Farfetch, which works as a global platform for the luxury industry, has seen its gross merchandise volume (GMV) exceed $1 billion since last year.
José Neves, Farfetch founder, chair and CEO said, “I am truly impressed with the resilience of the luxury industry, which after an unprecedented period, is already back to growth with even stronger fundamentals. I am very proud that Farfetch was a close partner for both retailers and brands in this time, delivering strong growth to our sellers, and as a result doubling our GMV in the last 24 months.”
The company saw its revenue in Q2 increase 43 percent year-over-year, now hitting $523 million.
The release says digital growth was up over the past year as COVID-19 drove people to start shopping more online.
Farfetch Marketplace has continued to give customers a wide selection of options — it has over 390,000 SKUs from almost 1,400 sellers. The company said its supply from multibrand retailers as well as eConcession partners has been up.
The company has introduced several features for Farfetch Platform Solutions clients, including live chat, improved personalization and re-purchase capabilities for pre-owned products.
Luxury goods have been doing well as of late, PYMNTS wrote, with the newfound appetite for them grown during the pandemic prompting Capri Holdings, which is parent to Versace and others, to raise the forecast on its profits for the 2022 fiscal year.
Read More: Appetite For Luxury Prompts Forecast Boost By Versace Parent
The luxury goods company predicts that luxury goods will stay popular — even as the pandemic eventually recedes and the world continues getting back to normal.
Capri said analysts had forecasted revenue of $5.15 billion for the year started April.
Capri Holdings isn’t alone — its competitors like LVMH, Hermès and Gucci-owner Kernig have also seen boosted revenues.
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