Follow us


Farfetch reports a rise in Q2 sales

Sadiyah Ismailjee
14 August 2020

Luxury etailer, Farfetch has reported a rise in second quarter sales by 74%, in what founder, chairman and CEO José Neves described as a "paradigm shift" in luxury shopping.

Sales at Farfetch increased by 74% in the three months ending 30 June to $365m (£279m).

Gross merchandise value was up by 48% compared to the previous year. Although, the luxury etailer reported a 358% increase in losses after tax to $436m (£333m) for the period.

Farfetch gained a huge increase in new customers during the period, up 500,000 shoppers on last year.

CEO, founder and chairman of Farfetch, José Neves said: “Second quarter 2020 was record-breaking for Farfetch. Digital Platform GMV was an all-time high $651 million, we attracted more than half a million new consumers - our highest ever, and brands and retailers leaned in to offer the broadest selection of luxury fashion we have ever seen on the Marketplace."

"We’re pleased to support such a large number of the world’s leading luxury brands who are leveraging our global platform to navigate the current landscape, including our top 20 direct brand e-concessions who, together, have benefited from a doubling of sales year-on-year."

"I believe this ongoing acceleration behind our business results from a paradigm shift in luxury shopping, as the industry undergoes a major acceleration of the secular online adoption I envisioned in founding Farfetch."

"We at Farfetch remain dedicated towards helping the global fashion community navigate these unprecedented times, connecting luxury’s curators, creators and consumers now, and in the years to come.”

CFO of Farfetch, Elliot Jordan, said: “The strong trajectory of the business, our expanding unit economics and scaling of costs delivered in second quarter 2020 puts us squarely on the path towards achieving our targeted adjusted EBITDA profitability in 2021, particularly as we have seen the acceleration behind the business continue into the third quarter.”

Free NewsletterVISIT