// Farfetch has recorded a 10.7% increase in revenue for the second quarter of the year
// Gross profit rose by 16.3% year on year, to £226.8m
For the second quarter, Farfetch has reported a 10.7% rise in revenue to £489.5 million and a 16.3% rise in gross profit for the three months to 30 June.
The luxury fashion retailer said the increase in revenue was driven by a 60.3% increase in brand platform revenue to £98.5 million, a 52.0% growth in in-store revenue and an increase in digital platform revenue of 0.7%.
Gross profit rose by 16.3% year on year, to £226.8m, although adjusted EBITDA fell by £20.5m compared to the same period last year.
The company’s digital platform GMV decreased by 30.3 million dollars to 883.1 million dollars in the second quarter – a decline of 3.3% but the report stated that excluding the impact of changes in foreign exchange rates, this would have increased 1.6% year on year.
The retailer added that digital platform GMV performance reflects continuing headwinds from halted trade with Russia amid its invasion of Ukraine and China, where regional Covid-19 restrictions continue to impact orders in Mainland China.
Farfetch founder, chairman and chief executive José Neves said: “At Farfetch our mission is to be THE global platform for luxury. This week we celebrated a major step towards that mission, with a transformational deal advancing our Luxury New Retail (LNR) partnership with Richemont.”
“Since the acquisition of Browns, through the launch of F90 with Gucci, partnerships with Chanel and Harrods, our China JV with Alibaba, Richemont and Kering, and more recent signings of Neiman Marcus and Salvatore Ferragamo, to name just some of the milestones, we have built upon this vision relentlessly – year after year – and this week we celebrate a landmark partnership where we are partnering with Richemont to deliver LNR to their entire group, with their Maisons and YNAP adopting Farfetch Platform Solutions and also joining the Marketplace. This is our long-term vision coming to life.”