Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | FTCH |
Entity Registrant Name | Farfetch Ltd |
Entity Central Index Key | 0001740915 |
Title of 12(b) Security | Class A ordinary shares, par value $0.04 per share |
Entity Incorporation, State or Country Code | E9 |
Security Exchange Name | NYSE |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Voluntary Filers | No |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Entity File Number | 001-38655 |
Entity Address, Address Line One | The Bower |
Entity Address, Address Line Two | 211 Old Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | EC1V 9NR |
Entity Address, Country | GB |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | London, United Kingdom |
Auditor Firm ID | 876 |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | James L. MaynardChief Legal Officer & General Counsel |
Entity Address, Address Line One | Farfetch Limited |
Entity Address, Address Line Two | The Bower |
Entity Address, Address Line Three | 211 Old Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | EC1V 9NR |
Entity Address, Country | GB |
Contact Personnel Email Address | IR@farfetch.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 351,972,468 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 42,858,080 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | $ 2,316,680 | $ 2,256,608 | $ 1,673,922 |
Cost of revenue | (1,293,505) | (1,240,097) | (902,994) |
Gross profit | 1,023,175 | 1,016,511 | 770,928 |
Selling, general and administrative expenses | (1,733,603) | (1,480,968) | (1,351,483) |
Impairment losses on tangible assets | (19,945) | 0 | (2,991) |
Impairment losses on intangible assets | (116,787) | (11,779) | (36,269) |
Operating loss | (847,160) | (476,236) | (619,815) |
(Losses)/gains on items held at fair value and remeasurements | 1,298,612 | 2,023,743 | (2,643,573) |
Share of results of associates | 68 | (52) | (74) |
Finance income | 38,369 | 12,599 | 24,699 |
Finance costs | (148,557) | (86,441) | (91,294) |
(Loss)/profit before tax | 341,332 | 1,473,613 | (3,330,057) |
Income tax benefit/(expense) | 3,523 | (3,002) | 14,434 |
(Loss)/profit after tax | 344,855 | 1,470,611 | (3,315,623) |
(Loss)/profit after tax attributable to: | |||
Equity holders of the parent | 359,287 | 1,466,487 | (3,333,171) |
Non-controlling interests | (14,432) | 4,124 | 17,548 |
(Loss)/profit after tax | $ 344,855 | $ 1,470,611 | $ (3,315,623) |
(Loss)/earnings per share attributable to owners of the parent | |||
Basic | $ 0.93 | $ 4.02 | $ (9.69) |
Diluted | $ (1.85) | $ (1.07) | $ (9.69) |
Weighted-average shares outstanding | |||
Basic | 384,986,092 | 364,696,712 | 343,829,481 |
Diluted | 465,689,374 | 472,357,995 | 343,829,481 |
Consolidated statement of compr
Consolidated statement of comprehensive (loss)/income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
(Loss)/profit after tax for the year | $ 344,855 | $ 1,470,611 | $ (3,315,623) |
Items that may be subsequently reclassified to the consolidated statement of operations (net of tax): | |||
Exchange gain/(loss) on translation of foreign operations | (12,194) | (20,017) | 23,903 |
Loss on cash flow hedges recognized in equity | (60,463) | (12,825) | (4,227) |
Loss/(gain) on cash flow hedges reclassified and reported in net (loss)/profit | 74,975 | (11,951) | 17,612 |
Hedge discontinuation gains transferred to statement of operations | (23,223) | 0 | 0 |
Gain/(loss) on cash flow hedges recognized in equity - time value | 0 | (2,552) | 2,552 |
Items that will not be subsequently reclassified to the consolidated statement of operations (net of tax): | |||
Remeasurement loss on severance plan | (168) | (77) | (24) |
Other comprehensive income/(loss), net of tax | (21,073) | (47,422) | 39,816 |
Total comprehensive (loss)/income for the year, net of tax | 323,782 | 1,423,189 | (3,275,807) |
Total comprehensive (loss)/income attributable to: | |||
Equity holders of the parent | 338,395 | 1,421,809 | (3,293,687) |
Non-controlling interests | (14,613) | 1,380 | 17,880 |
Total comprehensive (loss)/income for the year, net of tax | $ 323,782 | $ 1,423,189 | $ (3,275,807) |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Other receivables | $ 21,204 | $ 31,225 |
Deferred tax assets | 19,566 | 13,334 |
Intangible assets | 1,547,830 | 1,359,657 |
Property, plant and equipment | 91,141 | 97,063 |
Right-of-use assets | 187,640 | 195,549 |
Investments | 218,977 | 17,937 |
Investments in associates | 138 | 69 |
Total non-current assets | 2,086,496 | 1,714,834 |
Current assets | ||
Inventories | 345,969 | 255,664 |
Trade and other receivables | 492,565 | 374,706 |
Current tax assets | 16,193 | 10,201 |
Short-term investments | 0 | 99,971 |
Derivative financial assets | 472 | 8,010 |
Cash and cash equivalents | 734,221 | 1,363,128 |
Total current assets | 1,589,420 | 2,111,680 |
Total assets | 3,675,916 | 3,826,514 |
Non-current liabilities | ||
Provisions | 12,166 | 60,545 |
Deferred tax liabilities | 127,348 | 156,025 |
Lease liabilities | 178,247 | 180,915 |
Employee benefit obligations | 2,930 | 12,948 |
Derivative financial liabilities | 206,564 | 872,428 |
Borrowings | 892,700 | 515,804 |
Put and call option liabilities | 169,218 | 836,609 |
Other financial liabilities | 298,244 | 13,367 |
Total non-current liabilities | 1,887,417 | 2,648,641 |
Current liabilities | ||
Trade and other payables | 740,848 | 806,406 |
Provisions | 12,053 | 14,585 |
Current tax liability | 6,075 | 5,189 |
Lease liabilities | 36,996 | 33,594 |
Employee benefit obligations | 2,403 | 8,296 |
Derivative financial liabilities | 22,041 | 21,118 |
Put and call option liabilities | 26,029 | 8,321 |
Other financial liabilities | 36,433 | 9,748 |
Total current liabilities | 882,878 | 907,257 |
Total liabilities | 2,770,295 | 3,555,898 |
Equity | ||
Equity attributable to owners of the parent | 748,214 | 88,608 |
Non-controlling interests | 157,407 | 182,008 |
Total equity | 905,621 | 270,616 |
Total equity and liabilities | $ 3,675,916 | $ 3,826,514 |
Consolidated statement of chang
Consolidated statement of changes in equity/(deficit) - USD ($) $ in Thousands | Total | Farfetch China Holdings Ltd | Share Capital | Share Capital Farfetch China Holdings Ltd | Share Premium | Share Premium Farfetch China Holdings Ltd | Merger Reserve | Merger Reserve Farfetch China Holdings Ltd | Foreign Exchange Reserve | Foreign Exchange Reserve Farfetch China Holdings Ltd | Other Reserves | Other Reserves Farfetch China Holdings Ltd | Accumulated Losses | Accumulated Losses Farfetch China Holdings Ltd | Equity/(Deficit) Attributable to Owners of the Parent | Equity/(Deficit) Attributable to Owners of the Parent Farfetch China Holdings Ltd | Non- controlling Interest | Non- controlling Interest Farfetch China Holdings Ltd |
