Sunday, November 6, 2016

Farfetch wants to bill billion. And the bag? – ECO Economy Online

José Neves, president of Farfetch, the only startup valued at a billion dollars, he wants to close 2017 with sales of the same amount. To the ECO, says that the goal is to be number one in the world.

Farfetch, a global company of electronic commerce of fashion luxury, wants "to be number one in the world" within five years. The statement is José Neves, the founder and president of the company that recognizes, in a conversation with the ECHO, to want to overcome the bar of one billion euros of revenue in the next year. But it also gives an account of the ambition of placing the unicorn on the stock exchange. But "we do not have predictions of a date".

The growth of Farfetch is well present in the numbers of the company. the Farfetch will close 2016 the joint sales volume of the order of 800 thousand dollars (721 million euros), a growth of 60% compared with the year of 2015. José Neves says, "this growth will be to keep in 2017 we will overcome the bar of the billion (901 million euros).

This growth will be to maintain in 2017 by which we will overcome the bar of one billion dollars

José Neves

Founder and president of the Farfetch

Although these numbers are impressive, Farfetch at the global level does not display still profits: " Farfetch Portugal gives you profit several years ago we pay corporation tax, some of the companies in the group are profitable but in a consolidated manner not yet reached the break-even". José Neves shows no concern with this given up because it explains: "this is the result of a plan of investment that our investors have approved".

But the net results are not the only numbers that the company does not disclose. is The amount of investments and to consolidate the accounts is also on the 'secret of the gods'. To the founder of Farfetch, when "the companies are private, and are not listed on the stock exchange, have the great advantage not to give competitors hand kissed certain information. We want to keep these competitive advantages compared to our competitors that are already registered on the stock exchange and therefore are required to disclose this information".

The company is the only one in Portugal to be considered the unicorn, a name for the startups valued at over a billion dollars. For this, they will have contributed more than $ 300 million dollars (270 million euros) collected in six rounds of investment.

José Neves says that " our last round was strategic, we did not need capital, but we needed investors in southeast asia, a region that accounts for 26% of the total of our sales".

Rounds of investment, the company is now with its eyes on the capital market despite José Neves ensure thatwe do not have predictions of a date to enter in the bag, we know what will happen in the next few years, and we are preparing us".

we do Not have predictions of a date to enter in the bag, we know what will happen in the next few years and we are preparing

José Neves

Founder and president of the Farfetch

Despite not advancing the year that Farfetch will be listed, of course, for José Neves, the financial market will be New York city. "it Makes sense that it is New York city, a time that the United States is our largest market and is simultaneously the largest financial market in the world for technology".

London, where the company has the headquarters is out of the question. The founder of the technology ensures that "this decision is independent of the Brexit" yet recognizes that "the impact of Brexit on the financial market, london is a little full." About any possible impacts on the company, Neves says "the positive, the Brexit is not, that is certainly". Even so, Farfetch no plans to change the company’s headquarters. "Nowadays this is not so important. Our greatest fear has to do with access to talent."

Unapologetically a global company, Farfetch has eleven offices by many other cities (Los Angeles, New York, São Paulo, London, Guimarães, Porto, Lisbon, Moscow, Shanghai, Hong Kong and Tokyo). José Neves points to the fact that "we sell to all over the place, but now we have planned an expansion to the level of the middle east, where we will create a site in Arabic". The markets with the greatest weight in the group are the United States, the United Kingdom, China, Japan, Brazil and Russia.

With 1,200 employees, 630 of which are in Portugal, Farfetch expected to hire over 300 engineers by the end of 2017.


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