The world’s leading technology platform for the fashion and luxury industry announced on February 27 its financial results for the full year 2019. And they are more than encouraging.
By Luxus Plus
For the first time in its history, Farfetch passed the billion dollar mark in sales, achieving a 69% increase over 2018. The gross value of goods exceeded $2 billion in 2019, doubling compared to the previous year. And even though the platform recorded a drop in profits (-110 million euros), the overall turnover grew faster and thus exceeded the operating loss.
José Neves, founder and CEO of Farfetch, was very pleased with these good results: “2019 was a landmark year for Farfetch as we grew our digital platform almost twice as fast as the online luxury industry, and significantly improved our sales margins. With over two million active customers, Farfetch is firmly established as the world’s largest online luxury destination of the season. At the same time, with more than 500 direct brand partners in the Farfetch Marketplace and more than 20 corporate clients for Farfetch Platform Solutions, we are clearly the digital partner of choice for luxury brands”.
And when asked about the threat of Coronavirus hanging over the luxury market the luxury market, José Neves is optimistic: “I am pleased to see that, from a business point of view, there has been no significant impact on the company. I believe that our plate model […] makes Farfetch particularly resistant to the situation, at least in its current form“.
By unveiling a brand new project a few days ago – the “Farfetch Beat” – which includes exclusive collections in very limited editions as well as collaborations with some of the world’s biggest boutiques, the British online luxury fashion giant intends to revolutionize e-commerce. The platform has also just announced that it has raised $250 million to support the growth of Wechat’s Chinese parent company Tencent and the Dragoneer Fund. These growth initiatives and investment strategies point to fruitful prospects for the months and years to come.
Read more > Farfetch platform solutions raises $ 250 million to accelerate international growth
Featured photo: Linkedin @Farfetch