Beginning balance at Dec. 31, 2019 | $ 1,337,832 | $ 13,584 | $ 878,007 | $ 783,529 | $ (30,842) | $ 369,275 | $ (845,947) | $ 1,167,606 | $ 170,226 | |||||||||
Changes in equity/(deficit) | ||||||||||||||||||
(Loss)/profit after tax for the year | (3,315,623) | 0 | 0 | 0 | 0 | 0 | (3,333,171) | (3,333,171) | 17,548 | |||||||||
Other comprehensive (loss)/income | 39,816 | 0 | 0 | 0 | 23,571 | 15,913 | 0 | 39,484 | 332 | |||||||||
Total comprehensive (loss)/income for the year, net of tax | (3,275,807) | 0 | 0 | 0 | 23,571 | 15,913 | (3,333,171) | (3,293,687) | 17,880 | |||||||||
Loss (Gain) on cashflow hedge transferred to inventory | (1,213) | 0 | 0 | 0 | 0 | (1,213) | 0 | (1,213) | 0 | |||||||||
Issue of share capital, net of transaction costs | 55,316 | 584 | 49,924 | 0 | 0 | 4,808 | 0 | 55,316 | 0 | |||||||||
Share-based payment – equity-settled | 218,688 | 0 | 0 | 0 | 0 | 52,690 | 165,998 | 218,688 | 0 | |||||||||
Share-based payment- reverse vesting shares | 26,092 | 0 | 0 | 0 | 0 | 26,092 | 0 | 26,092 | 0 | |||||||||
Acquisition of non-controlling interest | 965 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 965 | |||||||||
Dividends to non-controlling interests | (20,515) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (20,515) | |||||||||
Ending balance at Dec. 31, 2020 | (1,658,642) | 14,168 | 927,931 | 783,529 | (7,271) | 467,565 | (4,013,120) | (1,827,198) | 168,556 | |||||||||
Changes in equity/(deficit) | ||||||||||||||||||
(Loss)/profit after tax for the year | 1,470,611 | 0 | 0 | 0 | 0 | 0 | 1,466,487 | 1,466,487 | 4,124 | |||||||||
Other comprehensive (loss)/income | (47,422) | 0 | 0 | 0 | (17,273) | (27,405) | 0 | (44,678) | (2,744) | |||||||||
Total comprehensive (loss)/income for the year, net of tax | 1,423,189 | 0 | 0 | 0 | (17,273) | (27,405) | 1,466,487 | 1,421,809 | 1,380 | |||||||||
Loss (Gain) on cashflow hedge transferred to inventory | 2,066 | 0 | 0 | 0 | 0 | 2,066 | 0 | 2,066 | 0 | |||||||||
Issue of share capital, net of transaction costs | 333 | 333 | 0 | 0 | 0 | 0 | 0 | 333 | 0 | |||||||||
Share-based payment – equity-settled | 221,113 | 0 | 0 | 0 | 0 | 61,282 | 159,831 | 221,113 | 0 | |||||||||
Share-based payment- reverse vesting shares | 30,191 | 51 | 54,626 | 0 | 0 | (24,486) | 0 | (30,191) | 0 | |||||||||
Acquisition of non-controlling interest | (18,514) | 0 | 0 | 0 | 0 | (11,613) | 0 | (11,613) | (6,901) | $ 0 | ||||||||
Non-controlling interest call/put option | (150,070) | $ (744,163) | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (150,070) | $ (744,163) | 0 | $ 0 | (150,070) | $ (744,163) | 0 | $ 0 |
Non-controlling interest arising on purchase of asset | 74,240 | 20 | 23,767 | 0 | 0 | 0 | 0 | 23,787 | 50,453 | |||||||||
Share issued on purchase of subsidiary | 4,380 | 6 | 4,374 | 0 | 0 | 0 | 0 | 4,380 | 0 | |||||||||
Step acquisition | 2,434 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,434 | ||||||||
Capital contribution from non-controlling interests, net of transaction costs | 474,988 | 0 | 0 | 0 | 0 | 488,863 | 0 | 488,863 | (13,875) | |||||||||
Dividends to non-controlling interests | (23,016) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (23,016) | ||||||||
Repayment of/Early conversion of convertible loan notes | 631,629 | 653 | 630,976 | 0 | 0 | 0 | 0 | 631,629 | 0 | |||||||||
Other | 458 | 0 | 0 | 0 | 0 | (2,519) | 0 | (2,519) | 2,977 | |||||||||
Ending balance at Dec. 31, 2021 | 270,616 | 15,231 | 1,641,674 | 783,529 | (24,544) | 59,520 | (2,386,802) | 88,608 | 182,008 | |||||||||
Changes in equity/(deficit) | ||||||||||||||||||
(Loss)/profit after tax for the year | 344,855 | 0 | 0 | 0 | 0 | 0 | 359,287 | 359,287 | (14,432) | |||||||||
Other comprehensive (loss)/income | (21,073) | 0 | 0 | 0 | (12,013) | (8,879) | 0 | (20,892) | (181) | |||||||||
Total comprehensive (loss)/income for the year, net of tax | 323,782 | 0 | 0 | 0 | (12,013) | (8,879) | 359,287 | 338,395 | (14,613) | |||||||||
Loss (Gain) on cashflow hedge transferred to inventory | (844) | 0 | 0 | 0 | 0 | (844) | 0 | (844) | 0 | |||||||||
Issue of share capital, net of transaction costs | 4,499 | 364 | 4,135 | 0 | 0 | 0 | 0 | 4,499 | 0 | |||||||||
Share-based payment – equity-settled | 246,764 | 0 | 0 | 0 | 0 | 88,375 | 158,389 | 246,764 | 0 | |||||||||
Share-based payment- reverse vesting shares | 40,506 | 14 | 5,872 | 0 | 0 | 34,620 | 0 | 40,506 | 0 | |||||||||
Non-controlling interest arising on purchase of asset | 5,493 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,493 | |||||||||
Dividends to non-controlling interests | (17,764) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17,764) | ||||||||
Repayment of/Early conversion of convertible loan notes | 34,312 | 184 | 34,128 | 0 | 0 | 0 | 0 | 34,312 | 0 | |||||||||
Other | (1,743) | 0 | 0 | 0 | 0 | 37 | (4,063) | (4,026) | 2,283 | |||||||||
Ending balance at Dec. 31, 2022 | $ 905,621 | $ 15,793 | $ 1,685,809 | $ 783,529 | $ (36,557) | $ 172,829 | $ (1,873,189) | $ 748,214 | $ 157,407 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Operating loss | $ (847,160) | $ (476,236) | $ (619,815) |
Adjustments to reconcile operating loss to net cash inflow/(outflow) from operating activities: | |||
Depreciation | 54,689 | 49,564 | 39,366 |
Amortization | 278,086 | 201,634 | 177,857 |
Non-cash employee benefits expense | 290,331 | 219,932 | 168,347 |
Impairment losses on tangible assets | 19,945 | 0 | 2,991 |
Impairment losses on intangible assets | 116,787 | 11,779 | 36,269 |
Impairment of investments | 99 | 134 | 235 |
Changes in working capital | |||
Increase in receivables | (105,977) | (164,656) | (15,833) |
Increase in inventories | (85,610) | (104,838) | (16,471) |
Increase/(decrease) in payables | (73,582) | 115,025 | 280,454 |
Changes in other assets and liabilities | |||
(Increase)/decrease in non-current receivables | 10,500 | 13,551 | (1,453) |
Increase/(decrease) in other liabilities | (52,890) | (44,227) | 59,640 |
Increase/(decrease) in provisions | (50,707) | (68,128) | 85,001 |
(Decrease)/increase in derivative financial instruments | (53,741) | 5,663 | (15,052) |
Income taxes paid | (37,368) | (41,351) | (65,221) |
Net cash inflow/(outflow) from operating activities | (536,598) | (282,154) | 116,315 |
