Farfetch, a leading global platform for the luxury fashion industry, reported its financial results for the first quarter ended March 31, 2020.
This are the main highlights:
Q1 2020 Gross Merchandise Value up 46% year-over-year; Digital Platform GMV up 19% year-over-year (20% on constant currency basis).
$107 million Brand Platform GMV in Q1 2020 on continued strength of New Guards brand portfolio;
Q1 2020 Revenue increased 90% year-over-year to $331 million;
Q1 2020 Loss After Tax remained relatively unchanged and Adjusted EBITDA improved, year-over-year; Adjusted EBITDA Margin improved to (7)%;
Cash and cash equivalents of $422 million at quarter-end; $400 million Convertible Senior Notes issuance in April 2020 further strengthens liquidity position.
How the digital platform performed
The digital platform continued to offer consumers a selection of luxury fashion through partnerships with more than 1,200 sellers, including over 500 direct brand e-concessions.
- Q1 in-season stock exceeded 300,000 SKUs from more than 3,400 brands;
- Signed new e-concession with Balmain, among other luxury brands;
- Maintained 100% three-year retention of top 100 direct brand and top 100 boutique partners.