Farfetch Q1 revenues accelerate by 90 percent

Farfetch Limited, for its first quarter reported gross merchandise value (GMV) increase of 191.6 million dollars to 610.9 million dollars, growth of 45.7 percent. The company said in a statement that digital platform GMV increased by 80.2 million dollars to 494.9 million dollars, an increase of 19.3 percent. The company added that excluding the impact of changes in foreign exchange rates, digital platform GMV would have increased by approximately 20.1 percent. Revenue increased by 157.3 million dollars to 331.4 million dollars, representing growth of 90.4 percent. The increase, Farfetch said, was primarily driven by 30.6 percent growth in digital platform services revenue to 185.2 million dollars and the addition of brand platform revenue from New Guards. In-Store Revenue increased by 87.7 percent to 8.5 million dollars due to the addition of revenue from New Guards, as well as growth in Browns and Stadium Goods directly-operated stores, despite COVID-19-related store closures toward the end of the quarter.