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Richemont: Why a deal with Farfetch is not guaranteed?

Richemont: Why a deal with Farfetch is not guaranteed?

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The world’s leading online luxury goods retail platform has reported good economic results for its first quarter of 2022 despite the dark clouds brought by the situation in Ukraine-Russia and China; while it remains in talks with Richemont about signing a partnership agreement.

 

Farfetch, which has very quickly become the market leader in the sale of fashion and luxury products, has nevertheless achieved a good first quarter. In the first quarter ended March 31, 2022, its revenue increased 6.1 percent year over year to $514.8 million (about €478.8 million).

 

In addition, the gross merchandise value (“GMV”) of the Q1 2022 platform amounted to $930.8 million (€865.7 million), an increase of 1.7% year-on-year. As for the gross margin for the first quarter of 2022, it was 44.8%.

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However, Farfetch was quick to point out a significant slowdown in sales in the first quarter of 2022, and revenue growth also slowed by 6% in the same period.

 

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Featured photo : © Farfetch

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