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The global fashion business journal

Aug 7, 202012:20pm

Farfetch fattens its losses in the third quarter but is still on the path to profitability

The ecommerce platform has ended the period with sales of 255.4 million dollars, compared to 112.7 million dollars in 2018.

Nov 15, 2019 — 5:58pm
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Farfetch fattens its losses in the third quarter but is still on the path to profitability

 

 

Farfetch ends third quarter at double speed. The ecommerce platform, owned by businessman José Neves, has ended the period between June and September with sales of 255.4 million dollars, compared to 112.7 million dollars year-on-year.

 

Between June and September, sales generated through its digital platform (GMV) stood at 492 million dollars, up 59%, while the number of users was 1.9 million of people. Farfetch had red numbers of 85.4 million dollars, compared to losses of 77.2 million dollars in the same period of 2018.

 

 

 

 

Elliot Jordan, chief financial officer of the company stated, that result dropped due to the acquisition of New Guards Group, owner of brands like Off-White, Palm Angels or Marcelo Burlón, last summer for 675 million dollars.

 

“I am very pleased with our continued progress in building the global platform for luxury. We had a fantastic third quarter, beating all our expectations, and continuing to capture market share at a rapid pace,” stated José Neves, founder and chief executive officer in a press release, as well as the plan to return to profitability by 2021.

 

The company began listing in the New York stock exchange in September 2018. The company’s shares began trading at a price of twenty dollars, compared to the range between seventeen and nineteen dollars that was first expected.

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