Farfetch CEO José Neves on How the Pandemic Drove Fashion Sales Online

SourceTime
SectorRetail
CountryMiddle east

(Miss this week’s Leadership Brief? This interview below was delivered to the inbox of Leadership Brief subscribers on Sunday morning, Feb. 14; to receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) In its annual forecast issued in November, Bain & Co. said that global luxury-goods sales were set to plunge 23%, to $258 billion, in 2020. So it’s an odd time for a company selling $2,145 Dolce & Gabbana leopard-print cashmere sweatpants and $975 Balenciaga two-tone sneakers to be thriving.

But one of the most persistent, unsettling dynamics of the pandemic’s impact is that the rich are getting richer, and with fewer weekends in St. Bart’s and tasting menus at Le Bernardin, there is even more disposable income available for some luxury items. Farfetch, an online shopping platform that provides access to many of the world’s most expensive brands including Fendi, Gucci, Prada and Thom Browne, outperformed the industry due to a new willingness on the part of shoppers to buy luxury goods online. (While Farfetch sales hit record levels in its most recent quarter, the startup still has yet to post a profitable quarter as a ...read more...