Business Wire | Feb 25, 2021 04:27PM EST

Farfetch Announces Fourth Quarter and Full Year 2020 Results

Feb. 25, 2021

LONDON--(BUSINESS WIRE)--Feb. 25, 2021--Farfetch Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, today reported financial results for the fourth quarter and full year ended December 31, 2020.

Jos Neves, Farfetch Founder, Chairman and CEO said: "2020 put the Farfetch platform to the test, but thanks to our robust capabilities, resilient operations and utmost perseverance from our more than 5,000 Farfetchers, we rose to the challenge and enabled our nearly 1,400 Marketplace sellers and Farfetch Platform Solutions clients to continually serve millions of luxury consumers across the globe. We cemented our leadership as the largest global online destination for luxury fashion, accelerated our Chapter 2 initiatives with strategic partnerships advancing our position to be the global platform for the luxury industry, and demonstrated the scale and attractiveness of our business model as we achieved the key milestone of Adjusted EBITDA profitability in the fourth quarter.

"As we enter 2021, I am more energized than ever by the prospects of leveraging our incredible achievements to date and our unique platform capabilities to go after the significant growth opportunities we see in our vision to be a digital enabler connecting the creators, curators and consumers of the global luxury industry, both online and offline - a nearly $300 billion opportunity we remain laser-focused on and plan to continue investing behind to deliver significant value over the long-term."

Elliot Jordan, CFO of Farfetch, said: "The strong performance of Farfetch in the fourth quarter completes a remarkable year and is the result of our focused execution against the long-term strategy and the leveraging of our investments to date. We exceeded our own initial expectations for the year; accelerating growth in our digital platform, improving margins across all areas of the business and delivering strong operating cash flows. As a result, we delivered our first ever quarter of positive Adjusted EBITDA. Our industry partnerships and strategic alliances, as well as our $1.6 billion of liquidity, position us well to continue investing behind the long-term growth opportunities we see in digitally enabling the luxury industry."

Consolidated Financial Summary and Key Operating Metrics(in thousands, except per share data, Average Order Value, or otherwise stated):

Three months ended Year ended December 31, December 31, 2019 2020 2019 2020

Consolidated Group:GrossMerchandise $ 739,937 $ 1,056,990 $ 2,139,699 $ 3,187,014Value ("GMV")

Revenue 382,232 540,105 1,021,037 1,673,922

Adjusted 337,738 464,887 893,077 1,460,694Revenue

Gross profit 176,136 249,148 459,846 770,928

Gross profit 46.1% 46.1% 45.0% 46.1%margin

Loss after (110,126) (2,281,035) (373,688) (3,333,071)tax $ $ $ $

Adjusted (17,926) 10,376 (121,376) (47,432)EBITDA

Adjusted (5.3)% 2.2% (13.6)% (3.2)%EBITDA Margin

Earnings per (0.34) (6.53) (1.21) (9.75)share ("EPS") $ $ $ $

Adjusted EPS (0.08) (0.06) (0.56) (0.66)

Digital Platform:Digital 628,610 939,444 1,947,868 2,759,476Platform GMV $ $ $ $

DigitalPlatform 226,411 347,341 701,246 1,033,156Services Revenue

DigitalPlatform 123,572 189,102 371,913 560,206Gross Profit

DigitalPlatform 54.6% 54.4% 53.0% 54.2%Gross Profit Margin

DigitalPlatform 72,410 121,844 220,563 361,419Order $ $ $ $Contribution

DigitalPlatformOrder 32.0% 35.1% 31.5% 35.0%ContributionMargin

Active 2,068 3,024 2,068 3,024Consumers

Average OrderValue ("AOV") $ 636 $ 626 $ 608 $ 568- Marketplace

AOV - Stadium 301 308 315 316Goods

Brand Platform:Brand 101,539 103,880 164,210 390,014Platform GMV $ $ $ $

BrandPlatform 101,539 103,880 164,210 390,014Revenue

BrandPlatform 47,543 51,857 75,007 190,804Gross Profit

BrandPlatform 46.8% 49.9% 45.7% 48.9%Gross Profit Margin

See "Notes and Disclosures" on page 21 for further explanations. See "Non-IFRS and Other Financial and Operating Metrics" on page 21 for reconciliations of non-IFRS measures to IFRS measures. As we acquired New Guards in August 2019, our results for full year 2019 include only five months of New Guards' performance.

Recent Business Highlights

COVID-19

* Maintained continuity of operations with health and wellbeing of Farfetch employees, partners and consumers continuing to be our top priority - rolled out localized initiatives focused on employee wellbeing throughout the pandemic * Continued to collaborate with boutique and brand partners to drive growth of their digital sales via the Marketplace * Continued to work closely with our global logistics partners to preserve continuity of fulfilment and delivery operations, with no material disruptions during fourth quarter 2020 * Following new lockdown measures announced by European governments towards the end of the fourth quarter, closed our retail stores in affected locations and postponed the opening of our newly relocated Browns boutique in London; our retail stores in the United States and Japan remained open

Digital Platform

* Third-party transactions generated 84% of Digital Platform GMV at a take rate of 28.8% in fourth quarter 2020

* Over 1,350 total Farfetch Marketplace (or Marketplace) sellers offered a record number of stock units across more than 3,500 brands Signed new seller, Russian luxury group Bosco di Ciliegi, owner of 40+ mono-brand and four department stores, including historic department store Gum Drove strong momentum in newer categories in 2020 Watches and Jewelry grew nearly three times as fast as the Farfetch Marketplace Became the global destination with the broadest assortment for kids' luxury fashion * Added new features to enhance customer experience Launched order status push notifications for app, globally, and live customer service chat on our China iOS app Offered Gold and Platinum ACCESS members in the United Kingdom and the United States, a style advisor service in a pilot with Wishi Expanded virtual try-on beyond sneakers and sunglasses, to luxury watches * Partnered with brands to market new collections and increase brand awareness through engaging experiences on the Farfetch Marketplace In January 2021, in our first partnership with a Richemont-backed brand, launched the global digital premier of Alber Elbaz's AZ Factory, consisting of immersive and interactive experiences with content from the collection In February 2021, exclusively partnered with Dolce & Gabbana to broadcast its men's Fall-Winter 2021 Digital Show * Furthered Luxury New Retail initiatives: Expanded on the successful Store of the Future roll-out in CHANEL's Rue Cambon flagship boutique with the implementation of Store of the Future in two additional CHANEL boutiques in Paris In February 2021, soft launched Farfetch's storefront on Tmall's Luxury Pavilion, offering Alibaba's 779 million consumers access to the broad selection of luxury products available on the Farfetch Marketplace * Farfetch Platform Solutions re-platformed e-commerce site for New Guards brand, Ambush * Broadened Fulfilment by Farfetch logistics network with signing of a new third-party warehouse in the Netherlands, expected to become operational in April 2021

New Guards

* New Guards' brand portfolio continued to create culturally relevant collections Off-Whitelaunched a capsule collection for the China Region, exclusively available through Off-White's WeChat mini program In February 2021, Off-White Revealed its Spring-Summer 2021 Collection via an immersive digital experience labeled 'Imaginary TV' Launched its first ever skincare kit 'The Protection Box', in collaboration with South Korean brandAMOREPACIFIC Ambushcontinued its expansion into the fashion category with the unveiling of its first ever campaign for its Spring-Summer 2021 collection

Environmental, Social and Governance (ESG)

* Unveiled 2030 Positively Farfetch sustainability goals focused on becoming climate positive, driving revenues from 'Conscious' products, selling more circular products, and being a leader in conscious inclusion * Significantly reduced logistics carbon emissions per order from our largest transportation provider through a range of efficiency measures including better sized packaging and, since April 2020, committed to offset the carbon impact of every delivery and return through investments in independently certified and verified environmental projects * Delivered on strong consumer demand for 'Conscious' products, which experienced over three times higher GMV growth as compared to the Farfetch Marketplace in 2020 * Launched Second Life in the United States, following a successful pilot in the United Kingdom and the European Union * Delivered on our commitment to employees - achieved improved happiness and retention results in our annual company-wide Humu employee survey

Liquidity

* Ended year with Cash and Cash Equivalents of $1.6 billion * Completed issuance to Alibaba and Richemont of $600 million aggregate principal amount ($300 million each) of 0% Convertible Senior Notes due 2030 * Issued 1.89 million Class A ordinary shares to Artemis for total gross proceeds of approximately $50 million

Fourth Quarter and Full Year 2020 Results Summary

Gross Merchandise Value (in thousands):

Three months ended Year ended December 31, December 31,

2019 2020 2019 2020

Digital Platform $ 628,610 $ 939,444 $ 1,947,868 $ 2,759,476 GMV

Brand Platform GMV 101,539 103,880 164,210 390,014

In-Store GMV 9,788 13,666 27,621 37,524

GMV $ 739,937 $ 1,056,990 $ 2,139,699 $ 3,187,014

Gross Merchandise Value ("GMV") increased by $317.1 million from $739.9 million in fourth quarter 2019 to $1,057.0 million in fourth quarter 2020, representing year-over-year growth of 42.8%. Digital Platform GMV increased by $310.8 million from $628.6 million in fourth quarter 2019 to $939.4 million in fourth quarter 2020, representing year-over-year growth of 49.4%. Excluding the impact of changes in foreign exchange rates, Digital Platform GMV would have increased by approximately 48.8%.

The increase in GMV primarily reflects the growth in Digital Platform GMV driven by strong order growth and new consumer acquisition. This was partially offset by a slight decrease in the Marketplace AOV within the Digital Platform from $636 to $626 due to a higher mix of sales with fewer items per basket, partially offset by a higher full price mix. During fourth quarter 2020, we also saw year-over-year growth in transactions through websites managed by Farfetch Platform Solutions, primarily driven from incremental activity from new e-commerce sites launched throughout 2020, including Harrods.com, Off--White.com and Palmangels.com, among others.

Revenue (in thousands):

Three months ended Year ended December 31, December 31,

2019 2020 2019 2020

Digital PlatformServices $ 156,028 $ 209,332 $ 496,040 $ 637,568 third-party revenue

Digital PlatformServices 70,383 138,009 205,206 395,588 first-party revenue

Digital Platform 226,411 347,341 701,246 1,033,156 Services Revenue

Digital Platform 44,494 75,218 127,960 213,228 Fulfilment Revenue

Brand Platform 101,539 103,880 164,210 390,014 Revenue

In-Store Revenue 9,788 13,666 27,621 37,524

Revenue $ 382,232 $ 540,105 $ 1,021,037 $ 1,673,922

Revenue increased by $157.9 million year-over-year from $382.2 million in fourth quarter 2019 to $540.1 million in fourth quarter 2020, representing growth of 41.3%. The increase was primarily driven by 56.0% growth in Digital Platform Revenue to $422.6 million. Brand Platform Revenue increased by 2.3%, reflecting a year-over-year shift in timing of Spring-Summer collection shipments.

The increase in Digital Platform Services Revenue of 53.4% was driven by 49.4% overall growth in Digital Platform GMV, which had an increased mix of Digital Platform Services first-party GMV. Digital Platform Services first-party GMV, which is composed of our sales of owned-inventory including First-Party Original, is included in Digital Platform Services Revenue at 100% of the GMV. Digital Platform Services first-party revenue increased 96.1% year-over-year to $138.0 million, primarily driven by a strategic focus on increasing New Guards' direct-to-consumer distribution since acquiring the business in August 2019. Growth in Browns digital sales, primarily driven by higher sell-through of full-price products also contributed to this increase.

