Farfetch Limited (FTCH), an online retailer specializing in the sale of luxury products, is currently trading close to 52-week highs, having risen by more than 467 percent since the start of the year.
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News coming from the firm has been the engine of Farfetch’s stock gains in recent weeks. That was first of all, a good quarterly report, as well as a news about its cooperation with Chinese tech giant Alibaba (BABA).
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The main business of Farfetch is to offer luxury items, including clothes and accessories, online. In 50 countries, the organization sells goods from more than 1,000 boutiques. Connection to the Farfetch service is open to clients in 190 countries. Moreover the organization has Browns boutiques offline.
For buyers and sellers, Farfetch provides services. There are virtual storefronts for retailers, as well as inventory and logistics management software, activity monitoring systems, etc. Monetization is carried out by charging sellers of products a commission of 25-33 percent.
Farfetch announced collaboration with the Alibaba platform in early November. According to Farfetch, the largest e-commerce site Richemont, the owner of Cartier brands, is investing around $300 million in the retailer. The deal cements the reputation of Farfetch as a leading online marketplace for the sale of luxury items.
The total amount of products sold on the platform rose by 62 percent year on year in the third quarter. It is interesting that this took place against the backdrop of how many mass clothing retailers faced a drop in revenue. The third-quarter profits of Farfetch rose 71 percent to $438 million, well ahead of Wall Street’s $367 million estimate.
Farfetch expects the total amount of goods sold to rise by 40-45 percent to $880-$910 million in the fourth quarter. It is expected that the adjusted EBTIDA will be more optimistic.
Farfetch Limited (FTCH) share was worth $58.70 at ring of the bell on Tuesday.