On a constant currency basis, revenue was up by 12% in the first quarter. Gross merchandise value (GMV) was up by 0.1% in the period (4% at a constant currency) to US$931.7 million.

In the quarter, digital platform GMV fell by 1% year-on-year (up 2% at constant currency) to US$799.7 million while brand platform GMV was up by 10% (15% at constant currency) to US$109.7 million.

Gross profit margin for the period totalled 43.2% and the financial result for the quarter was a loss after tax of US$174 million.

Looking forward, Farfetch is expecting group GMV of around US$4.9 billion in 2023, with digital platform GMV of US$4.2 billion and brand platform GMV of US$0.6 million.

Elliot Jordan, Farfetch Chief Financial Officer, said: “I am very pleased with our first quarter 2023 results. We have delivered what we set out to achieve, with accelerating underlying growth, disciplined cost control and improved cash flows.

“We have successfully navigated through unprecedented macro challenges, and through continued focused execution, we remain on track to deliver a year of luxury market-beating growth, a return to profitability and positive free cash flow.”