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Farfetch reported its first year-on-year drop in sales as a public company Thursday, joining other e-commerce firms in struggling to find an answer to the post-pandemic resurgence of physical retail.
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After sales of personal luxury goods are set to surge 22 percent this year, the consultancy forecasts growth will slow to 3 to 8 percent in 2023.
The Swiss luxury group is spinning off Yoox Net-a-Porter in a joint venture with fashion platform Farfetch. What does it mean for Richemont, Farfetch, YNAP and the luxury industry at large? BoF dissects the deal.
The Swiss group will sell an additional 3.2 percent to Symphony Global, leaving YNAP without a controlling shareholder. The deal paves the way for Farfetch to potentially take control of the loss-making e-tailer, the companies said.
Malique Morris is Senior E-Commerce Correspondent at The Business of Fashion. He is based in New York and covers digital-native brands and shifts in the online shopping industry.
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