Fashion platform Farfetch beats growth expectations with 46 per cent sales jump

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Farfetch has been sold to the South Korean e-commerce group Coupang in a last minute rescue deal to save the company from bankruptcy.
Farfetch has been sold to the South Korean e-commerce group Coupang in a last minute rescue deal to save the company from bankruptcy.

Luxury fashion platform Farfetch beat growth expectations in the first quarter of the year as its sales jumped 46 per cent.

The British e-commerce site said revenue hit $485m in the first three months of the year, with gross merchandise value rising 50 per cent to $916m.

Meanwhile, profit after tax reached $517m during the quarter, the New York listed company said.

Farfetch founder and chief executive Jose Neves said there had been a “stronger than expected acceleration in the business in the first quarter”.

Full-year growth expectations are also higher than previously forecast.

“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 said.