Branding for online fashion house Farfetch is seen at the company headquarters in London, Britain January 31, 2018.
REUTERS/Toby Melville Acquire Licensing RightsAug 18 (Reuters) - Shares of Farfetch (FTCH.N) slumped nearly 40% to a record low on Friday, as choppy demand in the online luxury goods retailer's top two markets, the United States and China, drove a gloomy annual sales outlook.
Farfetch projected total gross merchandise value, or the total dollar value of orders processed - a key revenue metric - to be about $4.4 billion for 2023, compared with prior expectations of $4.9 billion.
As of Thursday's close, Farfetch had a market capitalization of about $1.68 billion, per Refinitiv data.
Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons:
Toby Melville, Farfetch, José Neves, Morgan, Keybanc, Oliver Chen, Cowen, Marvin Fong, Fong, Deborah Sophia, Krishna Chandra
Organizations:
REUTERS, Thomson
Locations:
London, Britain, United States, China, U.S, Mainland China, J.P, Bengaluru