In another sign that today’s high-end shoppers increasingly have no qualms about going online to shell out for purchases like a $29,400 Hermès Vintage Birkin bag, online luxury fashion marketplace Farfetch is poised to see the gross merchandise value of the goods bought on its platform surge well past $1 billion for the first time this year. Farfetch forecast fourth-quarter GMV would rise to the range of $435 million to $445 million, topping its prior estimates. “We believe the luxury fashion industry will see online sales expand by an incremental $100 billion over the next 10 years,” Farfetch founder, CEO and co-chairman José Neves said in a statement. Signaling consumers’ appetite for luxury goods online, the number of active Farfetch consumers, or those who have made a purchase within the past 12 months, jumped 42% to 1.2 million last quarter. Last quarter, Farfetch signed new brands including Moschino, Victoria Beckham and Tory Burch as well as luxury British department store Harvey Nichols to its platform.

Source: Forbes November 09, 2018 02:46 UTC