Farfetch Limited FY19 revenue exceeds $1 bn
Farfetch Limited, a leading global technology platform for the luxury fashion industry, reported 52 per cent increase in gross merchandise value (GMV) in FY19 exceeding $2 billion Year-over-Year (YoY) basis. Revenue for complete FY19 that ended on December 31, 2019 increased 69 per cent to $1.02 billion compared to $602.3 million last year.
Digital platform GMV grew 36 per cent YoY to a record $629 million in Q4 FY19. New Guards’ brands generated $75 million brand platform gross profit in first five months following the August 2019 acquisition, as company reported.
GMV increased from $466.5 million in Q4 FY18 to $739.9 million in Q4 FY19, representing YoY growth of 58.6 per cent. Digital platform GMV increased from $462.2 million in Q4 FY18 to $628.6 million in Q4 FY19, representing YoY growth of 36.0 per cent.
Revenue increased by $186.7 million YoY from $195.5 million in Q4 FY18 to $382.2 million in Q4 FY19, representing growth of 95.5 per cent. The increase was reportedly driven by 36.6 per cent growth in digital platform services revenue to $226.4 million and the addition of brand platform revenue from New Guards. In-store revenue increased by 126.9 per cent to $9.8 million primarily due to the addition of revenue from New Guards and Stadium Goods directly-operated stores, as well as growth in Browns stores, as reported.
Gross profit in Q4 FY19 increased 87.0 per cent YoY to $176.1 million reportedly due to the growth in Fartech’s digital platform services revenue and the addition of new guards brand platform operations. Gross profit margin in the quarter decreased from 48.2 per cent to 46.1 per cent YoY, primarily driven by a lower digital platform gross profit margin.
In the future outlook for 2020, Fartech reported that in light of the heightened uncertainty recently created by the spread of the novel coronavirus, it is possible that their performance and projections could be impacted by disruptions caused by this situation, as compay reported.
The company in FY20 expects: GMV growth of 40 per cent to 45 per cent to $3.00 billion to $3.10 billion, and digital platform GMV growth of approximately 30 per cent to $2.50 billion to $2.56 billion.
Fibre2Fashion News Desk (JL)