UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

Commission file number: 001-39477

GLOBAL BLUE GROUP HOLDING AG

(Translation of registrant’s name into English)


Zürichstrasse 38, 8306 Brüttisellen, Switzerland
+41 22 363 77 40
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒
Form 40-F






INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On October 6, 2023, Global Blue Group Holding AG (the "Company") issued a press release, attached as exhibit 99.1 to this Form 6-K, providing a business update on the continued overall recovery of Tax Free Shopping in Continental Europe, and Asia Pacific.





INCORPORATION BY REFERENCE

This Report on Form 6-K and the exhibits hereto shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Nos. 333-259200, 333-267850, and 333-274233) and Form S-8 (No. 333-260108) of the Company and the prospectuses incorporated therein, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.





EXHIBIT INDEX









SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
                    
         
Date: October 6, 2023


GLOBAL BLUE GROUP HOLDING AG
             
By:         /s/ Jacques Stern
Name:         Jacques Stern
Title:         Chief Executive Officer

1 GLOBAL BLUE RELEASES THE MONTHLY TAX FREE SHOPPING BUSINESS UPDATE FOR SEPTEMBER 2023 Signy, Switzerland, October 6, 2023 Fresh data from Global Blue reveals that the global dynamic recovery for Tax Free Shopping has gained momentum across Continental Europe and Asia Pacific. Globally, issued Sales in Store like-for-like recovery reached 128%1 in September versus 120%1 in July/August. Continental Europe recovery accelerates In Continental Europe, the recovery remained solid, returning to the pre-summer dynamic levels at 1251% in September vs. 116%1 in July/August. This is due to several factors: a shift in the shopper profile with a higher proportion of affluent shoppers in September than in the summer period; a more favorable basis of comparison for Gulf Cooperation Council shoppers (owing to the Eid al-Adha celebration in August 2019, when the base of shoppers was significantly inflated, while this year’s celebration occurred in June); and a gradual return of Mainland Chinese shoppers. Excluding Mainland Chinese and Russian shoppers, the recovery would have reached 164%1 in September vs. 154%1 in July/August. In terms of origin markets, US residents maintain a strong level of recovery, reaching 258%1 in September vs. 258%1 in July/August. Gulf Cooperation Council shopper recovery has also resurged, reaching 253%1 in September vs. 189%1 in July/August. Regarding destination markets, September witnessed an overall accelerated recovery across most destinations, with Greece at 196%1, France at 146%1, Spain at 134%1, Italy at 132%1, and Switzerland at 125%1. Asia Pacific recovery remains strong In Asia Pacific, the recovery rate remained strong overall, reaching 135%1 in September vs. 134%1 in July/August. When excluding Mainland Chinese shoppers (who represented 55% of Sales in Store in the region in 2019), the recovery would have reached 166%1 in September vs. 171%1 in July/August. Regarding origin markets, residents from Hong Kong and Taiwan and North East Asia are driving the strong recovery in Asia Pacific. The recovery for Hong Kong and Taiwan travelers

 
2 remains high, reaching 507%1 in September vs. 422%1 in July/August. Following closely behind are North East Asia travelers, with a recovery rate of 228%1 in September vs. 193%1 in July/August. Mainland Chinese shoppers have also remained strong, with a recovery rate reaching 107%1 in September vs. 105%1 in July/August. When examining destination markets, Japan continues to maintain a stellar performance with regards to Sales in Store like-for-like recovery, propelling to 198%1 in September, followed by South Korea at 113%1. A gradual recovery for Mainland Chinese shoppers In September, the Sales in Store like-for-like recovery of Mainland China shoppers within the Asia Pacific region remained solid, reaching 107%1. This was driven by the progressive return of Chinese shoppers (47%) broadly in line with air capacity recovery (56%2) and a significant increase in the average spend per shopper (128%3) vs. 2019. In Continental Europe, the Sales in Store like-for-like recovery of Mainland China shoppers reached 53%1. This performance was driven by a return of Chinese shoppers (35%) still well below the air capacity recovery (56%2) due to the lead time required for visa issuance and the absence of group travel. On the other hand, we have noticed a solid increase in average spend per shopper at 51%3. As a side note, during Golden week in 2019, the mix of traveler nationalities in Continental Europe was more exposed to residents from Mainland China. Consequently, the overall level of recovery in Continental Europe is expected to be negatively impacted in October 2023 due to a strong Mainland China base effect in 2019. Such a negative impact in the Asia Pacific region is not expected. APPENDIX YTD Data Issued SIS L/L recovery1 (in % of 2019) September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Continent al Europe 125% 114% 118% 130% 121% 110% 109% 104% 101% 75% Asia Pacific 135% 133% 134% 125% 110% 99% 87% 80% 51% 39% TOTAL 125% 119% 121% 128% 118% 106% 101% 97% 89% 65% 1 Recovery rate is equal to 2023 Issued Sales in Store divided by 2019 Issued Sales in Store, like-for-like (i.e.: at constant merchant scope and exchange rates). 2 Air capacity: ForwardKeys data platform – September 2023 3 Mainland Chinese shoppers increase of average spend per international shopper versus 2019

 
3 Glossary - Gulf Cooperation Council countries include: Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Bahrain, Oman - South East Asia includes: Indonesia, Thailand, Cambodia, Philippines, Vietnam, Malaysia, Singapore - North East Asia includes: Japan, South Korea MEDIA CONTACTS Virginie Alem – SVP Marketing & Communications Mail: valem@globalblue.com INVESTOR RELATIONS CONTACTS Frances Gibbons – Head of Investor Relations Mob: +44 (0)7815 034 212 Mail: fgibbons@globalblue.com ABOUT GLOBAL BLUE Globa l Blue pioneered the concept of Tax Free Shopping 40 years ago. Through continuous innovation, we have become the leading strategic technology and payments par tner, empowering retai lers to improve their per formance and shoppers to enhance their experience. Globa l Blue offers innovative solution s in three different fie lds: • Tax Free Shopping: Helping retai lers at over 300,000 points of sale to e ffic ient ly manage 35 mil l i on Tax Free Shopping transactions a year, thanks to i ts fu l ly in tegrated in -house technology plat form. Meanwhi le , i ts industry -leading digi tal Tax Free shopper so lutions create a better , more seamless customer experience . • Payment services: Providing a ful l suite of foreign exchange and Payment technology solutions that a l low acquirers, hote ls, and retai lers to offer value -added services and improve the cus tomer experience during 31 mi l l ion payment transactions a year at 130,000 points of interaction . • Complementary Reta ilTech: Offer ing new technology so lutions to retai lers, including digi tal receipts and eCommerce returns , that can be eas i ly integrated with their core systems and al low them to optimize and digita l ize their processes throughout the omni -channe l customer journey, both in -store and online. In addi t ion, our data and advisory serv ices offer a strategic advisory to help ret ai lers identify opportunit ies for growth, whi le our shopper exper ience and engagement solut ions provide data -dr i ven solutions to increase footfal l, convert footfa ll to revenue and enhance performance. For more in formation, vis i t https://www.globalblue.com/about-us/media Global Blue Monthly Speaker Notes Data, September 2023, Source: Global Blue

 
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