The growth of the Zalando clones in emerging markets is slowing down, but their losses are declining. Citing macroeconomic problems in Latin America, the Middle East and Russia, the Global Fashion Group (GFG) said its revenues rose by only 16 percent in constant currencies during the third quarter, reaching €250 million, after a rise of 36.6 percent in the first half of this year. However, the adjusted operating results before amortization showed a reduction in the negative Ebitda margin to 12.9 percent from 14.8 percent in the year-ago period. The results don't include Jabong, the loss-making Indian e-tailer previously controlled by the group, and other operations in Thailand and Vietnam that don't belong to it anymore. The group comprises e-tailers such as Lamoda in Russia, Dafiti in Latin America, Namshi in the Middle East, The Iconic in Australia and Zalora in Southeast Asia. GFG's biggest shareholders are Kinnevik and Rocket Internet, which also hold major stakes in Zalando.