Founder José Neves laid out his vision for the luxury platform’s next growth phase, but investors wanted more.
“These three pillars really form a strong ecosystem that delivers more to our brand partners than the sum of the parts,” the CEO said, describing how the three businesses reinforce each other.
At the meeting with Wall Street, Farfetch said its GMV would rise 20 to 22 percent next year to as much as $4.9 billion as adjusted EBITDA margins gain 1 to 3 percent. Neves’ confidence is buttressed by the luxury industry itself, which he described as “very profitable and very resilient” and one that pushed through the financial crisis of 2008 and COVID-19.
The demand side is even more fragmented with a global customer base — and also feeds all the more into the Farfetch thesis. Davide de Giglio, founder and CEO of the division, talked about some of the underpinning to Off-White and Palm Angels and how the company is going to grow through a license with Reebok for premium looks.
“We’re doing it again,” de Giglio said. “Many might think that we got lucky with Off-White, but Palm Angels’ success proves the luck.”
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