Digital Platform Fulfilment Revenue represents the pass-through of delivery and duties charges incurred by our global logistics solutions, net of any Farfetch-funded consumer promotions and incentives. Whilst Digital Platform Fulfilment Revenue would be expected to grow in line with the cost of delivery and duties, which increase as Digital Platform GMV and order volumes grow, variations in the level of Farfetch funded promotions and incentives will impact Digital Platform Fulfilment Revenue. In fourth quarter 2020, Digital Platform Fulfilment Revenue increased 69.1% year-over-year, a higher rate as compared to Digital Platform Services cost growth, due to a slower growth in Farfetch funded promotion cost and pass through of a higher cost per order for shipping and duties.

In-Store Revenue increased by 39.6% to $13.7 million and was primarily driven by the opening of New Guards stores throughout the year, partially offset by store closures and reduced foot traffic across our retail store network as a result of COVID-19 restrictions.

Cost of Revenue (in thousands):

Three months ended Year ended December 31, December 31,

2019 2020 2019 2020

Digital PlatformServices third-party $ 49,486 $ 70,451 $ 169,661 $ 208,518 cost of revenue

Digital PlatformServices first-party 53,353 87,788 159,672 264,432 cost of revenue

Digital PlatformServices cost of 102,839 158,239 329,333 472,950 revenue

Digital PlatformFulfilment cost of 44,494 75,218 127,960 213,228 revenue

Brand Platform cost of 53,996 52,022 89,203 199,208 revenue

In-Store cost of goods 4,767 5,478 14,695 17,608 sold

Cost of revenue $ 206,096 $ 290,957 $ 561,191 $ 902,994

Cost of revenue increased by $84.9 million, or 41.2%, year-over-year from $206.1 million in fourth quarter 2019 to $291.0 million in fourth quarter 2020 in line with Revenue growth. The increase was driven by 53.9% growth in Digital Platform Services cost of revenue to $158.2 million, and partially offset by a slight reduction in Brand Platform cost of revenue due to a shift in timing of Spring-Summer collection shipments year-over-year and higher margin year-over-year.

Digital Platform Services cost of revenue increased at a higher rate than Digital Platform Services Revenue primarily driven by the increased mix of first-party revenue where the related cost of revenue includes the production and purchase cost of products.

We rely on third-parties to provide shipping services, and changes in their operations due to the ongoing impacts of COVID-19 as well as the impacts of the United Kingdom's withdrawal from the European Union starting in January 2021 may impact our service levels or cost of revenue. There were no such material adverse impacts to our service levels or cost of revenue in fourth quarter 2020, where our increased costs were primarily duty-related, driven by a mix shift in regional sales. However, we may experience an increase in certain unit costs of operating a global e-commerce business as the increasing adoption of e-commerce by the global retail industry creates the potential for cost increases.

Gross profit (in thousands):

Three months ended Year ended December 31, December 31,

2019 2020 2019 2020

Digital Platformthird-party gross $ 106,542 $ 138,881 $ 326,379 $ 429,050 profit

Digital Platformfirst-party gross 17,030 50,221 45,534 131,156 profit

Digital Platform Gross 123,572 189,102 371,913 560,206 Profit

Brand Platform Gross 47,543 51,858 75,007 190,806 Profit

In-Store Gross Profit 5,021 8,188 12,926 19,916

Gross profit $ 176,136 $ 249,148 $ 459,846 $ 770,928

Gross profit increased by $73.0 million, or 41.5% year-over-year in line with Revenue growth, to $249.1 million in fourth quarter 2020. As a result, Gross Profit margin remained stable year-over-year at 46.1%.

Digital Platform Gross Profit Margin declined slightly to 54.4% in fourth quarter 2020, from 54.6% in the fourth quarter 2019 as a result of a decrease in Digital Platform third-party gross profit margin, increase in first-party mix and an increase in unit costs of logistics, which were mostly offset by increased first-party margin.

Brand Platform Gross Profit Margin increased 310bps year-over-year to 49.9%. However, this improvement was more than offset by the increased mix towards Digital Platform Services Revenue over the same period, resulting in total Gross Profit Margin remaining flat at 46.1%.

Selling, general and administrative expenses by type (in thousands):

Three months ended Year ended December 31, December 31,

2019 2020 2019 2020

Demand generation $ 51,162 $ 67,258 $ 151,350 $ 198,787 expense

Technology expense 22,653 29,827 84,207 115,227

Share based payments 42,238 121,118 158,422 291,633

Depreciation and 50,065 60,135 113,591 217,223 amortization

General and 120,247 141,687 345,665 504,346 administrative

Other items 5,584 17,080 16,374 24,267

Selling, general andadministrative $ 291,949 $ 437,105 $ 869,609 $ 1,351,483 expense

Demand generation expense increased $16.1 million year-over-year to $67.3 million in fourth quarter 2020. As a percentage of Digital Platform Service Revenue, fourth quarter 2020 demand generation expense improved from 22.6% to 19.4%. The improvement reflects our underlying strategy to gain efficiencies in demand generation spend by leveraging data insights to drive more targeted digital marketing, shifting away from lower performing channels.

Technology expense primarily relates to maintenance and operations of our platform features and services, as well as software, hosting and infrastructure expenses, which includes three globally distributed data centers, including one in Shanghai, which support the processing of our growing base of transactions. Technology expense increased by $7.2 million, or 31.7%, in fourth quarter 2020 year-over-year. The increase was mainly driven by an increase in technology staff headcount. Fourth quarter 2020 technology expense continued to scale as a percentage of Adjusted Revenue, decreasing from 6.7% to 6.4% year-over-year as Adjusted Revenue growth outpaced growth of our underlying technology costs.

Depreciation and amortization expense increased by $10.1 million, or 20.1%, year-over-year from $50.1 million in fourth quarter 2019 to $60.1 million in fourth quarter 2020. Amortization expense increased principally due to a $5.5 million increase in amortization of our technology investments, where qualifying technology development costs are capitalized and amortized over their useful lives. Depreciation expense primarily increased as a result of new leases entered into during the last 12 months.

Share based payments increased by $78.9 million or 186.8% year-over-year in fourth quarter 2020. The increase was mainly due to the impact of share price changes on our provisions for employment-related taxes and the cost of cash-settled awards. During fourth quarter 2020, our share price increased by $38.65, significantly more than the $1.71 increase in our share price during fourth quarter 2019. This resulted in a year-over-year increase in our provisions, primarily for employment related taxes and also cost of cash-settled awards. Grants of additional equity-settled awards in 2020 also contributed to the year-over-year increase to a lesser extent.

General and administrative expense increased by $21.4 million, or 17.8%, year-over-year in fourth quarter 2020, primarily due to an increase in non-technology headcount and Digital Platform operational costs across a number of areas to support the expansion of our business. General and administrative expense decreased as a percentage of Adjusted Revenue to 30.5% compared to 35.6% in fourth quarter 2019 as we continued to leverage our operations base to efficiently grow Adjusted Revenue.

Other items of $17.1 million in fourth quarter 2020 primarily reflect transaction-related legal and advisory expenses, largely associated with our issuance of the $600 million convertible note to Alibaba and Richemont.

Gains/(losses) on items held at fair value and remeasurements (in thousands):

Three months ended Year ended December 31, December 31, 2019 2020 2019 2020

Remeasurement(losses)/gains (10,565) (166,702) 43,247 (288,853)on put and call $ $ $ $optionliabilitiesFair valuelosses on - (1,890,604) - (2,354,720)embedded derivativeliabilitiesChange in fairvalue of - - (21,526) -acquisition relatedconsideration(Losses)/gainson items heldat fair value $ (10,565) $ (2,057,306) $ 21,721 $ (2,643,573)andremeasurements

The $1,890.6 million fair value losses on embedded derivative liabilities in fourth quarter 2020 was primarily driven by the increase in our share price. The fair value losses on embedded derivative liabilities in fourth quarter 2020 is comprised of the following revaluation losses on our convertible senior notes: (i) $749.0 million fair value loss related to $250 million 5.00% notes due 2025; (ii) $869.1 million fair value loss related to $400 million 3.75% notes due 2027; and (iii) $272.5 million fair value loss related to $600 million 0.00% notes due 2030. These notes provide us with strong liquidity to fund ongoing capital need and invest in various growth initiatives. There were no fair value losses on embedded derivatives in fourth quarter 2019. In addition, remeasurement losses on put and call option liabilities in fourth quarter 2020 primarily related to a $165.8 million remeasurement loss in connection with Chalhoub Group's put option over their non-controlling interest in Farfetch International Limited, compared to a $9.0 million remeasurement loss in fourth quarter 2019. The Chalhoub partnership has underpinned our strong growth in the Middle East, which has outpaced the Farfetch Marketplace GMV growth for four consecutive quarters.

Impairment losses on tangible and intangible assets (in thousands):

Three months ended Year ended December 31, December 31, 2019 2020 2019 2020

Impairment losses on $ - $ (699) $ - $ (2,234)right-of-use assetImpairment losses on property, - - - (757)plant and equipmentImpairment losses on tangible - (699) - (2,991)assets $ $ $ $

Impairment losses on intangible $ - $ (36,269) $ - (36,269)assetsImpairment losses on intangible - (36,269) - (36,269)assets $ $ $ $

The impairment charge of $36.3 million on intangible assets and $0.7 million on tangible assets in fourth quarter 2020 is primarily comprised of a $30.5 million charge related to a reduction in the carrying value of one of the smaller intangible brand assets within New Guards portfolio, as well as a $0.7 million reduction in the carrying value of the corporate right-of-use assets associated with that same brand. The remaining $5.8 million impairment charge on intangible assets related to the closure of our direct consumer-facing channels on JD.com and the associated intangible asset held for the Farfetch Level 1 access button. This resulted from our annual considerations of potential impairment of assets, including our intangible assets, whereby indicators of impairment were present. For fourth quarter 2020, our impairment assessment incorporated current and potential ongoing impacts of COVID-19 across the broader economy. There were no impairment losses in fourth quarter 2019.

Loss After Tax

Loss after tax increased by $2,170.9 million year-over-year to $2,281.0 million in fourth quarter 2020, which in addition to losses during the year, drove total equity from $1,337.8 million at December 31, 2019 to $(1,676.1) million as at December 31, 2020. The increase was primarily driven by losses on items held at fair value and remeasurements, which increased $2,046.7 million year-over-year, as well as increases in share-based payments, general and administrative expenses, and depreciation and amortization expense, partially offset by an increase in gross profit, as explained above.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA improved by $28.3 million, to $10.4 million in fourth quarter 2020 as a result of our growth, improving unit economics and scaling of the fixed cost base. Adjusted EBITDA Margin improved from (5.3)% to 2.2% year-over-year, primarily reflecting lower demand generation expense, lower general and administrative expenses, and the decline in technology expense as percentages of Adjusted Revenue.