Cash flows from investing activities | |||
Acquisition of subsidiaries, net of cash acquired | (73,860) | (27,295) | (12,016) |
Payments for property, plant and equipment | (22,191) | (28,854) | (26,839) |
Payments for intangible assets | (148,679) | (167,707) | (94,105) |
Interest received | 8,917 | 2,994 | 3,131 |
Increase in short-term investments | 0 | (100,000) | 0 |
Decrease in short-term investments | 100,019 | 0 | 0 |
Dividends received from associate | 0 | 0 | 60 |
Payments for investments | (210,003) | (9,794) | (2,872) |
Proceeds on disposal of investment | 1,461 | 0 | 0 |
Net cash outflow from investing activities | (344,336) | (330,656) | (132,641) |
Cash flows from financing activities | |||
Proceeds from issue of shares, net of issue costs | 0 | 0 | 50,000 |
Proceeds from exercise of employee share-based awards | 2,546 | 36,833 | 62,899 |
Transaction costs paid relating to capital contribution from non-controlling interest | 0 | (25,000) | 0 |
Repayment of the principal elements of lease payments | (33,938) | (26,251) | (19,051) |
Proceeds from borrowings, net of issue costs | 369,113 | 0 | 1,241,861 |
Payment for the repurchase of convertible loan notes | (32,500) | 0 | 0 |
Dividends paid to holders of non-controlling interests | (17,129) | (23,016) | (20,515) |
Interest and fees paid on loans | (26,699) | (32,791) | (54,154) |
Acquisition of non-controlling interests | 0 | (18,514) | 0 |
Settlement of equity-based awards | (4,409) | (6,119) | 0 |
Capital contribution from non-controlling interest | 0 | 500,000 | 0 |
Net cash inflow from financing activities | 256,984 | 405,142 | 1,261,040 |
Net increase/(decrease) in cash and cash equivalents | (623,950) | (207,668) | 1,244,714 |
Cash and cash equivalents at the beginning of the year | 1,363,128 | 1,573,421 | 322,429 |
Effects of exchange rate changes on cash and cash equivalents | (4,957) | (2,625) | 6,278 |
Cash and cash equivalents at end of year | $ 734,221 | $ 1,363,128 | $ 1,573,421 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Corporate Information [Abstract] | |
Corporate information | 1. Corporate information Farfetch Limited (the “Company”) is an exempted company incorporated with limited liability under the Companies Act (as amended) of the Cayman Islands, as amended and restated from time to time (the “Companies Act”). The principal place of business is The Bower, 211 Old Street, London, EC1V 9NR, United Kingdom. Farfetch Limited and its subsidiary undertakings (the “Group”) is principally engaged in the following: • providing an online marketplace at Farfetch.com (and related suffixes) as well as the Farfetch app for retailers and brands to be able to offer their products for sale to the public (including associated services such as production, logistics, customer services and payment processing); • web design, build, development and retail distribution for retailers and brands to enable them to offer their products to the public; • operating retail stores, which include directly-operated stores (including Browns, New Guards, Stadium Goods and Violet Grey) and branded (Off-White, Palm Angels, Ambush) stores; • providing a platform for the development of global luxury fashion brands. These financial statements were authorized for issue by the Board on March 8, 2023. Effects of the COVID-19 pandemic and Russia-Ukraine conflict More than two years after the COVID-19 pandemic was declared, it is still impossible to predict all the effects and the ultimate impact of the COVID-19 pandemic, as the situation continues to evolve and cause uncertainties within the global economy. The extent of these impacts on our financial and operating results will be dictated by the length of time that the pandemic and the related counter-measures continue, in addition to individuals’ and companies’ risk tolerance regarding health matters going forward. Management will continue to closely monitor the effects of the pandemic, including its impact on inventories and other significant estimates. During March 2022, the Chinese government implemented new lockdowns in major cities such as Shanghai and Shenzhen, resulting in significant disruption to the China market. During October 2022, the Chinese government initiated a further series of lockdowns. During the year ended December 31, 2022, mainland China revenues on a demand basis decreased 23 % compared to the year ended December 31, 2021. During February 2022, Russia invaded Ukraine. Sanctions imposed by other nations in response, including the United States and United Kingdom, resulted in a pause of our Russian operations and deliveries to Russian customers. During the year ended December 31, 2022, Russia revenues on a demand basis decreased 83 % compared to the year ended December 31, 2021. Both mainland China and Russia revenues on a demand basis are included within Other within our segmental disclosure as these represent less than 10 percent of our consolidated revenues. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies 2.1. Basis of preparation The Consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit and loss ("FVTPL") and fair value through other comprehensive income ("FVTOCI"). The Directors have made an assessment of the Group’s ability to continue in operational existence for the foreseeable future and are satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the Consolidated financial statements. The Consolidated financial statements are presented in U.S. dollars (“U.S. dollars” or “USD” or “$”). All values are rounded to the nearest 1,000 dollars, except where indicated. The tables in these notes are shown in USD thousands, except where indicated. 2.2. Basis of consolidation The Consolidated financial statements comprise the Consolidated financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee; • Rights arising from other contractual arrangements; and • The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated financial statements from the date the Group gains control until the date control ceases. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling interests. When necessary, adjustments are made to the consolidated financial statement of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. 