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Farfetch sees high demand for luxury fashion, as sales jump

·1-min read
Farfetch has recorded higher Q2 sales (Farfetch)
Farfetch has recorded higher Q2 sales (Farfetch)

The value of goods sold by Farfetch topped $1 billion (£730 million) in the second quarter, the online luxury fashion firm has said.

That was 40% higher than a year earlier, and more than double compared with the same period in 2019, pre-pandemic.

Total revenue in the three months to June was $523.3 million, up from $364.7 million year on year.

Farfetch, which floated in New York in 2018, lists thousands of products on its website on behalf of brands such as Balenciaga, Burberry and Vivienne Westwood. The retailer also provides tech services to a number of companies in the industry.

The firm was founded in London by entrepreneur José Neves in 2007, and it joins a list of firms in the luxury goods sector to recently report higher sales.

A number of analysts have said brands have benefited after many shoppers built up their savings during lockdowns.

Farfetch has an office in Old Street, and a large number of its more than 5000 employees are based in the capital.

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