Liquidity

At December 31, 2020 cash and cash equivalents were $1,573.4 million, an increase of $1,251.0 million compared to $322.4 million at December 31, 2019. The increase in cash and cash equivalents is primarily due to the private placement of convertible senior notes during 2020, as well as a net cash inflow from operating activities, and partially offset by a net cash outflow from investing activities as New Guards continued to invest in its brand portfolio. Unless earlier converted, redeemed or repurchased in accordance with their terms, the notes issued in 2020 may be settled, at Farfetch's election and subject to certain exceptions and conditions, in Class A ordinary shares of Farfetch, cash, or a combination of cash and Class A ordinary shares of Farfetch.

Outlook

The following forward-looking statements reflect Farfetch's expectations as of February 25, 2021.

For Full Year 2021:

* Digital Platform GMV of $3.6 billion to $3.7 billion, representing growth of 30% to 35% year-over-year * Adjusted EBITDA margin of 1% to 2%

For First Quarter 2021:

* Digital Platform GMV of $740 million to $770 million, representing growth of 50% to 55% year-over-year * Brand Platform GMV of $95 million to $105 million * Adjusted EBITDA of $(19) million to (21) million

Uncertainties resulting from the spread of COVID-19 and the evolving nature of the situation could have material impacts on our future performance and projections. Factors involving COVID-19 that could potentially impact our future performance include, among others:

* disruptions to our operations, fulfilment network, and shipments * reduced or delayed supply from potential factors, including reduced inventory from brands and retailers, as well as additional shutdowns * weakened consumer sentiment and discretionary income potentially arising from a prolonged shutdown and declining macro-economic conditions * incurring additional costs to support our operations

Conference Call Information

Farfetch will host a conference call today, February 25, 2021 at 4:30 p.m. Eastern Time to discuss the Company's results as well as expectations about Farfetch's business. Listeners may access the live conference call via audio webcast at http://farfetchinvestors.com, where listeners can also access Farfetch's earnings press release and slide presentation. Following the call, a replay of the webcast will be available at the same website for 30 days.

Unaudited interim condensed consolidated statements of operationsfor the three months ended December 31 (in $ thousands, except share and per share data) 2019 2020

Revenue 382,232 540,105

Cost of revenue (206,096) (290,957)

Gross profit 176,136 249,148

Selling, general and administrative expenses (291,949) (437,105)

Impairment losses on tangible assets - (699)

Impairment losses on intangible assets - (36,269)

Operating loss (115,813) (224,925)

Losses on items held at fair value and (10,565) (2,057,306)remeasurementsShare of results of associates (38) 66

Finance income 19,252 20,065

Finance costs (3,070) (34,639)

Loss before tax (110,234) (2,296,739)

Income tax benefit 108 15,704

Loss after tax (110,126) (2,281,035)

(Loss)/profit after tax attributable to: Equity holders of the parent (116,907) (2,284,593)

Non-controlling interests 6,781 3,558

(110,126) (2,281,035)

Loss per share attributable to equity holders of the parentBasic and diluted (0.34) (6.53)

Weighted-average ordinary shares outstanding Basic and diluted 339,495,707 349,603,548

Unaudited interim condensed consolidated statements of comprehensive lossfor the three months ended December 31(in $ thousands)2019

2020

Loss after tax(110,126)

(2,281,035)

Other comprehensive (loss)/income:Items that may be subsequently reclassified to the consolidatedstatement of operations or financial position (net of tax):Exchange differences (loss)/gain on translation of foreign operations(25,838)

1,639

Gain on cash flow hedges recognized in equity1,249

9,775

Gain on cash flow hedges recognized in equity - time value-

6,145

Less: Loss on cash flow hedges reclassified and reported in net loss2,912

2,563

Items that will not be subsequently reclassified to the consolidated statement of operations (net of tax):Remeasurement loss on severance plan(27)

(21)

Other comprehensive (loss)/income for the period, net of tax(21,704)

20,101

Total comprehensive loss for the period, net of tax(131,830)

(2,260,934)

Total comprehensive (loss)/income attributable to:Equity holders of the parent(138,611)

(2,264,824)

Non-controlling interests6,781

3,890

(131,830)

(2,260,934)

Unaudited interim condensed consolidated statements of comprehensive lossfor the three months ended December 31 (in $ thousands) 2019 2020

Loss after tax (110,126) (2,281,035)

Other comprehensive (loss)/income: Items that may be subsequently reclassified tothe consolidated statement of operations or financial position(net of tax):Exchange differences (loss)/gain on translation (25,838) 1,639of foreign operationsGain on cash flow hedges recognized in equity 1,249 9,775

Gain on cash flow hedges recognized in equity - - 6,145time valueLess: Loss on cash flow hedges reclassified and 2,912 2,563reported in net lossItems that will not be subsequentlyreclassified to the consolidated statement of operations (net of tax):Remeasurement loss on severance plan (27) (21)

Other comprehensive (loss)/income for the (21,704) 20,101period, net of taxTotal comprehensive loss for the period, net of (131,830) (2,260,934)tax Total comprehensive (loss)/income attributable to:Equity holders of the parent (138,611) (2,264,824)

Non-controlling interests 6,781 3,890

(131,830) (2,260,934)

Unaudited interim condensed consolidated statements of operationsfor the year ended December 31(in $ thousands, except share and per share data)2019

2020

Revenue1,021,037

1,673,922

Cost of revenue(561,191)

(902,994)

Gross profit459,846

770,928

Selling, general and administrative expenses(869,609)

(1,351,483)

Impairment losses on tangible assets-

(2,991)

Impairment losses on intangible assets-

(36,269)

Operating loss(409,763)

(619,815)

Gains/(losses) on items held at fair value and remeasurements21,721

(2,643,573)

Share of results of associates366

(74)

Finance income34,382

24,699

Finance costs(19,232)

(108,742)

Loss before tax(372,526)

(3,347,505)

Income tax (expense)/benefit(1,162)

14,434

Loss after tax(373,688)

(3,333,071)

(Loss)/profit after tax attributable to:Equity holders of the parent(385,297)

(3,350,619)

Non-controlling interests11,609

17,548

(373,688)

(3,333,071)

Loss per share attributable to owners of the companyBasic and diluted(1.21)

(9.75)

Weighted-average ordinary shares outstandingBasic and diluted318,843,239

343,829,481

Unaudited interim condensed consolidated statements of operationsfor the year ended December 31 (in $ thousands, except share and per share data) 2019 2020

Revenue 1,021,037 1,673,922

Cost of revenue (561,191) (902,994)

Gross profit 459,846 770,928

Selling, general and administrative expenses (869,609) (1,351,483)

Impairment losses on tangible assets - (2,991)

Impairment losses on intangible assets - (36,269)

Operating loss (409,763) (619,815)

Gains/(losses) on items held at fair value and 21,721 (2,643,573)remeasurementsShare of results of associates 366 (74)

Finance income 34,382 24,699

Finance costs (19,232) (108,742)

Loss before tax (372,526) (3,347,505)

Income tax (expense)/benefit (1,162) 14,434

Loss after tax (373,688) (3,333,071)

(Loss)/profit after tax attributable to: Equity holders of the parent (385,297) (3,350,619)

Non-controlling interests 11,609 17,548

(373,688) (3,333,071)

Loss per share attributable to owners of the companyBasic and diluted (1.21) (9.75)

Weighted-average ordinary shares outstanding Basic and diluted 318,843,239 343,829,481

Unaudited interim condensed consolidated statements of comprehensive lossfor the year ended December 31(in $ thousands)2019

2020

Loss after tax(373,688)

(3,333,071)

Other comprehensive (loss)/income:Items that may be subsequently reclassified to the consolidatedstatement of operations or financial position (net of tax):Exchange differences (loss)/gain on translation of foreign operations(7,333)

23,903

Loss on cash flow hedges recognized in equity(11,863)

(4,227)

Gain on cash flow hedges recognized in equity - time value-

2,552

Less: Loss on cash flow hedges reclassified and reported in net loss8,337

17,612

Items that will not be subsequently reclassified to the consolidated statement of operations (net of tax):Impairment loss on investments(100)

-

Remeasurement loss on severance plan(58)

(24)

Other comprehensive (loss)/income for the year, net of tax(11,017)

39,816

Total comprehensive loss for the year, net of tax(384,705)

(3,293,255)

Total comprehensive (loss)/income attributable to:Equity holders of the parent(396,314)

(3,311,135)

Non-controlling interests11,609

17,880

(384,705)

(3,293,255)

Unaudited interim condensed consolidated statements of comprehensive lossfor the year ended December 31 (in $ thousands) 2019 2020

Loss after tax (373,688) (3,333,071)

Other comprehensive (loss)/income: Items that may be subsequently reclassified tothe consolidated statement of operations or financialposition (net of tax):Exchange differences (loss)/gain on translation (7,333) 23,903of foreign operationsLoss on cash flow hedges recognized in equity (11,863) (4,227)

Gain on cash flow hedges recognized in equity - - 2,552time valueLess: Loss on cash flow hedges reclassified and 8,337 17,612reported in net lossItems that will not besubsequently reclassified to the consolidated statement of operations (net of tax):Impairment loss on investments (100) -

Remeasurement loss on severance plan (58) (24)

Other comprehensive (loss)/income for the year, (11,017) 39,816net of taxTotal comprehensive loss for the year, net of (384,705) (3,293,255)tax Total comprehensive (loss)/income attributable to:Equity holders of the parent (396,314) (3,311,135)

Non-controlling interests 11,609 17,880

(384,705) (3,293,255)

Unaudited interim condensed consolidated statements of financial position(in $ thousands)December 31,December 31,2019

2020

Non-current assetsOther receivables12,388

58,081

Deferred tax assets5,324

13,556

Intangible assets, net1,362,967

1,279,328

Property, plant and equipment, net67,999

89,082

Right-of-use assets115,176

179,227

Investments16,229

8,278

Investments in associates2,466

2,319

Total non-current assets1,582,549

1,629,871

Current assetsInventories128,107

145,309

Trade and other receivables189,897

209,946

Current tax assets1,873

2,082

Derivative financial assets3,024

30,242

Cash and cash equivalents322,429

1,573,421

Total current assets645,330

1,961,000

Total assets2,227,879

3,590,871

Liabilities and equityNon-current liabilitiesProvisions23,704

129,113

Deferred tax liabilities219,789

182,463

Lease liabilities100,833

165,275

Employee benefit obligations16,455

26,116

Derivative financial liabilities-

2,996,220

Borrowings-

635,237

Put and call option liabilities61,268

348,937

Other financial liabilities-

4,853

Total non-current liabilities422,049

4,488,214

Current liabilitiesTrade and other payables413,696

666,144

Provisions-

27,146

Current tax liability28,289

3,098

Lease liabilities18,485

26,128

Employee benefit obligations-

38,286

Derivative financial liabilities5,601

17,427

Put and call option liabilities1,118

-

Other financial liabilities809

518

Total current liabilities467,998

778,747

Total liabilities890,047

5,266,961

Equity/(deficit)Share capital13,584

14,168

Share premium878,007

927,931

Merger reserve783,529

783,529

Foreign exchange reserve(30,842)

(7,271)

Other reserves349,463

447,753

Accumulated losses(826,135)

(4,010,756)

Equity/(deficit) attributable to owners of the parent1,167,606

(1,844,646)

Non-controlling interests170,226

168,556

Total equity/(deficit)1,337,832

(1,676,090)

Total equity/(deficit) and liabilities2,227,879

3,590,871

Unaudited interim condensed consolidated statements of financial position (in $ thousands) December 31, December 31, 2019 2020

