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Fartech reports 90% rise in profits

Online luxury retailer Fartech reported a growth of 90.4 per cent rise in its revenue for Q4 2019, jumping from $157.3 million to a staggering l$9 331.4 million.

This rise in revenue is attributed to the 30.6 per cent rise in the digital revenue from their e-commerce website which recorded an active user count of 2.1 million.

Farfetch also has physical stores mainly in metropolitan cities and some shop-in-shop formats that have proved to be successful in their operations.

The luxury retailer has also credited their global presence as well as resilient supply chain that have fared well even during the times of store closures in many countries.

The company also reported a growth of 45.7 per cent in GMV (Gross Merchandise Value) which was capped at US $ 610.9 million from $ 191.6 million of the last quarter.