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Losses grow at Farfetch

Luxury fashion platform Farfetch has revealed that its losses increased in the second quarter. 

Total revenue rose 42.7% year on year for the three months to 30 June to $209.3m (£172.5m). 

However, its loss after tax widened to to $89.6m (£73.8m), up from $71.9m (£59.6m) during the same period last year. Its adjusted EBITDA loss was up 47.8% year on year to $37.6m (£30.9m).

Selling, general and administrative expenses increased 61% year on year to £181.1m.

Farfetch last week bought New Guards Group, the owner of licences for labels including Off-White, Palm Angels, Heron Preston and Alanui, for $675m (£556.3m).

The etailer said the acquisition would extend its portfolio and “advance its strategy to be the global technology platform for the luxury fashion industry”.

Farfetch also announced that chief operating officer Andrew Robb has stepped down from the business after nine years, and will leave in the next six months.

It has created a new chief customer officer role to “bring responsibility for its brand, customers and consumer product”, which will be assumed by Stephanie Phair, current chief strategy officer.

José Neves, Farfetch founder, CEO and co-chair said: “Our proposition for luxury consumers drove growth beyond not only our expectations, but also the growth of the online personal luxury goods industry, as we continued to gain market share.

“As the only at-scale global marketplace in the luxury industry with a technology, data, logistics, and now an additional brand platform layer with our acquisition of New Guards Group, we are uniquely positioned to empower creators, curators and consumers and help uphold the values of an industry we love.”

Readers' comments (1)

  • You have to wonder why Farfetch is simply allowed to keep going. These are a shocking set of accounts.

    Improving market share is all very well, but it is profit first second and third.

    It simply is not fit for purpose.

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