The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.”
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.
Fashion’s presence at Milan Design Week grew even bigger this year. Savvy activations by brands including Hermès, Gucci, Bottega Veneta, Loewe and Prada showed how Salone has become a ‘critical petri dish for dalliances between design and fashion,’ Dan Thawley reports.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
Revenues fell on a reported basis, confirming sector-wide fears that luxury demand would continue to slow.