Global online luxury fashion platform, Farfetch has recorded growth in Q1 2020 revenues of 90% year-over-year to $331 million, while gross merchandise value (GMV) rose 46% year-over-year. Its digital platform GMV is up 19% year-over-year during the first quarter of 2020.
“When I founded Farfetch 12 years ago, I never imagined that the global platform I was building for the luxury industry would be put to the test in such a devastating crisis. Our hearts go out to everyone who has been impacted by this global pandemic, and we are deeply grateful to the frontline and essential workers who are helping us all manage through this situation,” said José Neves, founder, CEO & co-chair, Farfetch. “Over the past few months, as we have responded to an ever-changing environment to serve the community of creators, curators and consumers of this industry we so love, our teams have stretched beyond perceived limits, and demonstrated the resilience of our business model.
“The investments we have made to build the global platform for the luxury fashion industry have been paying off, with features such as our global logistics capabilities, geo-diversified supply network and localised services for a global consumer base, enabling the continuity of our operations and delivery of our strong first quarter 2020 results. But one thing that has become evident over the past weeks, is that the world will not go back to the same ‘normal’ as we knew it pre-COVID-19. As we consider the structural changes that will likely impact the luxury industry, I am confident that our unique set of capabilities position Farfetch to be even stronger in the future,” Neves added.
“I am very pleased by our financial results in first-quarter 2020, which highlight the strength of our business model. GMV growth across the quarter, stable unit economics and cost base leverage mean we have significantly outperformed on adjusted EBITDA, continuing on our path to profitability. Our strong balance sheet positions us well to navigate near-term uncertainties as we continue to build on our position as the leading global platform for the luxury fashion industry by focusing on delivering sustainable growth, while also improving cost efficiencies,” concluded Elliot Jordan, CFO, Farfetch.
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