A Korean YouTuber named Learnup promoted the highest sales promotion in Farfetch’s history. These actions are probably their strategy to turn crisis into opportunity.
According to the facts, Amid the coronavirus crisis, Farfetch has temporarily shuttered its Los Angeles studios as well as its few brick-and-mortar outposts. The e-tailer said in an April 16 release that it had “not seen any material impact” on supply chain and other operations in the initial stages of the outbreak.
For the first quarter of 2020, the company expects to deliver a gross merchandise value of $105 million. (This figure applies only to the brand platform.) Further, it expects to see strong digital platform GMV growth for Q1, driven by advances in China, where it has seen rapid year on year growth since Feb. 1.
While the coronavirus crisis has hit retail hard, Farfetch CEO José Neves remains upbeat about his company’s position moving forward.
“When a consumer sees a product on Farfetch, 85% of the time the product is available from multiple sellers, to be shipped from different locations, often from different countries,” Neves wrote in an April 16 letter to shareholders. “This makes our model more durable than physical retail in the current situation, but it also means we are well prepared to operate in this environment, in contrast to other luxury e-tailers, who are typically reliant on a small number of distribution centers.”