Revenue at Farfetch jumps 11 per cent

Farfetch has recorded revenue growth of around 11 per cent to $579 million in the second quarter of the year.

The luxury online fashion retailer revealed that post-tax profit reached $67.7 million during the same period.

Digital platform GMV was down by 3.3 per cent year-over-year to $883.1 million.

While the Farfetch’s chief executive José Neves praised a number of key partnerships that the business secured, including the launch of F90 with Gucci, and collaborations with Chanel and Harrods, he warned of current socio-economic pressures.

“We are navigating a volatile macro environment adeptly, continuing to post growth compounding on what has been a tremendous 3-year run for Farfetch, a period that saw our business double as measured by our GMV,” said Neves. “This makes me extremely bullish for 2023, a year when we will lap our closure of our Russia operations, expect China to turn into a tailwind, and will start to see the fruits of large deals signed this year with Reebok, Neiman Marcus Group and Salvatore Ferragamo.”

He said that these areas of growth, alongside the rationalisation of costs this year, mean the company is confident about next year’s top line, profitability, and cash generation.

In February, the e-commerce platform announced it had hit profitability for the first time.

The company’s revenue rose 64 per cent year-on-year to $1.7 billion in 2020, and with its gross merchandise value (GMV) growing 49 per cent year-on-year to $3 billion.

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