Non-current assets Other receivables 12,388 58,081

Deferred tax assets 5,324 13,556

Intangible assets, net 1,362,967 1,279,328

Property, plant and equipment, net 67,999 89,082

Right-of-use assets 115,176 179,227

Investments 16,229 8,278

Investments in associates 2,466 2,319

Total non-current assets 1,582,549 1,629,871

Current assets Inventories 128,107 145,309

Trade and other receivables 189,897 209,946

Current tax assets 1,873 2,082

Derivative financial assets 3,024 30,242

Cash and cash equivalents 322,429 1,573,421

Total current assets 645,330 1,961,000

Total assets 2,227,879 3,590,871

Liabilities and equity Non-current liabilities Provisions 23,704 129,113

Deferred tax liabilities 219,789 182,463

Lease liabilities 100,833 165,275

Employee benefit obligations 16,455 26,116

Derivative financial liabilities - 2,996,220

Borrowings - 635,237

Put and call option liabilities 61,268 348,937

Other financial liabilities - 4,853

Total non-current liabilities 422,049 4,488,214

Current liabilities Trade and other payables 413,696 666,144

Provisions - 27,146

Current tax liability 28,289 3,098

Lease liabilities 18,485 26,128

Employee benefit obligations - 38,286

Derivative financial liabilities 5,601 17,427

Put and call option liabilities 1,118 -

Other financial liabilities 809 518

Total current liabilities 467,998 778,747

Total liabilities 890,047 5,266,961

Equity/(deficit) Share capital 13,584 14,168

Share premium 878,007 927,931

Merger reserve 783,529 783,529

Foreign exchange reserve (30,842) (7,271)

Other reserves 349,463 447,753

Accumulated losses (826,135) (4,010,756)

Equity/(deficit) attributable to owners of the 1,167,606 (1,844,646)parentNon-controlling interests 170,226 168,556

Total equity/(deficit) 1,337,832 (1,676,090)

Total equity/(deficit) and liabilities 2,227,879 3,590,871

Unaudited interim condensed consolidated statements of cash flowsfor the year ended December 31(in $ thousands)2019

2020

Cash flows from operating activitiesOperating loss(409,763)

(619,815)

Adjustments to reconcile operating loss to net cash (outflow)/inflow from operating activities:Depreciation28,536

39,366

Amortization85,055

177,857

Non-cash employee benefits expense138,195

168,347

Net loss on sale of non-current assets(144)

-

Impairment losses on tangible assets-

2,991

Impairment losses on intangible assets-

36,269

Impairment of investments5,000

235

Net exchange differences(842)

-

Change in working capitalIncrease in receivables(51,273)

(15,833)

Increase in inventories(29,723)

(16,471)

Increase in payables113,716

280,454

Change in other assets and liabilitiesDecrease/(increase) in non-current receivables3,723

(1,453)

Increase in other liabilities11,575

59,640

(Decrease)/increase in provisions(4,252)

85,001

Decrease in derivative financial instruments(117)

(15,052)

Income taxes paid(16,328)

(65,221)

Net cash (outflow)/inflow from operating activities(126,642)

116,315

Cash flows from investing activitiesAcquisition of subsidiary, net of cash acquired(461,691)

(12,016)

Payments for property, plant and equipment(39,512)

(26,839)

Proceeds on disposal of property, plant and equipment272

-

Payments for intangible assets(72,985)

(94,105)

Payments for investments(20,846)

(2,872)

Interest received11,259

3,131

Dividends received from associate-

60

Net cash outflow from investing activities(583,503)

(132,641)

Cash flows from financing activitiesRepayment of the principal elements of lease payments(19,127)

(19,051)

Interest paid and fees paid on loans(4,776)

(54,154)

Dividends paid to holders of non-controlling interests-

(20,515)

Proceeds from issue of shares, net of issue costs-

50,000

Proceeds from exercise of employee share based awards8,654

62,899

Proceeds from borrowings, net of issue costs-

1,241,861

Net cash (outflow)/inflow from financing activities(15,249)

1,261,040

Net (decrease)/increase in cash and cash equivalents(725,394)

1,244,714

Cash and cash equivalents at the beginning of the year1,044,786

322,429

Effects of exchange rate changes on cash and cash equivalents3,037

6,278

Cash and cash equivalents at end of year322,429

1,573,421

Unaudited interim condensed consolidated statements of cash flowsfor the year ended December 31 (in $ thousands) 2019 2020

Cash flows from operating activities Operating loss (409,763) (619,815)

Adjustments to reconcile operating loss to net cash (outflow)/inflow from operating activities:Depreciation 28,536 39,366

Amortization 85,055 177,857

Non-cash employee benefits expense 138,195 168,347

Net loss on sale of non-current assets (144) -

Impairment losses on tangible assets - 2,991

Impairment losses on intangible assets - 36,269

Impairment of investments 5,000 235

Net exchange differences (842) -

Change in working capital Increase in receivables (51,273) (15,833)

Increase in inventories (29,723) (16,471)

Increase in payables 113,716 280,454

Change in other assets and liabilities Decrease/(increase) in non-current receivables 3,723 (1,453)

Increase in other liabilities 11,575 59,640

(Decrease)/increase in provisions (4,252) 85,001

Decrease in derivative financial instruments (117) (15,052)

Income taxes paid (16,328) (65,221)

Net cash (outflow)/inflow from operating (126,642) 116,315activities Cash flows from investing activities Acquisition of subsidiary, net of cash acquired (461,691) (12,016)

Payments for property, plant and equipment (39,512) (26,839)

Proceeds on disposal of property, plant and 272 -equipmentPayments for intangible assets (72,985) (94,105)

Payments for investments (20,846) (2,872)

Interest received 11,259 3,131

Dividends received from associate - 60

Net cash outflow from investing activities (583,503) (132,641)

Cash flows from financing activities Repayment of the principal elements of lease (19,127) (19,051)paymentsInterest paid and fees paid on loans (4,776) (54,154)

Dividends paid to holders of non-controlling - (20,515)interestsProceeds from issue of shares, net of issue costs - 50,000

Proceeds from exercise of employee share based 8,654 62,899awardsProceeds from borrowings, net of issue costs - 1,241,861

Net cash (outflow)/inflow from financing (15,249) 1,261,040activities Net (decrease)/increase in cash and cash (725,394) 1,244,714equivalentsCash and cash equivalents at the beginning of the 1,044,786 322,429yearEffects of exchange rate changes on cash and cash 3,037 6,278equivalentsCash and cash equivalents at end of year 322,429 1,573,421

Unaudited interim condensed consolidated statements of changes in equity/(deficit)(in $ thousands)ShareShareMergerForeignOtherAccumulatedEquity/ (deficit)Non- controllingTotalcapitalpremiumreserveexchange reservereserveslossesattributable to owners of the parentinterestsequity/ (deficit)Balance at January 1, 201911,994

772,300

783,529

(23,509)

67,474

(483,357)

1,128,431

-

1,128,431

Changes in equity(Loss)/income after tax for the year-

-

-

-

-

(385,297)

(385,297)

11,609

(373,688)

Other comprehensive loss-

-

-

(7,333)

(3,684)

-

(11,017)

-

(11,017)

Total comprehensive (loss)/income for the year, net of tax-

-

-

(7,333)

(3,684)

(385,297)

(396,314)

11,609

(384,705)

Loss on cashflow hedge transferred to inventory-

-

-

-

142

-

142

-

142

Issue of share capital, net of transaction costs1,590

105,707

-

-

393,105

-

500,402

-

500,402

Share based payment - equity settled-

-

-

-

76,383

46,841

123,224

-

123,224

Share based payment - reverse vesting shares-

-

-

-

(82,646)

-

(82,646)

-

(82,646)

Transaction with non- controlling interests-

-

-

-

(101,311)

-

(101,311)

-

(101,311)

Non-controlling interest arising from a business combination-

-

-

-

-

-

-

158,617

158,617

Non-controlling interest put option-

-

-

-

-

(4,322)

(4,322)

-

(4,322)

Balance at December 31, 201913,584

878,007

783,529

(30,842)

349,463

(826,135)

1,167,606

170,226

1,337,832

Balance at January 1, 202013,584

878,007

783,529

(30,842)

349,463

(826,135)

1,167,606

170,226

1,337,832

Changes in equity/(deficit)(Loss)/income after tax for the year-

-

-

-

-

(3,350,619)

(3,350,619)

17,548

(3,333,071)

Other comprehensive income-

-

-

23,571

15,913

-

39,484

332

39,816

Total comprehensive income/(loss) for the year, net of tax-

-

-

23,571

15,913

(3,350,619)

(3,311,135)

17,880

(3,293,255)

Gain on cashflow hedge transferred to inventory-

-

-

-

(1,213)

-

(1,213)

-

(1,213)

Issue of share capital, net of transaction costs584

49,924

-

-

4,808

-

55,316

-

55,316

Share based payment - equity settled-

-

-

-

52,690

165,998

218,688

-

218,688

Share based payment - reverse vesting shares-

-

-

-

26,092

-

26,092

-

26,092

Acquisition of non-controlling interest-

-

-

-

-

-

-

965

965

Dividends paid to non-controlling interests-

-

-

-

-

-

-

(20,515)

(20,515)

Balance at December 31, 202014,168

927,931

783,529

(7,271)

447,753

(4,010,756)

(1,844,646)

168,556

(1,676,090)

Unaudited interim condensed consolidated statements of changes in equity/ (deficit)(in $ thousands) Share Share Merger Foreign Other Accumulated Equity/ Non- Total (deficit) controlling exchange attributable equity/ capital premium reserve reserve reserves losses to owners of interests (deficit) the parentBalance at 11,994 772,300 783,529 (23,509) 67,474 (483,357) 1,128,431 - 1,128,431January 1, 2019Changes in equity(Loss)/income - - - - - (385,297) (385,297) 11,609 (373,688)after tax for the yearOther - - - (7,333) (3,684) - (11,017) - (11,017)comprehensive lossTotalcomprehensive - - - (7,333) (3,684) (385,297) (396,314) 11,609 (384,705)(loss)/income for the year,net of taxLoss oncashflow hedge - - - - 142 - 142 - 142transferred toinventoryIssue of sharecapital, net of 1,590 105,707 - - 393,105 - 500,402 - 500,402transactioncostsShare based - - - - 76,383 46,841 123,224 - 123,224payment - equity settledShare basedpayment - - - - - (82,646) - (82,646) - (82,646)reverse vestingsharesTransactionwith non- - - - - (101,311) - (101,311) - (101,311)controllinginterestsNon-controllinginterest - - - - - - - 158,617 158,617arising from a businesscombinationNon-controlling - - - - - (4,322) (4,322) - (4,322)interest put optionBalance at 13,584 878,007 783,529 (30,842) 349,463 (826,135) 1,167,606 170,226 1,337,832December 31, 2019 Balance at 13,584 878,007 783,529 (30,842) 349,463 (826,135) 1,167,606 170,226 1,337,832January 1, 2020Changes inequity/ (deficit)(Loss)/income - - - - - (3,350,619) (3,350,619) 17,548 (3,333,071)after tax for the yearOther - - - 23,571 15,913 - 39,484 332 39,816comprehensive incomeTotalcomprehensive - - - 23,571 15,913 (3,350,619) (3,311,135) 17,880 (3,293,255)income/(loss) for the year,net of taxGain oncashflow hedge - - - - (1,213) - (1,213) - (1,213)transferred toinventoryIssue of sharecapital, net of 584 49,924 - - 4,808 - 55,316 - 55,316transactioncostsShare based - - - - 52,690 165,998 218,688 - 218,688payment - equity settledShare basedpayment - - - - - 26,092 - 26,092 - 26,092reverse vestingsharesAcquisition of - - - - - - - 965 965non-controlling interestDividends paidto - - - - - - - (20,515) (20,515)non-controllinginterestsBalance at 14,168 927,931 783,529 (7,271) 447,753 (4,010,756) (1,844,646) 168,556 (1,676,090)December 31, 2020Supplemental Metrics 12019

