The company, which operates e-commerce platforms in growth markets like Latin America and Russia, laid out bold ambitions to increase net merchandise value, a measure of the value of goods sold on its platforms, from €2 billion ($2.4 billion) to €10 billion over the next seven to nine years.

The owner of São Paulo-based Dafiti and Moscow-based Lamoda has benefited from the online shift during the pandemic, attracting 16.3 million users in 2020, up 25 percent from a year earlier. Its net merchandise value is up 29 percent year on year.

It also reached profitability on an adjusted EBITDA basis for the first time and narrowed its overall net loss from €145 million in 2019 to €112 million.

Group revenue, however, remained more or less flat year-on-year, at €1.36 billion. GFG said its euro-reported results were impacted by the devaluation of the Russian ruble and Brazilian real.