Online designer platform happy with first quarter results
First quarter results for Farfetch, a online luxury fashion retail platform that carries brands such as Bottega Veneta and Prada, show a revenue increase of 90% year-over-year to $331 million. The results, according to the company, demonstrate the strength of the platform model within the luxury industry.
“Over the past few months, as we have responded to an ever-changing environment to serve the community of creators, curators, and consumers of this industry we so love, our teams have stretched beyond perceived limits, and demonstrated the resilience of our business model,” said José Neves, founder, CEO and co-chair of UK-based Farfetch.
He credits investments made in building the global platform, which include global logistics capabilities, geo-diversified supply network, and localised services for a global consumer base, with enabling the continuity of operations and delivery of strong first quarter 2020 results.
“But one thing that has become evident over the past weeks, is that the world will not go back to the same ‘normal’ as we knew it pre-COVID-19,” he said. “As we consider the structural changes that will likely impact the luxury industry, I am confident that our unique set of capabilities position Farfetch to be even stronger in the future.”
