The British fashion platform has registered one red in its books worth 373.6 million dollars against the losses of 2018 which stood at 155.5 million dollars.
Farfetch faces the bittersweet results of 2019. The British ecommerce company, founded by the Portuguese businessman Jose Neves, has ended the year with upward sales but gaining its losses.
The company, which has been listed on the New York Stock Exchange since September 2018, has recorded red ink in its books of 373.6 million dollars against the losses of 2018 which stood at 155.5 million dollars.
On the other hand, Farfetch’s revenue increased by 69.6% year-on-year, to 1 billion dollars. The company has highlighted the contribution of New Guards to its revenue, which it acquired six months ago. New Guards’ revenues have amounted to 75 million dollars since its purchase.
In parallel, José Neves has explained that the coronavirus has had no impact on his business. “There has not been a material impact to the business,” explained the founder. “However, circumstances regarding the novel coronavirus situation remain uncertain,” he added.
By 2020, the company plans to increase its gross merchandising value between 40% and 45%, to 3 billion dollars and 3 billion dollars.