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Farfetch publishes last year’s financial results

Date: April 1, 2023 Time: 22:34:52

Farfetch has published the financial results of last year. The company’s record revenue in 2022 is estimated at $2.3 billion. This is 3% more than the previous year. Business Wire writes about it.

Despite overall growth, merchandise turnover for all of 2022 fell 4% to $4.1 billion. The indicator in the fourth quarter alone fell 12% and the income indicator fell 5%. The data reflects the impact of trade suspensions in Russia and mainland China, where pandemic-related restrictions apply.

Farfetch founder and CEO José Neves said the company has skillfully weathered unprecedented events and has been able to deliver overall growth on a constant currency, doubling its merchandise turnover in the last three years. The company also announced the resignation of Group CFO Elliot Jordan, who has been with the company since January 2015.

Jordan will step down from his role at the end of 2023. Previously, chief brand officer Holly Rogers and chief development officer Martin Avetisyan left the company.

As a reminder, Richemont announced a deal in which Farfetch acquired a 47.5% stake in Yoox-Net-a-Porter. With the arrival of new brands on the market, Farfetch plans to expand its customer base and strengthen its digital platform. We talk about it in more detail here.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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