As Farfetch has traded publicly, you will receive reports on monetary progress more often, and your first report will arrive this week as a result of the third quarter. This indicates that revenue continues to rise above market rates, although revenue is still far away.
The company explained that the total number of products (in English abbreviated as GMV) grew by 53 percent in the quarter. As we ignore GMVs, we include benefits from related brands and retailers, so in addition to paying in-house fares, Farfetch's third-quarter profits grew 52% and "platform service revenue" increased 61% Active clients increased by 42% and orders grew by 55%.
It is a clear indication of the business that consumers demand and look increasingly attractive to retailers and brands. In fact, we expanded our relationship with brands and boutiques during this quarter and the market offers premium products from more than 1000 suppliers in 48 countries.
And we can not ignore the recent huge IPO. It is "a well-capitalized $ 1 billion in cash and cash equivalents" at the end of the quarter.
The company expects the luxury fashion industry to stand at the forefront of this growth, expecting online revenues to grow to $ 100 billion over the next decade, or about € 88 billion.
After three months until September 30, she moved in that direction and Farfetch founder and CEO José Neves praised the company's "excessive growth" during that time.
He explained that the platform's GMV "has grown at twice the speed of the premium online market during the third quarter … as we continue to leverage our unique position to become a leader in our industry." .
Now look at the numbers. GMVs grew from $ 204.6 million a year to $ 309.9 million a year, with platform GMVs reaching $ 358 million from previously registered $ 202 million, with income of € 86, € 9 million Million dollars.
However, the company continued to record losses. Revised Ebitda was $ 32.3 million, exceeding 26.6 million a year ago, but the adjusted Ebitda margin remained stable at 29.3%. Net loss increased to $ 77.2 million over the same period last year, compared with $ 28.1 million.
Finance director Elliot Jordan said, "We are pleased about all of this," he said. "With a compelling economic unit and improved operational efficiency, growth continues to make it possible for more investment to continue to gain market share." "
And you can not deny that the company seems to advance a good future, except for losses. Investors who come to her at the same time in her recent IPO process strongly believe it.
The company announced that in the third quarter, the Farfetch Marketplace continued to increase its online personal luxury market share and three regions (Americas, EMEA and APAC) had the best quarterly GMV quarter.
We also signed new brands such as Moschino, Victoria Beckham and Tory Burch and expanded our store network to include partners in Russia and Estonia. In addition to its partnership with Dover Street Market, Harvey Nichols, a UK department store, was also included as the first member of this category in the Marketplace.
The company also enhanced its technology with new visual search capabilities and launched Roberto Cavalli and Neil Barrett on a white label platform. We also agreed to acquire CuriosityChina, a digital technology company that will provide a set of services to help expand its brand in China through the Web, applications, WeChat Stores and Mini programs.
We already know what a long-term goal is. But what does all this mean in the near future? In the fourth quarter, led by an important Christmas campaign, the GMV platform is expected to be between $ 43.54 billion and $ 445 million more than the company's previous estimates.
And in that sense, Farfetch has many in common with other low-end retail electronics stores like Asos and Boohoo, and real retailers have sales expectations that are unimaginable. The biggest difference here is that the company's own operating model add Instead of bypassing them, it benefits the associated physical store.
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