One of the UK's most highly valued tech startups which sells high-end fashion online has seen losses grow as it pursues global growth, while the value of goods sold on the platform flew past the half a billion pounds mark.
Farfetch, the "unicorn" valued luxury retailer which has indicated ambitions of going public, posted a loss of £34m in 2016, newly filed accounts show, up 18 per cent on the previous year.
Revenues grew by 74 per cent ot £151.3m in the same period when it raised a £75m series F round of funding from investors, including Temasek, a Singapore investment firm, Eurazeo and IDG Capital Partners, to fuel international growth.
Sales in the UK grew 36 per cent to £12.4m and more than doubled in the EU to £40.2m. Sales in the rest of the world accounted for the largest share – £98.7m – and grew at a rate 68 per cent.
Gross merchandise value (GMV) – that is, the total value of the goods sold on the platform – rocketed 81 per cent to £548m.
The firm said it was averaging 21m website visitors per month by the end of 2016 and boasted more than 200 brands and 115,000 product lines.
The nearly decade-old platform this year nabbed Net-a-Porter founder Natalie Massenet as co-chairman. A doyen of the British fashion industry, Massenet sold her own online firm to Yoox in a billion-dollar deal in 2015.Let's