.farfetch's CEO José Neves told WWD the company’s growth story remains strong.
Despite the immediate impact of that drop, Neves said it is the full-price sales that he wants on Farfetch, and that the move higher is going to stick.
The lack of business in Russia, where Farfetch suspended operations in March in the wake of the invasion of Ukraine, and weakness amid COVID-19 lockdowns in China caused the company to cut its outlook for the year. “This is very different from the so-called pandemic stocks where you see negative growth year-over-year,” Neves said. “We’re seeing strong double-digit growth. That is very encouraging.” “For the rest of the year we will be focusing on further rationalizing the business, adjusting the cost base to this new, lower growth environment,” Neves said. “That will set us up for a super powerful exit from 2022 and in 2023 we start comping over Russia, comping over these COVID[-19] lockdowns in China.
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