The eyewear maker on Tuesday reported a 10 percent increase in revenue to $147 million in the final quarter of 2022, coming in above company and analysts’ estimates.
Farfetch’s year-on-year sales decline continued in the final quarter of 2022 as the luxury e-commerce firm faced sustained geographic challenges in Russia and China. But the company expects new partnerships will help sales grow more than 10 percent in 2023, and reach as high as $10 billion by 2025.
Sales for the singer’s inclusive streetwear line, which is produced in collaboration with Adidas, fell more than 50 percent in 2022 to $40 million, far below Adidas’ $250 million revenue projections, according to a new report from the The Wall Street Journal. Adidas also anticipated losing $10 million from the partnership last year.
The DTC basics brand announced internally on Wednesday that it will cut staff to help improve profitability by the end of the year amid rising inflation and recession fears, according to an internal email viewed by BoF.
Farfetch on Thursday said it expects to return to growth next year after reporting its first year-on-year decline in sales on its platforms in the third quarter.
The investment firm announced the financing on Wednesday.
The direct-to-consumer brand has secured $65 million in revolving credit and an additional $25 million loan.