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYear(in thousands, except per share data or otherwise stated)Consolidated Group:Gross Merchandise Value ("GMV")$419,273

$488,475

$492,014

$739,937

$2,139,699

Revenue174,064

209,260

255,481

382,232

1,021,037

Adjusted Revenue146,374

180,738

228,227

337,738

893,077

In-Store Revenue4,536

4,220

9,077

9,788

27,621

Gross profit83,291

85,280

115,139

176,136

459,846

Gross profit margin47.9%

40.8%

45.1%

46.1%

45.0%

Demand generation expense$(31,423)

$(34,444)

$(34,321)

$(51,162)

$(151,350)

Technology expense(20,159)

(19,073)

(22,322)

(22,653)

(84,207)

Share based payments(38,714)

(45,710)

(31,760)

(42,238)

(158,422)

Depreciation and amortization(14,106)

(14,323)

(35,097)

(50,065)

(113,591)

General and administrative(61,945)

(69,339)

(94,134)

(120,247)

(345,665)

Other items(2,493)

1,764

(10,061)

(5,584)

(16,374)

Impairment losses on tangible assets-

-

-

-

-

Gains / (losses) on items held at fair value and remeasurements-

-

32,286

(10,565)

21,721

Loss after tax(77,686)

(95,392)

(90,484)

(110,126)

(373,688)

Adjusted EBITDA(30,236)

(37,576)

(35,638)

(17,926)

(121,376)

Adjusted EBITDA Margin(20.7)%

(20.8)%

(15.6)%

(5.3)%

(13.6)%

Earnings per share ("EPS")$(0.26)

$(0.31)

$(0.30)

$(0.34)

$(1.21)

Adjusted EPS(0.11)

(0.16)

(0.20)

(0.08)

(0.56)

Digital Platform:Digital Platform GMV$414,737

$484,255

$420,266

$628,610

$1,947,868

Digital Platform Services Revenue141,838

176,518

156,479

226,411

701,246

Digital Platform Fulfilment Revenue27,690

28,522

27,254

44,494

127,960

Digital Platform Gross Profit80,941

84,106

83,294

123,572

371,913

Digital Platform Gross Profit Margin57.1%

47.6%

53.2%

54.6%

53.0%

Digital Platform Order Contribution$49,518

$49,662

$48,973

$72,410

$220,563

Digital Platform Order Contribution Margin34.9%

28.1%

31.3%

32.0%

31.5%

Active Consumers1,699

1,773

1,889

2,068

2,068

AOV - Marketplace$601

$600

$582

$636

$608

AOV - Stadium Goods300

336

327

301

315

Brand Platform:Brand Platform GMV$-

$-

$62,671

$101,539

$164,210

Brand Platform Revenue-

-

62,671

101,539

164,210

Brand Platform Gross Profit-

-

27,464

47,543

75,007

Brand Platform Gross Profit Margin-

-

43.8%

46.8%

45.7%

Supplemental 2019Metrics ^1 First Second Third Fourth Full Quarter Quarter Quarter Quarter Year (in thousands, except per share data or otherwise stated)Consolidated Group:Gross 419,273 488,475 492,014 739,937 2,139,699Merchandise $ $ $ $ $Value ("GMV")Revenue 174,064 209,260 255,481 382,232 1,021,037

Adjusted 146,374 180,738 228,227 337,738 893,077RevenueIn-Store 4,536 4,220 9,077 9,788 27,621RevenueGross profit 83,291 85,280 115,139 176,136 459,846

Gross profit 47.9% 40.8% 45.1% 46.1% 45.0%marginDemand (31,423) (34,444) (34,321) (51,162) (151,350)generation $ $ $ $ $expenseTechnology (20,159) (19,073) (22,322) (22,653) (84,207)expenseShare based (38,714) (45,710) (31,760) (42,238) (158,422)paymentsDepreciation (14,106) (14,323) (35,097) (50,065) (113,591)and amortizationGeneral and (61,945) (69,339) (94,134) (120,247) (345,665)administrativeOther items (2,493) 1,764 (10,061) (5,584) (16,374)

Impairmentlosses on - - - - -tangibleassetsGains /(losses) on - - 32,286 (10,565) 21,721items held at fair value andremeasurementsLoss after tax (77,686) (95,392) (90,484) (110,126) (373,688)

Adjusted (30,236) (37,576) (35,638) (17,926) (121,376)EBITDAAdjusted (20.7)% (20.8)% (15.6)% (5.3)% (13.6)%EBITDA MarginEarnings per $ (0.26) $ (0.31) $ (0.30) $ (0.34) $ (1.21)share ("EPS")Adjusted EPS (0.11) (0.16) (0.20) (0.08) (0.56)

Digital Platform:Digital $ 414,737 $ 484,255 $ 420,266 $ 628,610 $ 1,947,868Platform GMVDigitalPlatform 141,838 176,518 156,479 226,411 701,246ServicesRevenueDigitalPlatform 27,690 28,522 27,254 44,494 127,960FulfilmentRevenueDigital 80,941 84,106 83,294 123,572 371,913Platform Gross ProfitDigital 57.1% 47.6% 53.2% 54.6% 53.0%Platform Gross Profit MarginDigital 49,518 49,662 48,973 72,410 220,563Platform Order $ $ $ $ $ContributionDigitalPlatform Order 34.9% 28.1% 31.3% 32.0% 31.5%ContributionMarginActive 1,699 1,773 1,889 2,068 2,068ConsumersAOV - $ 601 $ 600 $ 582 $ 636 $ 608MarketplaceAOV - Stadium 300 336 327 301 315GoodsBrand Platform:Brand Platform $ - $ - $ 62,671 $ 101,539 $ 164,210GMVBrand Platform - - 62,671 101,539 164,210RevenueBrand Platform - - 27,464 47,543 75,007Gross ProfitBrand Platform - - 43.8% 46.8% 45.7%Gross Profit MarginSupplemental Metrics 12020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYear(in thousands, except per share data or otherwise stated)Consolidated Group:Gross Merchandise Value ("GMV")$610,874

$721,310

$797,840

$1,056,990

$3,187,014

Revenue331,437

364,680

437,700

540,105

1,673,922

Adjusted Revenue301,152

307,877

386,778

464,887

1,460,694

In-Store Revenue8,516

3,926

11,416

13,666

37,524

Gross profit153,376

159,375

209,029

249,148

770,928

Gross profit margin46.3%

43.7%

47.8%

46.1%

46.1%

Demand generation expense$(37,966)

$(47,378)

$(46,185)

$(67,258)

$(198,787)

Technology expense(26,307)

(29,284)

(29,809)

(29,827)

(115,227)

Share based payments(26,760)

(61,915)

(81,840)

(121,118)

(291,633)

Depreciation and amortization(51,323)

(51,758)

(54,007)

(60,135)

(217,223)

General and administrative(111,422)

(107,888)

(143,349)

(141,687)

(504,346)

Other items(5,025)

(1,302)

(860)

(17,080)

(24,267)

Impairment losses on tangible assets(2,292)

-

-

(699)

(2,991)

Impairment losses on intangible assets-

-

-

(36,269)

(36,269)

Gains / (losses) on items held at fair value and remeasurements65,434

(278,622)

(373,079)

(2,057,306)

(2,643,573)

Loss after tax(79,177)

(435,899)

(536,960)

(2,281,035)

(3,333,071)

Adjusted EBITDA(22,319)

(25,175)

(10,314)

10,376

(47,432)

Adjusted EBITDA Margin(7.4)%

(8.2)%

(2.7)%

2.2%

(3.2)%

Earnings per share ("EPS")$(0.24)

$(1.29)

$(1.58)

$(6.53)

$(9.75)

Adjusted EPS(0.24)

(0.20)

(0.17)

(0.06)

(0.66)

Digital Platform:Digital Platform GMV$494,899

$651,036

$674,097

$939,444

$2,759,476

Digital Platform Services Revenue185,177

237,603

263,035

347,341

1,033,156

Digital Platform Fulfilment Revenue30,285

56,803

50,922

75,218

213,228

Digital Platform Gross Profit97,207

130,579

143,318

189,102

560,206

Digital Platform Gross Profit Margin52.5%

55.0%

54.5%

54.4%

54.2%

Digital Platform Order Contribution$59,241

$83,201

$97,133

$121,844

$361,419

Digital Platform Order Contribution Margin32.0%

35.0%

36.9%

35.1%

35.0%

Active Consumers2,149

2,524

2,742

3,024

3,024

AOV - Marketplace$571

$493

$574

$626

$568

AOV - Stadium Goods314

304

340

308

316

Brand Platform:Brand Platform GMV$107,459

$66,348

$112,327

$103,880

$390,014

Brand Platform Revenue107,459

66,348

112,327

103,880

390,014

Brand Platform Gross Profit52,480

27,729

58,738

51,857

190,804

Brand Platform Gross Profit Margin48.8%

41.8%

52.3%

49.9%

48.9%

Forward Looking StatementsThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our growth and strategic initiatives, the expected timing for our new warehouse to become operational and our expected performance for the first quarter of 2021 and full year 2021, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: purchasers of luxury products may not choose to shop online in sufficient numbers; our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the volatility and difficulty in predicting the luxury fashion industry, in particular in light of COVID-19 and its impact on consumer spending patterns; our reliance on a limited number of retailers and brands for the supply of products on our Marketplace; our reliance on retailers and brands to anticipate, identify and respond quickly to new and changing fashion trends, consumer preferences and other factors; our reliance on retailers and brands to make products available to our consumers on our Marketplace and to set their own prices for such products; fluctuation in foreign exchange rates; our reliance on information technologies and our ability to adapt to technological developments; our ability to acquire or retain consumers and to promote and sustain the Farfetch brand; our ability or the ability of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information; our ability to successfully launch and monetize new and innovative technology; our acquisition and integration of other companies or technologies, for example, Stadium Goods and New Guards, could divert management's attention and otherwise disrupt our operations and harm our operating results; we may be unsuccessful in integrating any acquired businesses or realizing any anticipated benefits of such acquisitions; our dependence on highly skilled personnel, including our senior management, data scientists and technology professionals, and our ability to hire, retain and motivate qualified personnel; the effect of the COVID-19 pandemic on our business and results of operations, as well as on the luxury fashion industry and consumer spending more broadly, and our ability to successfully implement our business plan during a global economic downturn caused by the COVID-19 pandemic; the increased focus on social, environmental and sustainability matters could increase our costs, harm our reputation and adversely affect our financial results, and our ability to implement our environmental, sustainability, responsible sourcing, social and inclusion and diversity goals; Jos Neves, our chief executive officer, has considerable influence over important corporate matters due to his ownership of us, and our dual-class voting structure will limit your ability to influence corporate matters, including a change of control; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") for the fiscal year ended December 31, 2019 and Exhibit 99.2 to our Current Report on Form 6-K filed with the SEC on April 27, 2020, as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2020 to be filed with the SEC, accessible on the SEC's website at www.sec.gov and on our website at http://farfetchinvestors.com. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

NOTES AND DISCLOSURES

Segment Realignment

Following the acquisition of New Guards in August 2019, management determined that it had three operating segments: (i) Digital Platform, (ii) Brand Platform and (iii) In-Store, given our new organizational structure and the manner in which our business is reviewed and managed. In fourth quarter 2019, we realigned our reportable operating segments to reflect how our Chief Operating Decision-Maker was making operating decisions, allocating resources and evaluating operating performance. The comparative periods have been revised to reflect this segment realignment.

