The e-commerce company reported earnings for the quarter ending March 31, 2021, also highlighting growth in its gross merchandise value of 50 percent to $916 million from last year.
“Our brand partnerships have never been stronger, and our customer and brand building initiatives are resonating well to drive awareness of our value proposition and retention of our valuable consumers,” Farfetch founder and CEO José Neves said in a press release. “I am also very enthused by the positive consumer reaction to our recent launch on Tmall’s Luxury Pavilion, and the momentum building behind our Luxury New Retail vision as we see it being adopted by luxury partners around the world.”
The strong first quarter earnings results come amidst a luxury e-commerce boom, propelled by the pandemic. Farfetch also continues to make a bid to consumers that it is the go-to e-commerce destination over competitors in the crowded space.
Farfetch shares soared in 2020 along with sales, but the stock is down nearly 50 percent from its February peak.
Read more about Farfetch in BoF’s case study, “Inside Farfetch’s Bid to Dominate Luxury E-Commerce.”