2.3. Summary of significant accounting policies a) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group measures the non-controlling interests in the acquiree at the proportionate share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date and is subsequently measured at fair value with changes in fair value recognized in profit or loss. Refer to Note 31, Business Combinations for additional information. b) Investment in associates The Group recognizes an investment in an associate when the Group has a significant influence over that entity. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The Group’s investments in its associates, Farfetch Capital Limited (formerly Farfetch Finance Limited) and Alanui S.r.l ("Alanui") (up until March 1, 2021), are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in OCI. c) Current versus non-current classification The Group presents assets and liabilities in the Consolidated statement of financial position based on current/non-current classification. An asset is current when it is: • Expected to be realized or intended to be sold or consumed in the normal operating cycle; • Held primarily for the purpose of trading; • Expected to be realized within twelve months after the reporting period; or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle; • It is held primarily for the purpose of trading; • It is due to be settled within twelve months after the reporting period; or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. d) Fair value measurement This section outlines the Group's policies applicable to financial instruments that are recognized and measured at fair value in the Consolidated financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are applicable in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the Consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) as at the end of each reporting year. e) Revenue recognition Revenue is recognized in accordance with the five-step model under IFRS 15: 1. identifying the contracts with customers; 2. identifying the separate performance obligations; 3. determining the transaction price; 4. allocating the transaction price to the separate performance obligations; and 5. recognizing revenue when each performance obligation is satisfied. Retailing of goods Revenue, where the Group acts as a principal, is recognized when the performance obligation is satisfied which is when the goods are received by the consumer. Included within sales of goods is a provision for expected returns, discounts and rebates. Where these are not known, the Group uses historical data and patterns to calculate an estimate. Rendering of services The Group primarily acts as a commercial intermediary between sellers, being the brands and retailers, and end consumers and earns a commission for this service. For these arrangements, the sellers determine the transaction price of the goods sold on the website, being the purchase price paid by the consumer, with the Group acting as an agent for the sellers and the related revenue is recognized on a net basis. The Group also charges fees to sellers for activities related to providing this service, such as packaging, credit card processing, settlement of duties, and other transaction processing activities. These activities are not considered separate promises to the consumer, and the related fees are therefore recognized concurrently with commissions at the time the performance obligation to facilitate the transaction between the seller and end consumer is satisfied, which is when the goods are dispatched to the end consumer by the seller. A provision is made for commissions that would be refunded if the end consumer returns the goods, and the Group uses historical data and patterns to estimate its return provision. There are no significant payment terms, with the Group taking payment in full from the consumer’s chosen payment method at the time the goods are ready for dispatch by the seller. The Group also provides delivery services to end consumers, with the Group setting the transaction price, being the price paid by the consumer for goods purchased on its platform. For these services, the Group acts as the principal and recognizes as revenue amounts charged to end consumers net of any promotional incentives and discounts. Revenue for these services is recognized on delivery of goods to the end consumer, which represents the point in time at which the Group’s performance obligation is satisfied. No provision for returns is made as delivery revenue is not subject to refund. Promotional incentives, which include basket promo-code discounts, may periodically be offered to end consumers. These are treated as a deduction to revenue. Cash is collected by the Group from the end consumer using payment service providers. Within two months of the transactions, this is remitted to the relevant seller (net of commission and recoveries). Such amounts are presented within trade and other payables, unless the relevant seller is in a net receivable position and is therefore classified within trade and other receivables. f) Current and deferred tax Current tax is the expected tax payable based on the taxable profit for the period, and the tax laws that have been enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where required on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the Consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Current and deferred tax is charged or credited in the Consolidated statement of operations, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates and in accordance with laws that are expected to apply in the period/jurisdiction when/where the liability is settled, or the asset is realized. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis. Uncertainty over Income Tax Treatment The Group operates across a large number of jurisdictions and could be subject to periodic audit by local tax authorities on a range of tax matters during the normal course of business, including transfer pricing, indirect taxes and transaction related issues. Where the amount of tax payable or recoverable is uncertain, the Group establishes provisions based on either: the Group’s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. g) Foreign currencies The Group’s Consolidated financial statements are presented in U.S. dollars. For each entity the Group determines the functional currency and items included in the Consolidated financial statements of each entity are measured using that functional currency. The functional currency of the Group is U.S. dollars. h) Foreign currency translation Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). On consolidation, the assets and liabilities of foreign operations are translated into U.S. dollars