Farfetch has reported financial results for its second quarter ended June 30, 2023.
Third party transactions generated 80 per cent of its digital platform GMV. Its marketplace expanded to support over 1400 sellers including multi-brand retailers and e-concession partners with a further 30 of the latter signed up during the first half of the year. Active consumer numbers were up by 4.1 million.
José Neves, Farfetch Founder, Chairman and CEO, said: “Our Q2 results show Farfetch is growing, becoming more efficient, and executing on our key strategic priorities. We have also taken decisive action to adapt to the macro environment of the last 18 months. 2023 is set up to be a great year for Farfetch, toward strong GMV growth, Adjusted EBITDA profitability and positive free cash flow. All the while we remain steadfast on delivering our strategic vision of becoming the global platform for luxury.”
Elliot Jordan, Farfetch CFO added: “I’m pleased with our second quarter performance, which demonstrates our progress towards delivering profitable growth and positive free cash flow in 2023. Our Digital Platform has performed particularly well, returning to growth while maintaining a stable order contribution margin. This, coupled with significant savings in the cost base across all areas of the business, means our digital platform is more profitable than last year. We enter the second half well positioned to achieve faster levels of growth, with a lower cost base and strong liquidity.”
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