Revenue increased but losses grew at etailer Farfetch in what founder and chief executive José Neves described as a ‘fantastic’ third quarter.
The acquisition of New Guards Group, which owns streetwear wear brand Off-White, earlier this year helped revenue rise by 89.9% to $255m (£198m) in the three months to September 30. This is compared to $134m (£104m) in the same period last year.
However, losses after tax widened by 10.6% year on year to $85m (£66m). Farfetch blamed widening losses on investment in technology, as well as foreign exchange losses on the dollar.
Neves said: “I am very pleased with our continued progress in building the global platform for luxury. We had a fantastic third quarter, beating all our expectations, and continuing to capture market share at a rapid pace. With $1.8bn of Digital Platform GMV and 1.9 million active consumers over the last twelve months, Farfetch is firmly established as the number one in-season luxury player online.
“Through our revolutionary technology, services and reach, we will continue to deliver an amazing service to our community of over 1,200 brands and boutiques, while also delighting fashion lovers around the world. We also remain focused on driving the cultural relevance of the Farfetch brand, and in that context I am delighted with our initial progress in integrating New Guards Group.”