Farfetch, the British-Portuguese fashion e-tailer, is out with its Q2 financial results!
The London-based luxury retailer has seen its gross merchandise value (GMV) surpass US $ 1 billion, which is more than double to what it was back in 2019.
The full-price sales growth during the quarter was 90 per cent, which was instrumental in increasing the second quarter digital platform GMV by 40 per cent compared to Q2 2020 and 89 per cent compared to Q2 2019.
The retailer also saw its revenue, for the quarter ended 30 June 2021, surge by 43 per cent to clock US $ 523 million.
Importantly, the quarterly profit after tax of US $ 88 million included US $ 246 million non-cash benefit arising from the effect of lower share price on items held at fair value and re-measurements.
On 30 June 2021, cash and cash equivalents were US $ 1,048.7 million, a slump of US $ 524.7 million compared to US $ 1,573.4 million on 31 December 2020.
Notably, the decrease in cash and cash equivalents was mainly related to funding working capital and a US $ 100 million short-term investment in variable money market instruments.
The e-tailer, reportedly, plans to continue advancing its initiatives in China, Farfetch Platform Solutions, Farfetch Connected Retail and our Luxury New Retail vision.
The luxury fashion retail platform was founded in 2007, and sells products from over 700 boutiques and brands across the globe.