Farfetch sales dip as brand platform faces challenges
Farfetch has reported declining sales and profit, “primarily driven by a 42.2% decrease in brand platform revenue”.
In a trading update for the second quarter ending June 2023, Farfetch reported a 1.3% decrease in revenue to $572.1m (£450.1m) compared with the $579.3m (£455.7m) the business reported during the same period last year.
Gross profit decreased by 9.3% year on year to $242.9m (£191.1m) in the second quarter of 2023 compared with the $267.7m (£210.6m) reported in 2022.
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