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Online luxury fashion retail platform, Farfetch, has announced that the group’s revenue increased by 10.7% year-over-year in Q2 to $579.3m (£493.1m).
The group’s profit after tax also reached $67.7m (£57.6m) in the period, which included a non-cash benefit arising from impact of lower share price on items held at fair value and remeasurements.
It is reported that the luxury retailer also reached an adjusted EBITDA of $24.2m (£20.6m) in its second quarter.
In addition, the group’s Gross Merchandise Value (GMV) increased by 1.3% to $1bn (£85m) in Q2 2022, which shows a 7.6% year-over-year increase at constant currency.
The group also reported that in Q2 its digital platform GMV increased 1.6% year-over-year at constant currency to $883.1m (£751.7m), as well as a brand platform GMV growth of 47.3% year-over-year in Q2 to $107.1m (£91.1m)
José Neves, founder, chairman and CEO of Farfetch, said: “We have built upon our 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. This is our long-term vision coming to life.
“We are navigating a volatile macro environment adeptly, continuing to post growth compounding on what has been a tremendous 3-year run for Farfetch, a period that saw our business double as measured by our GMV. This makes me extremely bullish for 2023, a year when we will lapse our closure of our Russia operations.”
He added: “I look forward to discussing all of this as well as our longer term plans in an upcoming Capital Markets Day, which we expect to take place before the end of the year.”
Elliot Jordan, CFO of Farfetch, said: “In second quarter 2022 Farfetch demonstrated its ability to navigate macro challenges while delivering robust underlying growth and managing resources effectively. We achieved revenue growth, on a constant currency basis, of 21% year-on-year, and expanded gross profit margins with strong unit profitability.
“We remain focused on continuing to navigate the near-term macro environment, and I am excited about the multiple levers of growth and drivers of profitability in 2023 and beyond.”