at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates. The exchange differences arising on translation for consolidation are recognized in OCI. i) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized in profit or loss as incurred. Items of property, plant and equipment are depreciated with an expense recognized in depreciation and amortization expense on a straight-line basis over their useful life. The useful lives of these items are assessed as follows: Leasehold improvements Shorter of the life of the lease or useful life Fixtures and fittings Three to ten years Motor vehicles Four to eight years Plant, machinery and equipment Three to ten years The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if necessary. The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is (or contains) a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. j) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the Consolidated statement of operations in the expense category that is consistent with the function of the intangible assets. Other than goodwill, there are no intangible assets with indefinite useful lives. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the relevant Cash Generating Units (“CGUs”) which are tested for impairment annually. If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. On disposal of a CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Refer to Note 2.3 (n), Summary of significant accounting policies – Impairment of non-financial assets for the Group’s policy on the impairment of non-financial assets. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; • Its intention to complete and its ability and intention to use or sell the asset; • How the asset will generate future economic benefits; • The availability of resources to complete the asset; and • The ability to reliably measure the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in administrative expenses. Development intangible assets under the course of construction are tested for impairment annually or more frequently if events or changes in circumstance indicate that they might be impaired. Once placed into service the asset is tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Subsequent costs Subsequent costs are only capitalized when there is an increase in the anticipated future economic benefit attributable to the assets in question. All other subsequent costs are recorded in the Consolidated statement of operations for the year in which they are incurred. Acquisition of Palm Angels S.r.l (Palm Angels) During the year ended December 31, 2021, the Group completed the acquisition of 60 percent of the ordinary share capital of Palm Angels for upfront cash and share consideration. As IFRS does not directly address the accounting for a partial acquisition of an asset, management applied the principles of IFRS 3 - Business Combinations and IAS 38 - Intangible Assets in order to determine the accounting treatment for this transaction. Applying the requirements of IFRS 3 - Business Combinations, management concluded that this transaction represents the acquisition of an asset rather than a business combination. Given the additional complexity of accounting for an asset that is 60 percent owned, management applied both the principles of IFRS 3 - Business Combinations and IAS 38 - Intangible Assets in order to initially account for this asset purchase. On initial recognition, the asset was recognized at cost along with a non-controlling interest in the Consolidated statement of financial position to represent the portion of the asset that the Group does not own. Subsequently, amortization of the asset will be recognized in the Consolidated statement of operations over its useful economic life. For further information, including the settlement of the first portion of contingent consideration, refer to Note 11, Intangible assets. Capitalization of minimum contractual royalty payments During the year ended December 31, 2022, the Group entered into a commercial agreement with Authentic Brands Group LLC for the exclusive distribution rights of Reebok-branded footwear and apparel ranges within certain countries in the European region. As part of this transaction the Group was contractually obligated to pay minimum contractual royalty payments over an 11 year period with no cancellation option. As a result, the Group recognized these payments as an intangible asset to be amortized over the 11 year life of the contract. A corresponding financial liability measured at amortized cost was recognized in other financial liabilities to represent the future minimum contractual royalty payments to be made over the life of the contract . The Group is also required to make variable royalty payments dependent on future activity. The Group made a policy choice to recognize these amounts within the cost of sales line in the Consolidated statement of operations in the period in which they arise and are not considered to be part of the initial intangible asset recognized. Refer to Note 11, Intangible assets for more details. Amortization Amortization is charged to depreciation and amortization expense on a straight-line basis over the estimated useful life of the intangible assets, from the time that the assets are available for use. The useful lives of these items are assessed as follows: Development costs Three years Brand, trademarks & domain names Five to sixteen years Customer relationships Three to five years Acquired software Three to ten years k) Leases At the inception date of the lease (i.e., the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Right of use assets are measured at cost less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease if the interest rate implicit in the lease is not available. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, or changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurements is generally recognized against an adjustment to the right of use asset. The Group has two recognition exemptions: “low value” asset leases and short-term leases (the Group uses this exemption for all leases with a term of twelve months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term . The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model, etc.) