The luxury e-commerce portal Farfetch has revealed its Q1 revenue figures and they don’t seem promising. The ongoing lockdown due to the COVID-19 pandemic has resulted in the company taking losses of anywhere between US $ 70 million and US $ 125 million.
Last year, the company closed at around US $ 373 million, and after taxes and after a series of successful acquisitions, the stakeholders were optimistic about the company making good revenue.
Jose Neves, CEO of Farfetch, has assured that the stakeholders should not lose hope as their business is resilient to the chain reactions started by Coronavirus. This is evident from their share value rise from US $ 6.84 per share on 2 April to US $ 12.02 on 12 April.
Farfetch claims that it has multiple suppliers and vendors located in several parts of the globe. Adding to it, their successful supply chain optimisation and heavy reliance on e-commerce rather than physical stores, has allowed them to continue operating fairly well during the pandemic.
The staff of the retail stores has been allowed leaves while some of them work from home.