1. News
February 25, 2022

Farfetch registers 35% revenue increase to $2.3bn for FY21

The company expects its Digital Platform's gross merchandise value (GMV) to grow by 28% to 32% in FY22.

British-Portuguese online luxury fashion retail platform Farfetch has reported ‘strong’ results for the fourth quarter (Q4) of the fiscal year 2021 (FY21), as well as the full year.

The company’s full-year revenue rose by 35% to $2.3bn compared with 2020.

Farfetch posted a record gross merchandise value (GMV) of $4.2bn, which increased 33% from the prior year and was up 98% compared to two years prior.

The GMV of the company’s Digital Platform reached $3.67bn in 2021, compared with $2.75bn a year earlier.

Farfetch’s Q4 revenue rose by 23% from the same period of last year to $666m.

Driven by performance in its Digital Platform segment, the company’s GMV for the quarter increased by $232.2m, representing a 22% growth to $1.28bn compared with last year.

Its Digital Platform’s GMV increased by $206.7m to $1.14bn in Q4.

Farfetch founder, chairman and CEO José Neves said: “Our fourth-quarter results clearly demonstrate the strong momentum behind the Farfetch platform.

“We exit the year having once again delivered market share capturing GMV growth in 2021, along with our first year of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) profitability.

“This positions Farfetch for an incredible 2022 focused on continuing to lead the online luxury fashion industry, growing faster than the runner-ups, and expanding profitability.

“As we enter a post-pandemic environment, I am proud of the support Farfetch has provided to our partners across the global luxury community during this unprecedented time as we advanced our mission to be the connector between the curators, creators and consumers of the luxury fashion industry.”

For FY22, Farfetch expects its full-year GMV for its Digital Platform to grow by between 28% and 32% and its Brand Platform GMV to increase by 20% to 25% year-over-year.

Last month, the company revealed plans to purchase US-based luxury beauty retailer Violet Grey for an undisclosed sum.