Farfetch, the luxury online sales group led by José Neves, reached a turnover of 798 million dollars in the third quarter of 2020, 62% more than in the same period of last year – a growth of 10% compared to the second quarter of the year, when the company reached 721.3 million dollars.
In a statement sent to the regulator of the North American capital market, Farfetch highlighted that the turnover of the digital platform alone accounted for 674 million dollars in the third quarter, 60% more than in the same period of 2019.
In the opposite direction are the losses, with a substantial increase, from 90.4 million dollars in the third quarter of last year, to 537 million in the period under analysis.
“What we are seeing is the acceleration of the trend towards online acceptance in the luxury sector – a sector that is still very little penetrated by this segment. The resources developed across the Farfetch platform over the past 13 years, in anticipation of the eventual digitization of the luxury industry, position the company in a unique way to take advantage of this opportunity”, says José Neves, quoted in the statement.
The Farfetch’s CEO and founder also evoked the company’s latest businesses – which got it close to the Chinese Alibaba, the Swiss Richmont and the French Artémis – to prove that Farfetch is on the right track.