Farfetch, the British apparel e-tailer, saw its first quarter revenue surge by an impressive 46 per cent to post US $ 485 million.
The quarter also witnessed the clothing e-tailer record a jump of 50 per cent in its gross merchandise value (GMV) to clock US $ 916 million.
The e-tailer’s digital platform GMV too rose by a whopping 60 per cent during the quarter to touch US $ 790 million – good enough to make Farfetch upgrade its digital platform GMV for the year.
In the present quarter, Farfetch hopes digital platform GMV to be between US $ 910 million and US $ 945 million, while for the year, it could be between US $ 3.725 billion and US $ 3.865 billion – at a growth of 35 to 40 per cent.
The net profit for the e-tailer during the quarter was US $ 517 million.
The adjusted EBITDA saw a loss of US $ 19.2 million, though it was still better than US $ 22.3 million loss seen in 2020’s first quarter.
Farfetch is also, reportedly, enthused by the positive consumer reaction to its recent launch on Tmall’s Luxury Pavilion, and also the momentum building behind its Luxury New Retail vision.
Also Read: Farfetch is now on China’s Tmall
Though Farfetch is more of e-commerce, it runs some physical stores as well. The quarter saw its in-store revenue jump by 25.4 per cent to touch US $ 10.7 million.