Our results for first, second, and part of third quarter 2019 do not include New Guards' performance.

Presentation Change

Beginning in second quarter 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statement of operations. These items are now presented below operating loss, and all prior periods in this release reflect this change. We have made this presentation change in order to improve comparability of our period-over-period operating loss, particularly given the increased volatility of the items with a valuation dependent on our market share prices. As a result of this presentation change, the consolidated statement of cash flows now starts with operating loss rather than loss before tax as previously reported. This change had no impact on our historical loss after tax or on any of our historical unaudited condensed consolidated statements of financial position, changes in equity, cash flows or on our previously provided non-IFRS and operational measures. We determined that these presentation changes had no material impact on the previously reported financial information or on any previously issued annual financial statements.

Non-IFRS and Other Financial and Operating Metrics

This release includes certain financial measures not based on IFRS, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue, Digital Platform Order Contribution, and Digital Platform Order Contribution Margin (together, the "Non-IFRS Measures"), as well as operating metrics, including GMV, Digital Platform GMV, Brand Platform GMV, In-Store GMV, Active Consumers and Average Order Value. See the "Definitions" section below for a further explanation of these terms.

Management uses the Non-IFRS Measures:

* as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations; * for planning purposes, including the preparation of our internal annual operating budget and financial projections; * to evaluate the performance and effectiveness of our strategic initiatives; and * to evaluate our capacity to fund capital expenditures and expand our business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations period over period and would ordinarily add back non-cash expenses such as depreciation, amortization and items that are not part of normal day-to-day operations of our business. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss after tax, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

* such measures do not reflect revenue related to fulfilment, which is necessary to the operation of our business; * such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; * such measures do not reflect changes in our working capital needs; * such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; * although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and * other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Revenue should not be considered as measures of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

Digital Platform Order Contribution and Digital Platform Order Contribution Margin are not measurements of our financial performance under IFRS and do not purport to be alternatives to gross profit or loss after tax derived in accordance with IFRS. We believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance within our industry because they permit the evaluation of our digital platform productivity, efficiency and performance. We also believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance because they take into account demand generation expense and are used by management to analyze the operating performance of our digital platform for the periods presented.

Farfetch reports under International Financial Reporting Standards ("IFRS"). Farfetch provides earnings guidance on a non-IFRS basis and does not provide earnings guidance on an IFRS basis. A reconciliation of the Company's Adjusted EBITDA guidance to the most directly comparable IFRS financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in the fair value of cash-settled share based payment liabilities; foreign exchange gains/(losses) and the other adjustments reflected in our reconciliation of historical non-IFRS financial measures, the amounts of which, could be material.

Reconciliations of the historical non-IFRS measures presented in this press release to their most directly comparable IFRS measures are included in the accompanying tables.

The following tables reconcile Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measure, which are loss after tax and loss after tax margin, respectively:

Supplemental 2020Metrics ^1 First Second Third Fourth Full Quarter Quarter Quarter Quarter Year (in thousands, except per share data or otherwise stated)Consolidated Group:Gross 610,874 721,310 797,840 1,056,990 3,187,014Merchandise $ $ $ $ $Value ("GMV")Revenue 331,437 364,680 437,700 540,105 1,673,922

Adjusted 301,152 307,877 386,778 464,887 1,460,694RevenueIn-Store 8,516 3,926 11,416 13,666 37,524RevenueGross profit 153,376 159,375 209,029 249,148 770,928

Gross profit 46.3% 43.7% 47.8% 46.1% 46.1%marginDemand (37,966) (47,378) (46,185) (67,258) (198,787)generation $ $ $ $ $expenseTechnology (26,307) (29,284) (29,809) (29,827) (115,227)expenseShare based (26,760) (61,915) (81,840) (121,118) (291,633)paymentsDepreciation (51,323) (51,758) (54,007) (60,135) (217,223)and amortizationGeneral and (111,422) (107,888) (143,349) (141,687) (504,346)administrativeOther items (5,025) (1,302) (860) (17,080) (24,267)

Impairmentlosses on (2,292) - - (699) (2,991)tangibleassetsImpairmentlosses on - - - (36,269) (36,269)intangibleassetsGains /(losses) on 65,434 (278,622) (373,079) (2,057,306) (2,643,573)items held at fair value andremeasurementsLoss after tax (79,177) (435,899) (536,960) (2,281,035) (3,333,071)

Adjusted (22,319) (25,175) (10,314) 10,376 (47,432)EBITDAAdjusted (7.4)% (8.2)% (2.7)% 2.2% (3.2)%EBITDA MarginEarnings per $ (0.24) $ (1.29) $ (1.58) $ (6.53) $ (9.75)share ("EPS")Adjusted EPS (0.24) (0.20) (0.17) (0.06) (0.66)

Digital Platform:Digital $ 494,899 $ 651,036 $ 674,097 $ 939,444 $ 2,759,476Platform GMVDigitalPlatform 185,177 237,603 263,035 347,341 1,033,156ServicesRevenueDigitalPlatform 30,285 56,803 50,922 75,218 213,228FulfilmentRevenueDigital 97,207 130,579 143,318 189,102 560,206Platform Gross ProfitDigital 52.5% 55.0% 54.5% 54.4% 54.2%Platform Gross Profit MarginDigital 59,241 83,201 97,133 121,844 361,419Platform Order $ $ $ $ $ContributionDigitalPlatform Order 32.0% 35.0% 36.9% 35.1% 35.0%ContributionMarginActive 2,149 2,524 2,742 3,024 3,024ConsumersAOV - $ 571 $ 493 $ 574 $ 626 $ 568MarketplaceAOV - Stadium 314 304 340 308 316GoodsBrand Platform:Brand Platform $ 107,459 $ 66,348 $ 112,327 $ 103,880 $ 390,014GMVBrand Platform 107,459 66,348 112,327 103,880 390,014RevenueBrand Platform 52,480 27,729 58,738 51,857 190,804Gross ProfitBrand Platform 48.8% 41.8% 52.3% 49.9% 48.9%Gross Profit Margin Forward Looking StatementsThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our growth and strategic initiatives, the expected timing for our new warehouse to become operational and our expected performance for the first quarter of 2021 and full year 2021, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: purchasers of luxury products may not choose to shop online in sufficient numbers; our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the volatility and difficulty in predicting the luxury fashion industry, in particular in light of COVID-19 and its impact on consumer spending patterns; our reliance on a limited number of retailers and brands for the supply of products on our Marketplace; our reliance on retailers and brands to anticipate, identify and respond quickly to new and changing fashion trends, consumer preferences and other factors; our reliance on retailers and brands to make products available to our consumers on our Marketplace and to set their own prices for such products; fluctuation in foreign exchange rates; our reliance on information technologies and our ability to adapt to technological developments; our ability to acquire or retain consumers and to promote and sustain the Farfetch brand; our ability or the ability of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information; our ability to successfully launch and monetize new and innovative technology; our acquisition and integration of other companies or technologies, for example, Stadium Goods and New Guards, could divert management's attention and otherwise disrupt our operations and harm our operating results; we may be unsuccessful in integrating any acquired businesses or realizing any anticipated benefits of such acquisitions; our dependence on highly skilled personnel, including our senior management, data scientists and technology professionals, and our ability to hire, retain and motivate qualified personnel; the effect of the COVID-19 pandemic on our business and results of operations, as well as on the luxury fashion industry and consumer spending more broadly, and our ability to successfully implement our business plan during a global economic downturn caused by the COVID-19 pandemic; the increased focus on social, environmental and sustainability matters could increase our costs, harm our reputation and adversely affect our financial results, and our ability to implement our environmental, sustainability, responsible sourcing, social and inclusion and diversity goals; Jos Neves, our chief executive officer, has considerable influence over important corporate matters due to his ownership of us, and our dual-class voting structure will limit your ability to influence corporate matters, including a change of control; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") for the fiscal year ended December 31, 2019 and Exhibit 99.2 to our Current Report on Form 6-K filed with the SEC on April 27, 2020, as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2020 to be filed with the SEC, accessible on the SEC's website at www.sec.gov and on our website at http://farfetchinvestors.com. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

NOTES AND DISCLOSURES

Segment Realignment

Following the acquisition of New Guards in August 2019, management determined that it had three operating segments: (i) Digital Platform, (ii) Brand Platform and (iii) In-Store, given our new organizational structure and the manner in which our business is reviewed and managed. In fourth quarter 2019, we realigned our reportable operating segments to reflect how our Chief Operating Decision-Maker was making operating decisions, allocating resources and evaluating operating performance. The comparative periods have been revised to reflect this segment realignment.

Our results for first, second, and part of third quarter 2019 do not include New Guards' performance.

Presentation Change

Beginning in second quarter 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statement of operations. These items are now presented below operating loss, and all prior periods in this release reflect this change. We have made this presentation change in order to improve comparability of our period-over-period operating loss, particularly given the increased volatility of the items with a valuation dependent on our market share prices. As a result of this presentation change, the consolidated statement of cash flows now starts with operating loss rather than loss before tax as previously reported. This change had no impact on our historical loss after tax or on any of our historical unaudited condensed consolidated statements of financial position, changes in equity, cash flows or on our previously provided non-IFRS and operational measures. We determined that these presentation changes had no material impact on the previously reported financial information or on any previously issued annual financial statements.

Non-IFRS and Other Financial and Operating Metrics

This release includes certain financial measures not based on IFRS, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue, Digital Platform Order Contribution, and Digital Platform Order Contribution Margin (together, the "Non-IFRS Measures"), as well as operating metrics, including GMV, Digital Platform GMV, Brand Platform GMV, In-Store GMV, Active Consumers and Average Order Value. See the "Definitions" section below for a further explanation of these terms.

Management uses the Non-IFRS Measures:

* as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations; * for planning purposes, including the preparation of our internal annual operating budget and financial projections; * to evaluate the performance and effectiveness of our strategic initiatives; and * to evaluate our capacity to fund capital expenditures and expand our business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations period over period and would ordinarily add back non-cash expenses such as depreciation, amortization and items that are not part of normal day-to-day operations of our business. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss after tax, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

* such measures do not reflect revenue related to fulfilment, which is necessary to the operation of our business; * such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; * such measures do not reflect changes in our working capital needs; * such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; * although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and * other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Revenue should not be considered as measures of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

Digital Platform Order Contribution and Digital Platform Order Contribution Margin are not measurements of our financial performance under IFRS and do not purport to be alternatives to gross profit or loss after tax derived in accordance with IFRS. We believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance within our industry because they permit the evaluation of our digital platform productivity, efficiency and performance. We also believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance because they take into account demand generation expense and are used by management to analyze the operating performance of our digital platform for the periods presented.

