Luxury online platform Farfetch has been crowned as the UK’s fastest-growing retailer, beating rival retailers JD Sports, Asos and Superdry.
Farfetch topped the rankings after seeing 70% revenue growth in 2016, according to the latest report by OC&C Strategy Consultants and Financo.
Etailer The Hut Group came in at second place after growing by 50% last year. JD Sports, Asos and Superdry also ranked in the top 10.
Primark was the highest performing UK retailer in terms of absolute sales growth, after growing by 11% to £602m last year.
The new growth index also predicted that the amount of apparel sales attributed to e-commerce will grow by 19% in the UK between 2012 and 2020, compared with 15% in the USA and 23% in China.
Meanwhile sportswear sales have continued to climb, with sales growing by 8% in the UK between 2012 and 2016, and a further 7% is expected between 2016 and 2020. This compares with flat growth for the clothing industry as a whole.
Anita Balchandani, partner at OC&C Strategy Consultants, said: “In the UK, the growth outliers have defied pessimistic forecasts by either clarifying their market positioning into value or luxury very clearly or by single-mindedly pursuing online growth. There does not appear to be a growth premium for multi-channel retailers, but rather it’s the online pure-players or the store-led value formats that are finding the biggest growth.
“To find market-beating growth, brands must have a deep understanding of multiple factors, including how to compete with the rising e-commerce ecosystems, how to capitalise on the growth in digital channels and where M&A could confer a strategic advantage.”
The OC&C Financo Growth Index covers major retailers across approximately 20 geographies. A group of 4,000 leading retailers were assessed as part of the methodology, with those earning over £250m and growing by at least £100m (or 2%) brought forward to the index. This group were ranked according to most recent revenue growth to create a list of the top 200 global retailers.