If there needed to be a test to check the platform’s performance, then the lockdown proved to the retailer is succesful. Farfetch grew by 90% in the first quarter (January to March), compared to the same quarter of 2019, equal to 331 million USD in revenue. The result allows the company to bring its financials in the positive area. Operating margin up by 7% on yearly base (compared to 2019), and Gross Merchandise Value performs at +46%.
Farfetch up by 90% in the first quarter
“When I founded Farfetch 12 years ago, I never imagined that the global platform I was building for the luxury industry would be put to the test in such a devastating crisis – commented José Neves, CEO and co-president of Farfetch-. Our hearts go out to everyone who has been impacted by this global pandemic, and we are deeply grateful to the frontline and essential workers who are helping us all manage through this situation.
“The investments we have made to build the global platform for the luxury fashion industry have been paying off – adds Elliot Jordan, the group’s CFO -, enabling the continuity of our operations and delivery of our strong first quarter 2020 results. Our strong balance sheet positions us well to navigate near-term uncertainties as we continue to build on our position as the leading global platform for the luxury fashion industry by focusing on delivering sustainable growth, while also improving cost efficiencies.”
- USA, NPD Group awards its shoes: fashion e-ecommerce for the brand grows, and footwear is worth 50% of total sales