Farfetch hails strong GMV growth
Farfetch achieved a record gross merchandise volume of $4.2 billion in 2021 which means it grew by 33% year-on-year and by 98% compared to 2019.
Meanwhile, revenue climbed by 35% on the prior year to $2.3 billion.
The company said the GMV growth was driven by the performance of its digital platform where GMV increased by 22% in its fourth quarter. In-store sales growth was also strong in the three month period, rising by 88.9% after trade was boosted by additional New Guards stores opened in the last twelve months, as well as growth from existing stores.
José Neves, Farfetch founder, chairman and chief executive, said: “Our fourth quarter results clearly demonstrate the strong momentum behind the Farfetch platform. We exit the year having once again delivered market share capturing GMV growth in 2021 along with our first year of adjusted EBITDA profitability. This positions Farfetch for an incredible 2022 focused on continuing to lead the online luxury fashion industry, growing faster than the runner-ups, and expanding profitability.”
