Farfetch has reported revenue growth of 46 per cent to $485 million (£344 million) in the first quarter of 2021.

The online luxury fashion platform saw post-tax profits of $517 million (£367 million.)

The British-Portuguese company’s gross merchandise value rose by 50 per cent to $916 million (£650 million), which beat the company’s predictions.

“Farfetch is off to a tremendous start in 2021 with stronger than expected acceleration in the business in the first quarter and higher full-year growth expectations than initially anticipated,” said José Neves, Farfetch chief executive. “Our brand partnerships have never been stronger, and our customer and brand building initiatives are resonating well to drive awareness of our value proposition and retention of our valuable consumers.”

Neves added: “I am more confident than ever in our position to go after the significant growth opportunities we see as a digital enabler of the global luxury industry – a nearly $300 billion opportunity which we remain laser-focused on and plan to continue investing behind to deliver significant value over the long-term.”

Elliot Jordan, chief financial officer of Farfetch, said: “I’m extremely pleased with Farfetch’s strong first quarter where we exceeded our own expectations for GMV growth, while also achieving improved unit economics, operating leverage and adjusted EBITDA as compared to the prior year period. In light of the continuation of this strong momentum against a more favorable consumer backdrop, we are even more optimistic about our growth expectations for the year, and the value in continuing to invest behind our long-term growth opportunities as we continue to focus on delivering our first full year of adjusted EBITDA profitability 2021.”

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