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AHRO on OTC

Global Fashion Group

Logo: http://global-fashion-group.com/, Non-free logo, via Wikipedia4

Global eCommerce Group

Global Fashion Group S.A. (GFG) is a Luxembourg‑based online fashion retailer operating in 9 countries across Australia & New Zealand (THE ICONIC), Latin America (Dafiti) and Southeast Asia (ZALORA). GFG's first platform launched in 2011. Christoph Barchewitz is the company's Chief Executive Officer.3 It was founded by Kinnevik AB and Rocket Internet SE.1 It is headquartered in Morristown, New Jersey.1 It employed 9,500 people.1 Its revenue was €1.2 billion in 2018.1 Its shares trade on OTC under the symbol AHRO.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2011Founded1

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  • TickerAHRO on OTC1
  • Industrye-commerce1
  • HeadquartersMorristown, New Jersey1
  • Websitewww.global-fashion-group.com
  • Legal formsociété anonyme1
  • Incorporated inNV5
  • Business address55 Madison Ave #400, Morristown, Nj 079605
  • Filer categoryNon-accelerated filer, Smaller reporting company5

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Global Fashion Group S.A. (GFG) is a Luxembourg‑based online fashion retailer operating in 9 countries across Australia & New Zealand (THE ICONIC), Latin America (Dafiti) and Southeast Asia (ZALORA). GFG's first platform launched in 2011.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

68.1%Gross margin7
-182.1%Operating margin7
-331.2%Net margin7

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue32¢$127.3K
  • Research and development1¢$4.4K
  • Other costs67¢$266.9K

Out of $398.6K in revenue.7 The company lost money this year.

Financial statements

Revenue891011127$398.6K in 2024
0$100.0K$200.0K$300.0K$400.0K2018: $0$020182019: $3.8K$3.8K20192020: $4.0K$4.0K2020+6%2021: $5.9K$5.9K2021+47%2022: $0$020222023: $0$020232024: $398.6K$398.6K2024
Gross profit1011127$271.3K in 2024
-$100.0K0$100.0K$200.0K$300.0K2020: -$22.9K-$22.9K20202021: -$58.0K-$58.0K2021+153%2022: $0$02022−100%2023: $0$020232024: $271.3K$271.3K2024
Operating income891011127-$725.9K in 2024+117% since 2018
-$800.0K-$600.0K-$400.0K-$200.0K02018: -$334.7K-$334.7K20182019: -$664.0K-$664.0K2019+98%2020: -$366.2K-$366.2K2020−45%2021: -$341.4K-$341.4K2021−7%2022: -$415.0K-$415.0K2022+22%2023: -$660.9K-$660.9K2023+59%2024: -$725.9K-$725.9K2024+10%
Net income891011127-$1.3M in 2024+196% since 2018
-$2.0M-$1.5M-$1.0M-$500.0K02018: -$445.3K-$445.3K20182019: -$1.7M-$1.7M2019+273%2020: -$1.1M-$1.1M2020−32%2021: -$1.4M-$1.4M2021+23%2022: -$1.2M-$1.2M2022−17%2023: -$1.7M-$1.7M2023+43%2024: -$1.3M-$1.3M2024−20%
Fiscal year2018201920202021202220232024
Revenue$08$3.8K9$4.0K10$5.9K11$012$07$398.6K7
Cost of revenue$26.9K10$63.8K11$012$07$127.3K7
Gross profit-$22.9K10-$58.0K11$012$07$271.3K7
Research and development$65.3K12$56.9K7$4.4K7
Operating expenses$283.4K11$415.0K12$660.9K7$997.2K7
Operating income-$334.7K8-$664.0K9-$366.2K10-$341.4K11-$415.0K12-$660.9K7-$725.9K7
Income tax$08$08
Net income-$445.3K8-$1.7M9-$1.1M10-$1.4M11-$1.2M12-$1.7M7-$1.3M7
Earnings per share-$0.028-$0.069-$0.0010-$0.0010
Earnings per share (diluted)$0.007$0.007
Shares (weighted, basic)1.3B shares10
Shares (weighted, diluted)1.8B shares72.2B shares7

