Portuguese unicorn’s profitability hopes could be farfetched.

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One of Portugal’s few International unicorn success stories, Farfetch, saw its losses deepen in the third quarter of 2019.

Nevertheless, its CEO Neves says the luxury online fashion platform is “on a steady path to profitability.”
Farfetch was in the red by US$85.4 million compared to losses of US$77.2 million in the same period of 2018.
The e-commerce platform that went public in 2018, has stated that despite losses having deepened in the third quarter, the company states it is on a steady path to profitability. “I believe this will be the case independently of how long the promotional environment will last,” said José Neves, founder and chief executive officer of the company told Forbes magazine in a conference call on Thursday.
Farfetch was in the red by US$77.2 million like-for-like on 2018, down 28%. Elliot Jordan, CFO of the company stated that the losses increased due to the acquisition of the New Guards Group, owner of brands like Off-White, Palm Angels or Marcelo Burlón, last summer for US$ 675 million.
The e-commerce platform has ended the period between June and September with sales of US$255.4 million, compared to US$ 112.7 million, up 45.1% year-on-year. The Gross Merchandising Value (GMV) of the company stood at US$492 million, up 59%, while the number of users was 1.9 million people.