Revenue jumps 70% at online fashion retailer Farfetch

Jose Neves, Founder CEO and Co Chairman at Farfetch 1
Jose Neves, founder, CEO, and co-chairman at Farfetch. Farfetch
  • Revenue at Farfetch hit £151 million in 2016.
  • Gross merchandise value rose 81% to £547 million last year.
  • Losses up 18% to £34 million.

LONDON — Online luxury fashion retailer Farfetch sold over half a billion pounds worth of good across its platform last year, new accounts show.

Gross merchandise value, which measures the value of all goods sold, rose by 81% to £547.9 million in 2016, according to accounts filed with Companies House. Revenue rose by 74% to £151.3 million, while losses rose by 18% to £34 million.

London-headquartered Farfetch is an e-commerce platform for luxury boutiques from around the world. The global elite can virtually shop at over 700 shops in locations such as London, New York, and Paris.

£12 million of Farfetch’s revenue came from the UK, £40 million came from Europe, and the remaining £98 million came from the rest of the world. Farfetch said in accounts that it now gets 21 million visits per month to its website.

Employee numbers rose from 189 in 2015 to 233 last year. The highest-paid director, who is not named, made £272,044 last year.

Farfetch acquired from Vogue publisher Conde Naste in June of this year and accounts show that Farfetch made a share payment worth $US12.5 million to acquire the shopping website.

Founded in 2008, Farfetch was valued at $US1.5 billion (£1.1 billion) in a funding round last year, making it one of Britain’s few “unicorns” — private tech-based companies worth over $US1 billion. Farfetch raised $US397 million (£313 million) from online Chinese mall in June but a new valuation was not disclosed at the time.

The company is tipped for a $US5 billion float in the US imminently. CEO and founder Jose Neves said in August that an IPO is the “next logical stage for the company.

Farfetch did not immediately respond to Business Insider’s request for comment.