Farfetch reports under International Financial Reporting Standards ("IFRS"). Farfetch provides earnings guidance on a non-IFRS basis and does not provide earnings guidance on an IFRS basis. A reconciliation of the Company's Adjusted EBITDA guidance to the most directly comparable IFRS financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in the fair value of cash-settled share based payment liabilities; foreign exchange gains/(losses) and the other adjustments reflected in our reconciliation of historical non-IFRS financial measures, the amounts of which, could be material.

Reconciliations of the historical non-IFRS measures presented in this press release to their most directly comparable IFRS measures are included in the accompanying tables.

The following tables reconcile Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measure, which are loss after tax and loss after tax margin, respectively:

(in $ thousands, except as otherwise noted) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Loss after tax $ (77,686) $ (95,392) $ (90,484) $ (110,126) $ (373,688)

Net finance (8,408) (1,249) 10,689 (16,182) (15,150)(income)/expenseIncome tax expense 560 813 (104) (108) 1,161/(benefit)Depreciation and 14,106 14,323 35,097 50,065 113,591amortizationShare based 38,714 45,710 31,760 42,238 158,422payments (a)(Gains)/losses onitems held at fair - - (32,286) 10,565 (21,721)value andremeasurements (b)Other items (c) 2,493 (1,764) 10,061 5,584 16,374

Share of results (15) (17) (371) 38 (365)of associatesAdjusted EBITDA $ (30,236) $ (37,576) $ (35,638) $ (17,926) $ (121,376)

Revenue $ 174,064 $ 209,260 $ 255,481 $ 382,232 $ 1,021,037

Loss after tax (44.6)% (45.6)% (35.4)% (28.8)% (36.6)%margin

Adjusted Revenue $ 146,374 $ 180,738 $ 228,227 $ 337,738 $ 893,077

Adjusted EBITDA (20.7)% (20.8)% (15.6)% (5.3)% (13.6)%Margin

(in $ thousands, except as otherwise noted)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearLoss after tax$(79,177)

$(435,899)

$(536,960)

$(2,281,035)

$(3,333,071)

Net finance (income)/expense34,355

20,751

14,363

14,574

84,043

Income tax expense/(benefit)2,506

(4,118)

2,882

(15,704)

(14,434)

Depreciation and amortization51,323

51,758

54,007

60,135

217,223

Share based payments (a)26,760

61,915

81,840

121,118

291,633

(Gains)/losses on items held at fair value and remeasurements (b)(65,434)

278,622

373,079

2,057,306

2,643,573

Other items (c)5,025

1,302

860

17,080

24,267

Impairment losses on tangible assets2,292

-

-

699

2,991

Impairment losses on intangible assets-

-

-

36,269

36,269

Share of results of associates31

494

(385)

(66)

74

Adjusted EBITDA$(22,319)

$(25,175)

$(10,314)

$10,376

$(47,432)

Revenue$331,437

$364,680

$437,700

$540,105

$1,673,922

Loss after tax margin

(23.9)%

(119.5)%

(122.7)%

(422.3)%

(199.1)%

Adjusted Revenue$301,152

$307,877

$386,778

$464,887

$1,460,694

Adjusted EBITDA Margin

(7.4)%

(8.2)%

(2.7)%

2.2%

(3.2)%

* Represents share based payment expense. * Represents (gains)/losses on items held at fair value and remeasurements. See "gains/(losses) on items held at fair value and remeasurements" on page 27 for a breakdown of these items. * Represents other items, which are outside the normal scope of our ordinary activities. See "other items" on page 28 for a breakdown of these expenses. Other items is included within selling, general and administrative expenses. The following tables reconcile Adjusted Revenue to the most directly comparable IFRS financial performance measure, which is revenue:

(in $ thousands,except as otherwise noted) 2020

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Loss after tax $ (79,177) $ (435,899) $ (536,960) $ (2,281,035) $ (3,333,071)

Net finance 34,355 20,751 14,363 14,574 84,043(income)/expenseIncome tax expense 2,506 (4,118) 2,882 (15,704) (14,434)/(benefit)Depreciation and 51,323 51,758 54,007 60,135 217,223amortizationShare based 26,760 61,915 81,840 121,118 291,633payments (a)(Gains)/losses on items held at fair (65,434) 278,622 373,079 2,057,306value and 2,643,573remeasurements (b)

Other items (c) 5,025 1,302 860 17,080 24,267

Impairment losses 2,292 - - 699 2,991on tangible assetsImpairment losses - - - 36,269 36,269on intangible assetsShare of results 31 494 (385) (66) 74of associatesAdjusted EBITDA $ (22,319) $ (25,175) $ (10,314) $ 10,376 $ (47,432)

Revenue $ 331,437 $ 364,680 $ 437,700 $ 540,105 $ 1,673,922

Loss after tax (23.9)% (119.5)% (122.7)% (422.3)% (199.1)%margin

Adjusted Revenue $ 301,152 $ 307,877 $ 386,778 $ 464,887 $ 1,460,694

Adjusted EBITDA (7.4)% (8.2)% (2.7)% 2.2% (3.2)%Margin

* Represents share based payment expense. * Represents (gains)/losses on items held at fair value and remeasurements. See "gains/(losses) on items held at fair value and remeasurements" on page 27 for a breakdown of these items. * Represents other items, which are outside the normal scope of our ordinary activities. See "other items" on page 28 for a breakdown of these expenses. Other items is included within selling, general and administrative expenses. The following tables reconcile Adjusted Revenue to the most directly comparable IFRS financial performance measure, which is revenue:

(in $ thousands, except as otherwise noted) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Revenue $ 174,064 $ 209,260 $ 255,481 $ 382,232 $ 1,021,037

Less:Digital (27,690) (28,522) (27,254) (44,494) (127,960)Platform FulfilmentRevenueAdjusted 146,374 180,738 228,227 337,738 893,077Revenue $ $ $ $ $

(in $ thousands, except as otherwise noted)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearRevenue$331,437

$364,680

$437,700

$540,105

$1,673,922

Less: Digital Platform Fulfilment Revenue(30,285)

(56,803)

(50,922)

(75,218)

(213,228)

Adjusted Revenue

$301,152

$307,877

$386,778

$464,887

$1,460,694

The following tables reconcile Digital Platform Order Contribution and Digital Platform Order Contribution Margin to the most directly comparable IFRS financial performance measure, which are Digital Platform Gross Profit and Digital Platform Gross Profit Margin, respectively:

(in $thousands,except as otherwisenoted) 2020

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Revenue $ 331,437 $ 364,680 $ 437,700 $ 540,105 $ 1,673,922

Less:Digital (30,285) (56,803) (50,922) (75,218) (213,228)Platform FulfilmentRevenueAdjusted 301,152 307,877 386,778 464,887 1,460,694Revenue $ $ $ $ $

The following tables reconcile Digital Platform Order Contribution and Digital Platform Order Contribution Margin to the most directly comparable IFRS financial performance measure, which are Digital Platform Gross Profit and Digital Platform Gross Profit Margin, respectively:

(in $ thousands, except as otherwise noted) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Digital 80,941 84,106 83,294 123,572 371,913Platform Gross $ $ $ $ $ProfitLess: Demand (31,423) (34,444) (34,321) (51,162) (151,350)generation expenseDigital 49,518 49,662 48,973 72,410 220,563Platform Order $ $ $ $ $ContributionDigitalPlatform $ 141,838 $ 176,518 $ 156,479 $ 226,411 $ 701,246ServicesRevenueDigital 57.1% 47.6% 53.2% 54.6% 53.0%Platform Gross Profit MarginDigitalPlatform Order 34.9% 28.1% 31.3% 32.0% 31.5%ContributionMargin(in $ thousands, except as otherwise noted)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearDigital Platform Gross Profit$97,207

$130,579

$143,318

$189,102

$560,206

Less: Demand generation expense(37,966)

(47,378)

(46,185)

(67,258)

(198,787)

Digital Platform Order Contribution$59,241

$83,201

$97,133

$121,844

$361,419

Digital Platform Services Revenue$185,177

$237,603

$263,035

$347,341

$1,033,156

Digital Platform Gross Profit Margin52.5%

55.0%

54.5%

54.4%

54.2%

Digital Platform Order Contribution Margin32.0%

35.0%

36.9%

35.1%

35.0%

The following tables reconcile Adjusted EPS to the most directly comparable IFRS financial performance measure, which is Earnings per share:

(in $thousands,except as otherwisenoted) 2020

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Digital 97,207 130,579 143,318 189,102 560,206Platform Gross $ $ $ $ $ProfitLess: Demand (37,966) (47,378) (46,185) (67,258) (198,787)generation expenseDigital 59,241 83,201 97,133 121,844 361,419Platform Order $ $ $ $ $ContributionDigitalPlatform $ 185,177 $ 237,603 $ 263,035 $ 347,341 $ 1,033,156ServicesRevenueDigital 52.5% 55.0% 54.5% 54.4% 54.2%Platform Gross Profit MarginDigitalPlatform Order 32.0% 35.0% 36.9% 35.1% 35.0%ContributionMargin The following tables reconcile Adjusted EPS to the most directly comparable IFRS financial performance measure, which is Earnings per share:

(per share amounts) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Earnings per $ (0.26) $ (0.31) $ (0.30) $ (0.34) $ (1.21)shareShare based 0.13 0.15 0.11 0.12 0.50payments (a)Amortization ofacquired 0.01 0.01 0.06 0.09 0.17intangibleassets(Gains)/losseson items held at - - (0.10) 0.03 (0.07)fair value and remeasurements(b)Other items (c) 0.01 (0.01) 0.03 0.02 0.05

Share of results (0.00) (0.00) (0.00) (0.00) 0.00of associatesAdjusted EPS $ (0.11) $ (0.16) $ (0.20) $ (0.08) $ (0.56)

(per share amounts)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearEarnings per share$(0.24)

$(1.29)

$(1.58)

$(6.53)

$(9.75)

Share based payments (a)0.08

0.18

0.24

0.35

0.85

Amortization of acquired intangible assets0.09

0.09

0.09

0.09

0.36

(Gains)/losses on items held at fair value and remeasurements (b)(0.19)

0.82

1.08

5.88

7.69

Other items (c)0.01

0.00

0.00

0.05

0.07

Impairment losses on tangible assets0.01

-

-

-

0.01

Impairment losses on intangible assets-

-

-

0.10

0.11

Share of results of associates(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Adjusted EPS$(0.24)

$(0.20)

$(0.17)

$(0.06)

$(0.66)

* Represents share based payment expense on a per share basis. * Represents (gains)/losses on items held at fair value and remeasurements on a per share basis. See "gains/(losses) on items held at fair value and remeasurements" on page 27 for a breakdown of these items. * Represents other items on a per share basis, which are outside the normal scope of our ordinary activities. See "other items" on page 28 for a breakdown of these expenses. Other items included within selling, general and administrative expenses. The following tables represent gains/(losses) on items held at fair value and remeasurements:

(per share amounts) 2020

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Earnings per $ (0.24) $ (1.29) $ (1.58) $ (6.53) $ (9.75)shareShare based 0.08 0.18 0.24 0.35 0.85payments (a)Amortization ofacquired 0.09 0.09 0.09 0.09 0.36intangibleassets(Gains)/losseson items held at (0.19) 0.82 1.08 5.88 7.69fair value and remeasurements(b)Other items (c) 0.01 0.00 0.00 0.05 0.07

