Like many other online fashion retailers, Farfetch saw soaring demand last year and said on Thursday that its 2020 gross merchandise value topped $3bn, up 49% year-on-year. Meanwhile revenue rose 64% to $1.7bn.
As many luxury brands struggle, we spoke to Sergey Arkhangelskiy, boss of Reality technology start-up Wanna – which is working with the likes of Gucci, Farfetch and Puma – and aiming for a 200% growth rate this year.
The Milanese label’s looks for next winter are sparkling with jewellery, a collection streamed live on the D&G and Farfetch sites on Monday evening, with viewers able to pre-order items on the British luxury e-store.
AZ Factory, the fashion house led by Alber Elbaz that is the most widely anticipated new brand in the industry, is planning a talk show as well as exclusives on Net-A-Porter and Farfetch as part of its launch next week.
Off-White is launching its first capsule collection of fashion and accessories for men and women in China, which will be sold exclusively on an Off-White Official WeChat Mini Program, a newly developed project.
Farfetch is rarely out of the news these days and it’s currently making headlines with its Q3 results. It's still loss-making, but appears to be riding the wave of the "paradigm shift in favour of online luxury".
Alibaba Group Holding Ltd and Swiss group Richemont will invest $1.1 billion in online luxury fashion retailer Farfetch Ltd and its new Chinese marketplace, as online demand for luxury goods booms in the Asian country.