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Corporate structure

Global Fashion Group sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Global Fashion Group

  • Richard M. Zygmunt Filed SCHEDULE 13G/A on Global Fashion Group, latest Feb 17, 2026 (6 filings since Jun 27, 2022)
  • Sachin Shetty Filed SCHEDULE 13G/A on Global Fashion Group, latest Feb 10, 2025 (5 filings since Feb 10, 2022)
  • Alan Marshall Eichner Filed SC 13G on Global Fashion Group, latest Feb 14, 2023
  • Global Fashion Group Morristown, New Jersey

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Global Fashion Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$240.9K7 Dec 31, 2024$240.9K7 Dec 31, 20230%
Accumulated depreciation$240.9K7 Dec 31, 2024$219.1K7 Dec 31, 2023+9.9%
Property and equipment, net$07 Dec 31, 2024$21.7K7 Dec 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$012 Dec 31, 2023$012 Dec 31, 2022

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$4.3M7 Dec 31, 2024$4.8M7 Dec 31, 2023−10.2%
Finite-lived intangibles, gross$5.2M7 Dec 31, 2024$5.2M7 Dec 31, 2023+0.3%
Accumulated amortization$886.9K7 Dec 31, 2024$383.8K7 Dec 31, 2023+131.1%
Finite-lived intangibles, net$4.3M7 Dec 31, 2024$4.8M7 Dec 31, 2023−10.2%

Properties, in its own words

Our principal business and corporate address is 50 Division Street Suite 501 Somerset NJ 08876. Our telephone number is (732) 695-4389.

Item 2 of the 10-K filed Apr 16, 2025.15

The story

Founded by Kinnevik AB and Rocket Internet SE in 2011.1

Global Fashion Group (GFG) was established in 2014 through a consolidation of fashion e-commerce regional companies backed by Kinnevik and Rocket Internet. Its regional companies Dafiti, Lamoda, The Iconic, Zalora and Jabong (later sold) were founded in 2011 and 2012.

In 2011 and 2012, the GFG regional companies began operations with a business model of selling inventory to customers from its warehouses.

From 2013, the GFG regional companies started creating their own private-label brands, such as Lost Ink and Zalora (formerly Ezra).

In April 2015, Romain Voog was appointed chief executive officer of GFG. He retained the role for approximately 3 years.

In 2016, GFG rolled out its Marketplace platform across key markets to complement its traditional inventory-led model.

In April 2017, GFG appointed Cynthia Gordon, a board member of Kinnevik, as the new chair of GFG Board of Directors.

In February 2018, Patrick Schmidt and Christoph Barchewitz were appointed co-chief executive officers, succeeding Romain Voog.

As of July 2019, it is now listed on the Frankfurt Stock Exchange (ticker symbol: GFG).

From Wikipedia’s article on Global Fashion Group, shared under CC BY-SA 4.0.6

Leadership

Who has led Global Fashion Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael A. Jacobson2006

President

  1. Michael A. Jacobson2006
2010201520202025
Board members and other officers (5)

Products and brands

Geographical operations and presence

GFG is registered in Luxembourg, and headquartered London, UK. Through its three regional companies, GFG currently operates across 9 markets with a total population of more than 700 million, serving a fashion market estimated to be worth over €350 billion.

Since their launch in 2011 and 2012, the three GFG regional companies have developed online fashion platforms in their respective markets.

The Group operates six fulfilment centres across its regions, including The Iconic's 19,000sqm "fulfillment center" in Australia and Zalora's Regional e-Fulfilment Hub in Malaysia.

As of 31 December 2018, GFG has more than 11 million active customers and over 10,000 employees.

Read the full text

International brands

In April 2017, Zalora established a partnership with Abercrombie & Fitch. This partnership will provide Abercrombie & Fitch access to more than 600 million of Zalora's online customers.

