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Farfetch revenue soars

Farfetch reported a 39% increase in revenue to $174m (£135m) during the first quarter ending 31 March. 

Adjusted revenue rose by 41% to $146m (£113m) in the same period, compared with 2018. 

Meanwhile, adjusted EBITDA rose to $30m (£23m) – a 27% increase from the same months in 2018. 

Gross merchandise value (GMV) increased by 44% year on year to $415m (£323m). 

José Neves, Farfetch founder, CEO and co-chair, said: “Farfetch enjoyed excellent growth in first quarter 2019, with platform GMV rising 44% to $415m (£323m), or around 50% growth on a constant-currency basis. This outpaced both our expectations and, by some distance, growth in the online personal luxury goods sector as we continued to gain market share.

“In addition to strong operational execution, we reached some important strategic milestones that position us for continued strong growth in 2020 and beyond. This included launching the ‘Augmented Retail’ pilot in Chanel’s new Paris flagship boutique at 19 rue Cambon.

“We are also thrilled to be entering the sneaker resale market, and launching Farfetch on JD.com’s platform through our recent acquisitions of Stadium Goods and Toplife, both of which are on pace to be operationally integrated ahead of schedule.

“Overall, we are very well positioned to continue capturing share of the significant opportunity in the online personal luxury goods market.”

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