Luxury fashion retail platform Farfetch announced results for 2021 this Thursday, and the company’s revenue, led by Portuguese José Neves, rose 35% compared to 2020 to reach $2.3 billion.
In the fourth quarter alone, Farfetch reported revenue of $665.7 million, up 23.3% from October to December 2020 — but less than the $673.3 million forecast by market consensus.
Farfetch also reported an adjusted loss per share of 3 cents on the dollar in 2021, cheering the market, with analysts surveyed by FactSet expecting a loss of 25 cents per share.
These numbers excited investors, as shares rose by 33.24% on the New York Stock Exchange after hours, to $ 20, after rising by 5.15% to $ 15, at the close of the regular session on Thursday, $ 01.
In the fourth quarter, the company posted a profit of $96.8 million, compared to a loss of $2.26 billion in the same period in 2020.
This net result includes $127 million in non-cash benefits arising from the positive impact of lower stock prices in this period on the convertible bonds issued by Farfetch.
The London-based company is present in many global markets, including China, where it is located at Alibaba’s Tmall Luxury Pavilion, with a reach of 779 million customers. The British Portuguese platform was established in 2007.
Farfetch plans to launch a “wider value proposition” in the beauty and cosmetics sector later this year. In preparation for this bet, the company led by José Neves announced at the end of January the purchase of luxury beauty products retailer Violet Gray. The purchase amount was not disclosed.
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