Farfetch’s First-quarter Sales Run Up 46.4 Percent

WWD2021-05-14

Farfetch gained more ground in the first quarter.The luxury platform’s revenues for the three months ended March 31 increased 46.4 percent to $485.1 million from $331.4 million a year earlier. The ...

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JaydenKng
2021-05-14
JaydenKng
Of course up, selling things at sky high price LOL
ORNEGU
2021-05-14
ORNEGU
up
- ORNEGU:
  ??
- Elleysss:
  up

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I am more confident than ever in our position to go after the significant growth opportunities we see as a digital enabler of the global luxury industry – a nearly $300 billion opportunity which we remain laser-focused on and plan to continue investing behind to deliver significant value over the long-term.”Neves has become — or is going to have be — one of fashion’s premier multitaskers as he pursues his stated vision of becoming “an operating system for the industry” as well as tech partner and digital enabler. While Farfetch’s own brands, such as Palm Angels in its New Guards Group unit, and its retail outpost Browns do hold inventory, the company is primarily  a connector. Lately, Neves has been making some pretty big connections, such as the deal to put Farfetch on Tmall, which was made possible through a mega partnership with Alibaba and Compagnie Financière Richemont (an agreement that also received some buy in from François-Henri Pinault, managing partner of Artemis, which owns another luxury giant, Kering). Farfetch’s roots are in its platform, where it provides a digital space for boutiques to sell to customers. 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The stock traded as high as $73.87 in February and closed down 4.4 percent Thursday to $37.03, giving it a market capitalization of $13.1 billion.Following the quarterly update, the shares slipped more than 5 percent in afterhours trading.   Farfetch is in some ways still developing in the old fashioned manner as well with category expansion. Next year, it plans to launch into the beauty category with an eye toward presenting consumers with a whole look. While many big beauty names — protective as always of their brand names and positioning — have been shy about digital platforms, some fashion brands that are fans of Farfetch might see it as a good home for their beauty products as well. The company could also seek to build or buy other bridges to beauty. 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