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessors classify all leases using the classification principles in IFRS 16 – Leases and distinguish between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. l) Inventories Inventories are carried at the lower of cost and the net realizable value based on market performance, including the relative ancillary selling costs. The cost of inventories is calculated according to the First In, First Out (“FIFO”) method for each category of goods and includes purchase costs and costs incurred to bring the inventories to their present location and condition. In order to represent the value of inventories in the Consolidated statement of financial position, and to take into account impairment losses due to obsolete materials and slow inventory movement, obsolescence provisions have been directly deducted from the carrying amount of the inventories. m) Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets comprise cash and cash equivalents, receivables, minority investments and derivative financial instruments. Derivative financial instruments are comprised of forward exchange contracts, foreign exchange option contracts and interest rate swaps, which are measured at FVTPL, unless they are formally designated and measured as cash flow hedges. Where derivative financial instruments are formally designated and measured as cash flow hedges, any changes in fair value are recognized in OCI if effective. Trade receivables are accounted for at amortized cost. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables carried at amortized cost. Financial assets measured at fair value through profit or loss are measured initially at fair value with transaction costs recognized directly in the Consolidated statement of operations. Subsequently, the financial assets are remeasured, and gains and losses are recognized in the Consolidated statement of operations. Financial assets measured at FVTOCI are measured initially at fair value. Subsequently, the financial assets are remeasured, and gains and losses are recognized in OCI. Financial liabilities The Group’s financial liabilities comprise trade and other payables, interest bearing loans and borrowings, contingent consideration, derivative instruments on convertible notes (embedded derivatives), put and call option liabilities, foreign exchange contracts and interest rate swaps. Trade and other payables are held at amortized cost. All interest-bearing loans and borrowings are initially recognized at fair value net of issue costs associated with the borrowing. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Foreign exchange contracts are measured initially at fair value through profit or loss with transaction costs taken directly to the Consolidated statement of operations, unless they are formally designated and measured as cash flow hedges. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognized in the Consolidated statement of operations. Interest rate swap contracts designated in a formal effective cash flow hedge are initially measured at fair value with subsequent changes in the fair value of these instruments recognized in OCI. Derivatives and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Where the derivative is not designated as a cash-flow hedge, subsequent changes in the fair value are recognized in profit or loss. The Group designates certain derivatives as cash flow hedges to hedge particular risks associated with the cash flows of highly probable forecast transactions. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Judgments And Estimates [Abstract] | |
Critical accounting judgments and key sources of estimation uncertainty | 3. Critical accounting judgments and key sources of estimation uncertainty Certain accounting policies are considered to be critical to the Group. An accounting policy is considered to be critical if, in the Directors’ judgement, its selection or application materially affects the Group’s financial position or results. The application of the Group’s accounting policies also requires the use of estimates and assumptions that affect the Group’s financial position or results. Below is a summary of areas in which estimation is applied primarily in the context of applying critical accounting judgements. Critical judgements in applying Group accounting policies Intangible assets – development costs capitalization Assessing whether assets meet the required criteria for initial capitalization requires judgement. This requires an assessment of the expected future benefits from the projects to be capitalized, technical feasibility and commercial viability. In particular, internally generated intangible assets must be assessed during the development phase to identify whether the Group has the ability and intention to complete the development successfully. Determining the costs of assets to be capitalized also requires judgement. Specifically, judgement and estimation is required to determine the directly attributable costs to be allocated to the asset to enable the asset to be capable of operating in the manner intended by management. Recognition of a deferred tax asset The Group has accumulated significant unutilized trading tax losses (refer to Note 10, Taxation ). Deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits that will be available against which deductible temporary differences can be utilized. The key area of judgement in respect of deferred tax accounting is the assessment of the expected timing and manner of realization or settlement of the carrying amounts of assets and liabilities held at the reporting date. In particular, assessment of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilized is required. The Group reviews this assessment on an annual basis. Non-controlling interest – Strategic arrangement with Alibaba and Richemont During the year ended December 31, 2021, the Group formally signed an agreement to enter into a strategic arrangement with Alibaba and Richemont. As part of the agreement, Alibaba and Richemont invested $ 500 million in return for a combined 25 % stake in Farfetch China Holdings Ltd. Management have concluded that most appropriate method to measure the non-controlling interest created from this transaction is to use the proportionate net assets method. The difference between the investment proceeds received and the non-controlling interest valuation is recorded within other reserves. For further information, refer to Note 26, Other reserves and Note 27, Non-controlling interests. Acquisition of Palm Angels S.r.l (“Palm Angels”) During the year ended December 31, 2021, the Group completed the acquisition of 60 percent of the ordinary share capital of Palm