Growth for Farfetch in second quarter results

Worldwide
Published:  30 August, 2022
Credit: Farfetch

Luxury fashion e-commerce platform Farfetch has reported its financial results for the second quarter of the 2022 fiscal year.

The company achieved gross merchandise value (GMV) of US$1 billion, an increase of 1.3% year-on-year.

Digital platform GMV for the period was down 3.3% year-on-year to US$883.1 million, while brand platform GMV was up 47.3% to US$107.1 million.

Revenue for the second quarter of the year was US$579.3 million, growing by 10.7% over the same period in 2021.

The company achieved a gross profit margin of 46.2% in the second quarter and reported a profit after tax of US$67.7 million.

Farfetch founder, Chairman and CEO José Neves said: “We are navigating a volatile macro environment adeptly, continuing to post growth compounding on what has been a tremendous three-year run for Farfetch, a period that saw our business double as measured by our GMV.

“This makes me extremely bullish for 2023, a year when we will lap our closure of our Russia operations, expect China to turn into a tailwind, and will start to see the fruits of large deals signed this year with Reebok, Neiman Marcus Group and Salvatore Ferragamo. These 2023 vectors of growth, combined with the rationalisation of costs we are implementing this year, make me very confident about our 2023 top line, profitability and cash generation.”