Thread by @saharainvesting

2010 investment thesis for Farfetch $FTCH from Felix Capital

Average Farfetch $FTCH price points vs rivals

Interesting analysis of Farfetch $FTCH unit economics

thetaequity.com/farfetch-ipo

"We realized Net-a-Porter was a great business, but that fundamentally, marketplaces were probably going to be a better business model for scale. And so we decided to double down on Farfetch instead."

glossy.co/ecommerce/ndex…

"Many brands, even Gucci and Prada, are favoring the birth of a new giant. If you can't generate traffic, driving to a portal makes sense. However, if a brand creates traffic on its own, it makes much less sense to reinforce a channel that could be dominant tomorrow."

$FTCH

Really interesting interview with Natalie Massenet, founder of Net-a-Porter.

From about 26:10 she discusses Farfetch $FTCH, effectively stating that it's a better business than NAP and will be the ultimate winner in luxury ecommerce.

I've read a lot of articles about Farfetch $FTCH lately. This one explaining why Natalie Massenet chose to join as Co-Chairman is probably the best one.

Good overview of the business and its competitive advantages.

afr.com/afr-magazine/w…

Well damn

Regional supply and demand of luxury goods as per $FTCH in 2015. Note the proportion of their demand from China which they no longer break out. Presume it hasn't shrunk as a % given it was growing 200% YoY at the time.

"In many international markets there is no local competition"

"Japan is a $20bn market for luxury"

$FTCH

Online traffic trends for Farfetch (red) vs number one department store (blue) and number one luxury ecommerce retailer (green, presumably Net a Porter)

A little old but I'd be shocked if these trends hadn't accelerated since.

"For online luxury consumers the number one consideration is timely delivery. Number two is breadth of offering and number three is price."

Farfetch $FTCH positioning in the JD.com app

"Level 1 access"