uxury online retailer Farfetch observed revenues soar by 64% to $1.7 billion in 2020 as locked-down fashionistas splashed out from dwelling.
The London-headquartered agency, which sells labels these kinds of as Prada, Stella McCartney and Chloe, saw the yr-about-12 months sales leap as actual physical retailers closed at intervals all over the world owing to Covid lockdowns.
Farfetch reported on Thursday that its gross merchandise benefit exceeded $3 billion – up 49% calendar year-about-year – and that in the fourth quarter it observed revenues rise by 41% calendar year-over-yr to $540 million.
The web page pointed out that 2020 noticed it turn into a “worldwide desired destination” for kids’ luxurious vogue, with the broadest assortment of designer childrenswear on provide.
Bernstein analyst Luca Solca pointed out that Farfetch, which was started by entrepreneur José Neves in 2007 and floated in New York in 2018 valued at £4.9 billion, “has manufactured the most of the digital luxurious acceleration generated by the Covid-19 pandemic”.
Neves explained that in 2020 the firm “cemented our management as the premier world-wide on line vacation spot for luxurious style” and highlighted that Farfetch arrived at profitability in the fourth quarter – a “critical milestone” for the corporation.
He explained the business “shown the scale and attractiveness of our organization model as we attained the key milestone of Altered EBITDA profitability in the fourth quarter”.
Neves included that the firm plans to leverage “our incredible achievements to day and our special platform capabilities to go following the considerable growth prospects we see” both on line and offline.