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UK online fashion platform Farfetch's GMV exceeds $1 bn in Apr-June
23 Aug 21 2 min read
Farfetch Ltd, a UK-based leading global online platform for luxury fashion industry, has announced that its gross merchandise value (GMV) exceeded over $1.0 billion during second quarter (Q2) of FY21 ended on June 30, 2021, up 40 per cent against $721.3 million in the same period of 2020. Revenue expanded 43 per cent to $523.3 million ($364.7 million).
“I am truly impressed with the resilience of the luxury industry, which after an unprecedented period, is already back to growth with even stronger fundamentals. I am very proud that Farfetch was a close partner for both retailers and brands in this time, delivering strong growth to our sellers, and as a result doubling our GMV in the last 24 months,” José Neves, founder, chairman and CEO at Farfetch, said in a press release.
Gross profit for Q2 FY21 rose to $230.0 million ($159.4 million), while digital platform GMV climbed 40 per cent to $913.3 million ($651.0 million). On the contrary, British fashion retailer reported operating loss of $150.3 million ($140.1 million).
“Our strong performance in second quarter 2021 reflects powerful flywheel dynamics in play at full force. Our stronger Farfetch brand is drawing marketing partnerships and even greater supply from brands to drive a 90 per cent increase in full-price sales year-over-year from the highly valuable luxury audience we have attracted. All this boosts our progress towards becoming the global platform for luxury, as we continue to advance our initiatives in China, Farfetch Platform Solutions, Farfetch Connected Retail and our Luxury New Retail vision,” Neves added.
In its outlook for fiscal 2021, the company said that it expects digital platform GMV to rise 35-40 per cent year-over-year.
“I am very pleased with Farfetch’s results in second quarter 2021. We executed across the platform to deliver high quality top line growth, significantly increasing our full-price mix and generating record media solutions revenue. This in combination with further efficiencies in demand generation and operating costs resulted in strong Adjusted EBITDA margin performance, which positions us well to achieve our full-year Adjusted EBITDA profitability target through the continued sustainable growth of our platform,” Elliot Jordan, CFO of Farfetch, said in the release.
Fibre2Fashion News Desk (JL)
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