Farfetch Limited, the platform for the luxury fashion web store, reported a 52 percent increase in gross merchandise value (GMV) in FY19 exceeding $2 billion Year-over-Year (YoY) basis. The revenue for complete FY19 that ended on December 31, 2019, increased 69 percent to $1.02 billion compared to $602.3 million last year.
According to engnews24h.com, the gross profit rose from $ 298 million to 459 within a year million dollars. CEO José Neves from Farfetch reported that Farfetch is twice as fast grown as the online luxury industry in 2019.
The New Guards Group was also acquired by Farfetch in the financial year. The New Guards Group is the license holder of Off-White, Heron and others Preston and Palm Angels. “I am very happy with the New Guards contribution Group. Less than six months after the acquisition, it already provides increased traffic to the marketplace, it improves our brand position and contributes to it our finances, “said Neves in the report.