ago

UPDATE 1-Global Fashion Group Q3 net revenues rise

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Nov 28 (Reuters) - Global Fashion Group, the emerging markets fashion retailer set up by investors Kinnevik and Rocket Internet, reported its third-quarter operating losses narrowed somewhat while net revenue jumped by 19 percent.

* Global Fashion Group (GFG) Q3 net revenue EUR 256.4 mln euro ($304.78 mln) vs 215.6 mln in year-ago quarter

* GFG Q3 adjusted EBITDA loss EUR 32.6 mln, with margin improving by 2.8 percentage points to (12.7) pct of net revenue

* Adjusted EBITDA loss in Q3 2016 was EUR 33.3 mln

* “Operational efficiency gains more than offset the year on year investment in gross margin of (0.8) percentage points, as a result of targeted price investments in some of our key markets,” GFG said in the report

* Kinnevik owns 35 percent of GFG, which comprises of the regional businesses Lamoda, Dafiti, Namshi, Zalora and The Iconic

* The results excluded its unit Namshi, now majority owned by Emaar Malls Source text for Eikon: Further company coverage: ($1 = 0.8413 euros) (Reporting by Helena Soderpalm; editing by Johannes Hellstrom)

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