Angels for cash and share consideration. Applying the requirements of IFRS 3 - Business Combinations, management has concluded that this transaction represents the acquisition of an asset rather than a business combination. As IFRS does not directly address the accounting for the initial recognition of non-controlling interest on an asset acquisition, management has applied the principles of IFRS 3 – Business Combinations and recognized the non-controlling interest using the proportionate share of net assets acquired method. For further information, refer to Note 26, Other reserves and Note 27, Non-controlling interests. Identification of embedded derivative in borrowing arrangements During the year ended December 31, 2020, the Group issued senior convertible notes for $ 250.0 million, $ 400.0 million and $ 600.0 million, with the $ 250.0 million convertible note now repaid during the year ended December 31, 2022. Each arrangement contains certain conversion options that are bifurcated from the contract and valued separately. For each senior convertible note, there is significant judgement in determining the options to be bifurcated and valued separately, the valuation model and valuation methodology. Key sources of estimation uncertainty Business combinations We use our best estimates and assumptions to accurately assign fair value to the intangible assets acquired at the acquisition date. The estimation is primarily due to the judgmental nature of the inputs to the valuation models used to measure the fair value of these intangible assets, as well as the sensitivity of the respective fair values to the underlying significant assumptions. Where material, we use a discounted cash flow method of the income approach to measure the fair value of these intangible assets, and use specialists to assist us to develop certain estimates and assumptions. The significant estimates and assumptions used are in respect of (i) expected future revenue growth rates; (ii) anticipated operating margins; (iii) the useful lives of the acquired brand names; (iv) the discount rates to be applied to the estimated future cash flows; and (v) royalty rates used in estimating income savings. We also use our best estimates and assumptions to accurately account for the value of put options over non-controlling interests, when applicable. For details of business combinations refer to Note 31, Business combinations. Impairment of non-financial assets Impairment exists when the carrying value of an asset, CGU or group of CGU's exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the budget and projections for the next five to seven years , according to the development and maturity of each CGU. The significant judgements and assumptions used in calculating the recoverable amount are (i) the expected future revenue growth rates, including the terminal growth rate (ii) the anticipated operating margin and (iii) the discount rates applied to the future cash flows of the CGUs. These estimates are most relevant to goodwill recognized by the Group. Refer to Note 11, Intangible assets for further details on the assumptions and associated sensitivities. Fair value of financial instruments, including embedded derivatives and put and call liabilities Where the fair value of financial assets and liabilities recorded in the financial statements cannot be derived from active markets, their fair value is determined using valuation techniques including the Black Scholes option pricing model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required to establish fair values. The judgements include considerations of inputs such as the risk-free rate and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. When measuring the fair value of an asset or liability, the Group uses observable market data to the greatest extent possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. For more information, including further details on assumptions and associated sensitivities, please refer to Note 19, Financial instruments and financial risk management. 2021 CEO Performance-Based Restricted Stock Unit (“PSU”) Award On May 24, 2021, the Board of Directors of the Company (the "Board") unanimously approved the recommendation of the Compensation Committee of the Board to grant a long-term PSU under the Group’s 2018 Farfetch Employee Equity Plan (the “2018 Plan”) to José Neves, the Group’s Founder, Chief Executive Officer and Chairman of the Board (the “CEO”). The grant is 8,440,000 PSUs, which only vest, if at all, based on the Group’s achievement of pre-determined increases in the Group’s stock price over an eight-year period. For further information on this award, refer to Note 23, Employee benefit obligations and share-based payments . Management has valued the related employers tax liability for these awards using the intrinsic value method based on the current and expected performance of the Group's share price over the performance period. The number of shares expected to vest is determined by analyzing the Group's share price movements during the performance period and extrapolating them into the future in order to determine whether the relevant share price hurdles have been met. If it is concluded that the share price hurdles have been achieved and therefore those awards are expected to vest in a future period, a corresponding provision is recognized based on the number of shares expected to vest and the expected future share price. Minority investment in Neiman Marcus Group On May 31, 2022, Farfetch UK Limited invested $ 200 million in the Neiman Marcus Group in exchange for a minority shareholding. Considering Farfetch’s ownership percentage and the absence of any shareholder rights that would indicate significant influence, the investment was recognized at cost and subsequently measured at fair value through other comprehensive income ("FVTOCI"), in line with the requirements of IFRS 9 - Financial instruments . Given that the investment is in a private entity, estimation uncertainty arises due to the fact that unobservable inputs such as historical financial information and assumptions relating to market multiples are used to determine the fair value of the investment as of December 31, 2022. