Farfetch Limited (NYSE:FTCH) Q3 2018 Earnings Conference Call - Preliminary Transcript

Nov 08, 2018 • 05:15 pm ET


Farfetch Limited (NYSE:FTCH) Q3 2018 Earnings Conference Call - Preliminary Transcript


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Good afternoon. My name is Jason, and I will be your conference operator today. At this time, I would like to welcome everyone to the Farfetch Third Quarter 2018 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I'd now like to turn the call over to Alice Ryder, VP of Investor Relations. Ms. Ryder, you may begin your conference.

Alice Ryder

Thank you, Jason. Hello and welcome to Farfetch's third quarter 2018 conference call. Joining me today to discuss our results are Jose Neves, our Founder, Co-Chairman, and Chief Executive Officer, and Elliot Jordan, our Chief Financial Officer.

Before we begin, we'd like to remind you that our discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements and forward-looking statements may today speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements.

For a discussion of some of the risk factors that could cause actual results to differ, please see the risk factors section of our final perspective in connection with our initial public offering, which was filed with the SEC on September 24, 2018.

In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures to the IFRS financial measures in our earnings press release and the slide presentation both of which are available on our website at farfetchinvestors.com.

And now, I'd like to turn the call over to Jose.

Jose Neves

Thank you, Alice. It's great to be with you today. Thank you for joining our first earnings call. Let me start by thanking all of our employees, our Farfetches, and our brand and boutique partners and our highly valued customers for all their support over the past 10 years since I first began in 2008 and throughout our IPO.

During the IPO, we had the opportunity to share our vision and the Farfetch story we've invested some all around the world. And we received such an incredible reception. We are now more excited than ever about Farfetch's opportunity to be the platform for the luxury industry.

Before I have to take you on our third part of progress, since today is our first earnings call, I would like to give you a bit of background on Farfetch. But before I do that, I want to set out the scale of the opportunity in the luxury fashion industry. We believe we have such an amazing opportunity to transform what is currently a $300 billion global industry where e-commerce is still in the early stages of development.

In 10 years' time, we believe this industry will be worth $500 billion and online will be at least 25% of that, maybe 30%. This will represent a full incremental opportunity of $100 billion in new business and we believe Farfetch is well positioned