Private labels

From 2013, the GFG regional companies started creating their private label brands, with in-house design teams and collaboration with local designers. GFG private label brands include Lost Ink, Zalora (formerly Ezra), Zalia, 24:01 and Something Borrowed.

Business figures

In March 2024, GFG reported Net Merchandise Value (NMV) of €1,099.6m (excluding Chile), with sales down 6.6% on a constant currency basis from 2023.

Still, on its path to profitability, GFG improved its adjusted EBITDA margin from (6.6)% in 2023 to (2.4%) in 2024. This was due to ongoing cost efficiency and Gross Margin expansion.

GFG ended 2024 with €222.4 million in cash on a net pro forma basis.

From Wikipedia’s article on Global Fashion Group, shared under CC BY-SA 4.0.6

Acquisitions

In 2015, GFG acquired sports and outdoor activities e-commerce company Kanui, and kids/ baby-focused online retailer Tricae. Both deals are undisclosed and the two Brazil-based businesses have been integrated into Dafiti.

From Wikipedia’s article on Global Fashion Group, shared under CC BY-SA 4.0.6

Former names

  • Global Fiber Technologies, Inc.May 15, 2019 to Nov 28, 20225
  • ECO TEK 360 INCJan 25, 2017 to May 7, 20195
  • Global Fashion Technologies, Inc.Aug 7, 2014 to Jan 24, 20175
  • Premiere Opportunities Group, Inc.Aug 22, 2011 to Jul 16, 20145
  • Premier Publishing Group, Inc.Nov 29, 2005 to Nov 29, 20055
  • Premiere Publishing Group, Inc.Aug 23, 2005 to Aug 8, 20115

Timeline

  1. May 2, 20258-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares21
  2. Mar 14, 20258-K Entered a material agreement; Unregistered sale of shares; Change to shareholders' rights22
  3. Dec 4, 20248-K Results of operations23
  4. Nov 22, 20248-K Other events24
  5. Oct 24, 20248-K Regulation FD disclosure25
  6. Feb 26, 20248-K Other events26
  7. Feb 21, 20248-K Other events27
  8. Jul 10, 20238-K Other events28
  9. Jun 28, 20238-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares29
  10. May 24, 20238-K Other events30
  11. May 10, 20238-K Other events31
  12. Apr 28, 20238-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares32
  13. 2011Founded Founded1
  14. Jun 20, 2006New chief executive Michael A. Jacobson becomes CEO16

Calendar

When it reported results

  1. Dec 4, 2024Reported quarterly or annual results23

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

82 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 18 major events, 12 large holders, 30 other. The latest 20:

  1. Apr 15, 202615-12G EDGAR
  2. Mar 30, 2026NT 10-K EDGAR
  3. Mar 27, 2026DEF 14C EDGAR
  4. Feb 26, 2026PRE 14C EDGAR
  5. Feb 17, 2026SCHEDULE 13G/A EDGAR
  6. Nov 25, 202510-Q EDGAR
  7. Aug 19, 202510-Q EDGAR
  8. Aug 14, 2025NT 10-Q EDGAR
  9. May 15, 202510-Q EDGAR
  10. May 2, 20258-K EDGAR
  11. Apr 16, 202510-K EDGAR
  12. Apr 1, 2025NT 10-K EDGAR
  13. Mar 14, 20258-K EDGAR
  14. Feb 18, 2025SCHEDULE 13G/A EDGAR
  15. Feb 10, 2025SCHEDULE 13G/A EDGAR
  16. Dec 4, 20248-K EDGAR
  17. Nov 22, 20248-K EDGAR
  18. Nov 19, 202410-Q EDGAR
  19. Nov 15, 2024NT 10-Q EDGAR
  20. Oct 24, 20248-K EDGAR