Impairment 0.01 - - - 0.01losses on tangible assetsImpairmentlosses on - - - 0.10 0.11intangibleassetsShare of results (0.00) (0.00) (0.00) (0.00) (0.00)of associatesAdjusted EPS $ (0.24) $ (0.20) $ (0.17) $ (0.06) $ (0.66)

* Represents share based payment expense on a per share basis. * Represents (gains)/losses on items held at fair value and remeasurements on a per share basis. See "gains/(losses) on items held at fair value and remeasurements" on page 27 for a breakdown of these items. * Represents other items on a per share basis, which are outside the normal scope of our ordinary activities. See "other items" on page 28 for a breakdown of these expenses. Other items included within selling, general and administrative expenses. The following tables represent gains/(losses) on items held at fair value and remeasurements:

(in $ thousands, except as otherwise noted) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter YearFair value remeasurements:Shares issuedas part of New $ - $ - $ (21,526) $ - $ (21,526)Guardsacquisition Present value remeasurements:Chalhoub put - - 53,812 (8,959) 44,853optionCuriosityChina - - - (1,606) (1,606)call optionGains /(losses) on - - 32,286 (10,565) 21,721items held at $ $ $ $ $fair value andremeasurements Farfetch share 26.91 20.80 8.64 10.35 10.35price (end of $ $ $ $ $day)(in $ thousands, except as otherwise noted)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearFair value remeasurements:$250 million 5.00% Notes due 2025 embedded derivative$44,014

$(135,093)

$(138,171)

$(749,004)

$(978,254)

$400 million 3.75% Notes due 2027 embedded derivative-

(77,758)

(157,108)

(869,078)

(1,103,944)

$600 million 0.00% Notes due 2030 embedded derivative-

-

-

(272,522)

(272,522)

Present value remeasurements:Chalhoub put option21,420

(65,771)

(77,800)

(165,776)

(287,927)

CuriosityChina call option-

-

-

(926)

(926)

Gains / (losses) on items held at fair value and remeasurements$65,434

$(278,622)

$(373,079)

$(2,057,306)

$(2,643,573)

Farfetch share price (end of day)$7.90

$17.27

$25.16

$63.81

$63.81

The following tables represent other items:

(in $thousands,except as otherwisenoted) 2020

First Second Third Fourth Full Quarter Quarter Quarter Quarter YearFair value remeasurements:$250 million5.00% Notes due $ 44,014 $ (135,093) $ (138,171) $ (749,004) $ (978,254)2025 embeddedderivative$400 million3.75% Notes due - (77,758) (157,108) (869,078) (1,103,944)2027 embeddedderivative$600 million0.00% Notes due - - - (272,522) (272,522)2030 embeddedderivative Present value remeasurements:Chalhoub put 21,420 (65,771) (77,800) (165,776) (287,927)optionCuriosityChina - - - (926) (926)call optionGains /(losses) on 65,434 (278,622) (373,079) (2,057,306) (2,643,573)items held at $ $ $ $ $fair value andremeasurements Farfetch share 7.90 17.27 25.16 63.81 63.81price (end of $ $ $ $ $day) The following tables represent other items:

(in $ thousands, except as otherwise noted) 2019

First Second Third Fourth Full Quarter Quarter Quarter Quarter Year Transaction-related (2,493) (2,236) (5,061) (5,584) (15,374)legal and advisory $ $ $ $ $expensesRelease of tax - 4,000 - - 4,000provisionsLoss on impairmentof investments - - (5,000) - (5,000)carried at fairvalueOther items $ (2,493) $ 1,764 $ (10,061) $ (5,584) $ (16,374)

(in $ thousands, except as otherwise noted)2020

FirstSecondThirdFourthFullQuarterQuarterQuarterQuarterYearTransaction-related legal and advisory expenses$(4,925)

$(1,799)

$(860)

$(17,014)

$(24,598)

Loss on impairment of investments carried at fair value(100)

(69)

-

(66)

(235)

Other-

566

-

-

566

Other items$(5,025)

$(1,302)

$(860)

$(17,080)

$(24,267)

Definitions

We define our non-IFRS and other financial and operating metrics as follows:

"Active Consumers" means active consumers on our directly owned and operated sites and related apps. A consumer is deemed to be active if they made a purchase within the last 12-month period, irrespective of cancellations or returns. Active Consumers includes Farfetch Marketplace, BrownsFashion.com, Stadium Goods, and New Guards-owned sites operated by Farfetch Platform Solutions. Due to technical limitations, Active Consumers is unable to fully de-dupe Stadium Goods consumers from consumers on our other sites. The number of Active Consumers is an indicator of our ability to attract and retain our consumer base to our platform and of our ability to convert platform visits into sale orders.

"Adjusted EBITDA" means net income/(loss) after taxes before net finance expense/(income), income tax expense/(benefit) and depreciation and amortization, further adjusted for share based compensation expense, share of results of associates and items outside the normal scope of our ordinary activities (including other items, within selling, general and administrative expenses, losses/(gains) on items held at fair value and remeasurements through profit and loss, impairment losses on tangible assets, and impairment losses on intangible assets). Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA may not be comparable to other similarly titled metrics of other companies.

"Adjusted EBITDA Margin" means Adjusted EBITDA calculated as a percentage of Adjusted Revenue.

"Adjusted EPS" means earnings per share further adjusted for share based payments, amortization of acquired intangible assets, items outside the normal scope of our ordinary activities (including other items, within selling, general and administrative expenses, losses/(gains) on items held at fair value and remeasurements through profit and loss, impairment losses on tangible assets, and impairment losses on intangible assets) and the related tax effects of these adjustments. Adjusted EPS provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EPS may not be comparable to other similarly titled metrics of other companies.

"Adjusted Revenue" means revenue less Digital Platform Fulfilment Revenue.

"Average Order Value" ("AOV") means the average value of all orders excluding value added taxes placed on either the Farfetch Marketplace or the Stadium Goods Marketplace, as indicated.

"Brand Platform Gross Profit" means Brand Platform Revenue less the direct cost of goods sold relating to Brand Platform Revenue.

"Brand Platform GMV" and "Brand Platform Revenue" mean revenue relating to the New Guards operations less revenue from New Guards': (i) owned e-commerce websites, (ii) direct to consumer channel via our Marketplaces and (iii) directly operated stores. Revenue realized from Brand Platform is equal to GMV as such sales are not commission based.

"Digital Platform Fulfilment Revenue" means revenue from shipping and customs clearing services that we provide to our digital consumers, net of Farfetch-funded consumer promotional incentives, such as free shipping and promotional codes. Digital Platform Fulfilment Revenue was referred to as Platform Fulfilment Revenue in previous filings with the SEC.

"Digital Platform GMV" means GMV excluding In-Store GMV and Brand Platform GMV. Digital Platform GMV was referred to as Platform GMV in previous filings with the SEC.

"Digital Platform Gross Profit" means gross profit excluding In-Store Gross Profit and Brand Platform Gross Profit. Digital Platform Gross Profit was referred to as Platform Gross Profit in previous filings with the SEC.

"Digital Platform Gross Profit Margin" means Digital Platform Gross Profit calculated as a percentage of Digital Platform Services Revenue. We provide fulfilment services to Marketplace consumers and receive revenue from the provision of these services, which is primarily a pass-through cost with no economic benefit to us. Therefore, we calculate our Digital Platform Gross Profit Margin, including Digital Platform third-party and first-party gross profit margin, excluding Digital Platform Fulfilment Revenue.

"Digital Platform Order Contribution" means Digital Platform Gross Profit after deducting demand generation expense, which includes fees that we pay for our various marketing channels. Digital Platform Order Contribution provides an indicator of our ability to extract digital consumer value from our demand generation expense, including the costs of retaining existing consumers and our ability to acquire new consumers. Digital Platform Order Contribution was referred to as Platform Order Contribution in previous filings with the SEC.

"Digital Platform Order Contribution Margin" means Digital Platform Order Contribution calculated as a percentage of Digital Platform Services Revenue. Digital Platform Order Contribution Margin was referred to as Platform Order Contribution Margin in previous filings with the SEC.

"Digital Platform Revenue" means the sum of Digital Platform Services Revenue and Digital Platform Fulfilment Revenue. Digital Platform Revenue was referred to as Platform Revenue in previous filings with the SEC.

"Digital Platform Services Revenue" means Revenue less Digital Platform Fulfilment Revenue, In-Store Revenue and Brand Platform Revenue. Digital Platform Services Revenue is driven by our Digital Platform GMV, including commissions from third-party sales and revenue from first-party sales. Digital Platform Services Revenue was also referred to as Adjusted Platform Revenue or Platform Services Revenue in previous filings with the SEC.

"Digital Platform Services third-party revenues" represent commissions and other income generated from the provision of services to sellers in their transactions with consumers conducted on our dematerialized platforms, as well as fees for services provided to brands and retailers.

"Digital Platform Services first-party revenues" represents sales of owned-product, including First-Party Original through our digital platform. The revenue realized from first-party sales is equal to the GMV of such sales because we act as principal in these transactions and, therefore, related sales are not commission based.

"Digital Platform Services third-party cost of revenues" and "Digital Platform Services first-party cost of revenues" include packaging costs, credit card fees, and incremental shipping costs provided in relation to the provision of these services. Digital Platform Services first-party cost of revenues also includes the cost of goods sold of the owned products.

"First-Party Original" refers to brands developed by New Guards and sold direct to consumers on the digital platform.

"Gross Merchandise Value" ("GMV") means the total dollar value of orders processed. GMV is inclusive of product value, shipping and duty. It is net of returns, value added taxes and cancellations. GMV does not represent revenue earned by us, although GMV and revenue are correlated.

"In-Store Gross Profit" means In-Store Revenue less the direct cost of goods sold relating to In-Store Revenue.

"In-Store GMV" and "In-Store Revenue" mean revenue generated in our retail stores which include Browns, Stadium Goods and New Guards' directly operated stores. Revenue realized from In-Store sales is equal to GMV of such sales because such sales are not commission based.

"Third-Party Take Rate" means Digital Platform Services Revenue excluding revenue from first-party sales, as a percentage of Digital Platform GMV excluding GMV from first-party sales and Digital Platform Fulfilment Revenue. Revenue from first-party sales, which is equal to GMV from first-party sales, means revenue derived from sales on our platform of inventory purchased by us.

Certain figures in the release may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.

About Farfetch

Farfetch Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by Jos Neves for the love of fashion, and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world. Today the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,300 of the world's best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a single platform. Farfetch's additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards Group, a platform for the development of global fashion brands. Farfetch offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses Farfetch Platform Solutions, which services enterprise clients with e-commerce and technology capabilities, and innovations such as Store of the Future, its connected retail solution.

For more information, please visit www.farfetchinvestors.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006151/en/

CONTACT: Investor Relations Contact: Alice Ryder VP Investor Relations IR@farfetch.com

CONTACT: Media Contacts: Susannah Clark VP Communications, Global susannah.clark@farfetch.com +44 7788 405224

CONTACT: Brunswick Group farfetch@brunswickgroup.com US: +1 (212) 333 3810 UK: +44 (0) 207 404 5959