Farfetch CFO exits as revenue drops

Luxury fashion brand Farfetch has reported a loss, with gross profit margin falling from 45 per cent in 2021 to 44.2 per cent in 2022.

While the company saw a record sales increase of three per cent to of £1.9 billion growth slowed in the final quarter of 2022, with revenue decreasing five per cent to £523 million.

The company said that future sales may be impacted by the effects of the pandemic in China, trade suspensions in Russia, and other macroeconomic factors.

Farfetch also announced that its chief financial officer Elliot Jordan will step down by the end of 2023 after more than eight years in the role.

Jordan joined the company in January 2015 and was involved in changing Farfetch from a private company into a publicly trading one.

Commenting on the news José Neves, Farfetch’s founder, chief executive and Chairman, said: “We are some way off from saying our ‘goodbyes’ but his legacy will be formidable finance and business services teams that are part of a company that we believe is extremely well placed to continue to lead the industry and drive profitable growth – and Elliot has been an important building block of our success.”

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