The 82 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Richard M. ZygmuntSCHEDULE 13G/A, 6 filings Jun 27, 2022 to Feb 17, 202633
  • Sachin ShettySCHEDULE 13G/A, 5 filings Feb 10, 2022 to Feb 10, 202534
  • Alan Marshall EichnerSC 13G, 1 filing Feb 14, 202335

SEC filer profile

How Global Fashion Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAuthentic Holdings, Inc.2
  • CIK0001338929
  • Employer ID (EIN)11-374620115
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company15
  • Incorporated inNevada15
  • Fiscal year endsDecember 312
  • Industry code (SIC)5130 Wholesale-Apparel, Piece Goods & Notions2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address55 Madison Ave #400, Morristown, NJ 079602
  • Phone732-695-43892
  • Shares outstanding2,379,178,836 as of Nov 24, 202514
  • Public float$896.0K as of Jun 30, 202415
  • AuditorVictor Mokuolu, CPA PLLC, Houston, Texas PCAOB ID 6771; no auditor attestation of internal control over financial reporting15
  • On EDGAR sinceAug 23, 20052
  • Filings268 in all: 10-Q (54), 8-K (47), NT 10-Q (41), 10-K (17), NT 10-K (15), SC 13G/A (10), UPLOAD (10), 4 (8)2
    All 34 form types

    3 (7), 10-K/A (5), 10-Q/A (5), 10QSB (5), SC 13G (5), CORRESP (4), SB-2/A (4), 424B3 (3), 5 (3), DEF 14C (3), SCHEDULE 13G/A (3), 10KSB (2), PRE 14C (2), QUALIF (2), S-8 (2), 1-A (1), 1-A POS (1), 1-Z (1), 15-12G (1), 253G1 (1), 8-A12G (1), EFFECT (1), NT 10-K/A (1), REGDEX (1), SB-2 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Apr 16, 2025
    Quarterly report (10-Q) Nov 25, 2025
    Latest 8-K (8-K) May 2, 2025

Risk factors and legal proceedings

The risks Global Fashion Group names in Item 1A of its 10-K filed Apr 16, 2025: 1 risk under these headings, as written.15

  • Risks Related to Our Financial Condition
  • Risks Related to our Business
  • Risks Related to Our Organization and Structure
  • Risks Related Our Securities
  • We have $1,513,737 in currently convertible debt instruments (including accrued and unpaid interest of $470,632), the existence and/or conversion of which could cause a reduction in the market price for our common stock.

Legal proceedings

From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. As of the date of the filing of this Annual Report, our company is party to three pending litigation matters.

One matter is entitled Randazzo LLC v. Avani Holdings LLC & Global Fashion Technologies, Inc. This litigation was initiated by the plaintiff in order to evict Avani Holdings LLC from its rented premises in California and to recover unpaid rent. The company does not operate out of the premises in question and has never signed any leases or other documents with the plaintiff. A judgment of eviction was entered, but the company does not operate out of the premises in question and therefore did not appear in the matter to oppose the judgment of eviction. The plaintiff is also seeking unpaid rent in the amount of $26,595.

The second matter is entitled Patricia Witthuhn v. Global Fashion Technologies, Inc. This litigation was initiated by the plaintiff in order to collect wages allegedly due pursuant to her employment with Avani Holdings LLC. The Company never hired Ms. Witthuhn and never acquired Avani Holdings, LLC. Consequently, there is no legitimate cause of action against the Company. However, due to cash flow constraints, the Company is unable to hire outside counsel for this litigation. The amount being sought by the plaintiff is approximately $15,000.

The third matter is entitled William Corso v. Global Fashion Technologies, Inc. This litigation was initiated by the plaintiff in order to collect wages allegedly due pursuant to his employment with Avani Holdings LLC. The Company never hired Mr. Corso and never acquired Avani Holdings, LLC. Consequently, there is no legitimate cause of action against the Company. However, due to cash flow constraints, the Company is unable to hire outside counsel for this litigation. The amount being sought by the plaintiff is approximately $40,000.

The opening of Item 3, Legal Proceedings.15

Sources

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