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Farfetch results echo recovery of the luxury industry

By Don-Alvin Adegeest

Aug. 20, 2021

Farfetch, the British-Portuguese online luxury fashion retail platform that sells products from over 700 boutiques and global brands, saw revenue increase 43 percent in the second quarter of 2021. Gross merchandise value was up 40 percent, doubling over the same period last year to 1 billion dollars.

“I am truly impressed with the resilience of the luxury industry, which after an unprecedented period, is already back to growth,” José Neves Farfetch founder and chief executive said in a press release.

“Our stronger Farfetch brand is drawing marketing partnerships and even greater supply from brands to drive a 90 percent increase in full-price sales year-over-year from the highly valuable luxury audience we have attracted.”

Luxury groups LVMH, Kering, Richemont and Prada all posted impressive revenue growth in 2021. The luxury industry outlook for H2 remains both optimistic and could defy previous expectations.