Global luxury e-commerce platform Farfetch has reported financial results for the first quarter, announcing a return to growth following improvement in the United States and in Mainland China, its two largest markets.
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Revenue increased USD41.6 million year-on-year from $514.8 million in first quarter 2022 to USD556.4 million in first quarter 2023, representing a year-over-year increase of 8.1 percent.
The rise was boosted by a 6.5 percent spike in digital platform revenue and a 13.9 percent increase in brand platform revenue, in addition to a 9.6 percent increase in in-store revenue.
José Neves, Farfetch founder, chairman, and chief executive officer, said: “Our first quarter results represent the first step towards achieving our plan for 2023, and demonstrate our strong execution in the face of continued macro headwinds.
At the same time, we continue to focus on our medium- and longer-term goals, including our mission to be the leading global platform for the more than USD360 billion luxury industry. We believe we are uniquely positioned to go after this opportunity, and have demonstrated a track record of strong growth over the years, having grown GMV three times as fast as the industry between 2019 and 2022.”
Farfetch continued to bolster its Marketplace, featuring in-season luxury fashion from more than 1,400 sellers as supply from multi-brand retailers and e-concession partners increased to a record 17 million total stock units in Q1.
Boosting a key brand with Chinese luxury shoppers, Farfetch also expanded its FPS relationship with luxury department store Harrods, launching a fully localised destination, www.harrods.cn.
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In the first quarter, emerging Asian fashion brands such as the Chinese group JNBY and South Korea’s Studio Tomboy also partnered with Farfetch’s Media Solutions to engage a global audience and boost their launches on the Farfetch Marketplace.