Farfetch's first set of results since its IPO showed sales soaring and even though the firm is still loss-making, its growth trajectory is continuing into 2019 as the global appetite for luxury fashion remains strong.
Two of the biggest names in luxury retail are now working together with Farfetch saying on Tuesday that it’s linking up with Harrods and will be the luxury department store’s global commerce platform provider.
The close relationship between luxury e-tailer Farfetch and Browns, the physical store that it acquired back in 2015, has become even closer with Browns’ CEO Holli Rogers having taken on a new role at the parent firm.
Young Chinese fashion entrepreneur Wendy Yu, an investor in British fashion brand Mary Katrantzou, aims to build a fashion empire and plans to invest on average in two fashion brands a year, she told FashionNetwork.com.
Fashion brands need to put their foot down and take action to prevent “a race to the bottom” in terms of discounts that threaten whole fashion retail eco-system, Farfetch CEO José Neves told FashionNetwork.com.
Farfetch losses may have grown in Q3, but at its still-early development stage that's no shock. Losses aside, its Q3 report showed it surging ahead on sales and market share with enough cash to fund its lofty ambitions.