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue | 4. Revenue Revenue by type of good or service (in thousands) 2020 2021 2022 Digital Platform Services third-party revenue $ 637,568 $ 845,941 $ 827,224 Digital Platform Services first-party revenue 395,588 539,737 592,497 Digital Platform Services Revenue 1,033,156 1,385,678 1,419,721 Digital Platform Fulfilment Revenue 213,228 332,504 321,653 Brand Platform Revenue 390,014 467,505 477,146 In-Store Revenue 37,524 70,921 98,160 Total Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 Digital Platform services Digital Platform Services Revenue includes commissions on third-party sales and revenue from first-party sales. Commission revenue is recognized on a net basis in the Consolidated statement of operations because the Group acts as an agent in these arrangements. The Group primarily acts as a commercial intermediary between sellers and end consumers and earns a commission for this service. Commission revenue is recognized when the goods are dispatched by the seller. In first-party sales arrangements, the Group sells inventory directly purchased or created by the Group on the Digital Platform where the Group is the principal, and therefore related revenues are recognized on a gross basis. Revenue on the sale of these goods is recognized when the goods are received by the end consumer. For finished goods that have been ordered on the Digital Platform but not yet delivered to the end consumer at the end of the reporting period, revenue is deferred until delivery. These deferred amou nts are expected to be recognized within thirty days of reporting period end. The Group expects to fulfill any remaining performance obligations outstanding as of December 31, 2022 within the next ninety days of the reporting period end. Digital Platform Service Revenue also includes fees charged to sellers for other activities, such as packaging, credit card processing and other transaction processing activities. At checkout, end consumers are charged for delivery, if applicable, in addition to the price of goods in their basket (refer to Digital Platform Fulfilment Revenue below for a discussion of delivery services). The Group is responsible for the collection of cash from end consumers with payment typically taken in advance of completing its performance obligations. In arrangements where the Group acts as an agent, cash collections are remitted net to the sellers generally within two months of collection. Digital Platform Fulfilment Revenue The Group provides delivery services for goods sold on the Digital Platform, for which revenues are recognized when the goods are delivered to the end consumers. Revenues for delivery services are stated net of promotional incentives and discounts. Digital Platform Fulfilment Revenue also includes fees charged to sellers for the settlement of duties which are recognized concurrently with commissions. As discussed above, the promise with respect to delivery services is satisfied only when the goods are delivered to the end consumer. Within Digital Platform Fulfilment Revenue, where the delivery services performance obligation has not been satisfied by December 31, 2022, revenue is deferred and is expected to be recognized within ninety days of reporting period end. The transaction price for this performance obligation is the delivery costs charged to the consumer as described above. Further detail can be found in Note 2.3 (e), Summary of significant accounting policies – Revenue recognition . Brand Platform Revenue Brand Platform Revenue includes revenue generated by 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. Sales are made in the form of first-party sales arrangements to retailers, and therefore related revenues are recognized on a gross basis. Brand Platform revenue is recognized when the goods are delivered to the retailer. For finished goods that have been ordered and produced, but not yet delivered to the retailer at the end of the reporting period, revenue is deferred until delivery. In-store The Group has a single performance obligation in respect to In-Store Revenue, which is the sale of finished goods. Group deferred revenue At December 31, 2022, the Group recognized deferred revenue of $ 10.4 million (2021: $ 15.3 million, 2020: $ 8.5 million) and customer advances of $ 20.5 million (2021: $ 29.1 million, 2020: $ 16.0 million), which the Group expects to recognize within thirty days of reporting period end. The Group expects to fulfill any remaining performance obligations outstanding at December 31, 2022 within the next ninety days from the reporting period. In 2022, $ 15.3 million (2021: $ 8.5 million, 2020: $ 7.4 million) of revenue deferred in 2021 (2020 and 2019 respectively) and $ 29.1 million (2021: $ 16.0 million, 2020: $ 23.8 million) of customer advances was recognized as revenue. |
Segmental and geographical info
Segmental and geographical information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segmental and geographical information | 5. Segmental and geographical information Segmental information The Group’s Chief Operating Decision Maker ("CODM"), which is deemed to be the Chief Executive Officer, examines segmental performance and resource allocation from an omni-channel service and product offering perspective, across the digital and physical realms. The CODM does not evaluate the segments using asset and liability information. The Group has identified three reportable operating segments: (A) Digital Platform - comprised of the Farfetch Marketplace, FPS, Violet Grey, BrownsFashion.com, respective websites of the brands in the New Guards portfolio and StadiumGoods.com, Farfetch Connected Retail, and any other online sales channel operated by the Group. Revenues are derived mostly from transactions between sellers and consumers conducted on our technology platforms. (B) Brand Platform - comprised of business-to-business activities of the brands in the New Guards portfolio and includes design, production, brand development and wholesale distribution of brands owned and licensed by New Guards, including the franchised store operations. Revenues are generally derived from wholesale sales of goods. (C) In-Store - comprised of Group-operated stores including Browns, Stadium Goods, Violet Grey and certain brands in the New Guards portfolio. Revenues are derived from sales made in the physical stores. There are no intersegment transactions that require elimination and all revenues are revenues from external consumers. No operating segments have been aggregated to form a reportable operating segment. Order Contribution is used to assess the performance and allocate resources between the segments and represents gross profit after deducting demand generation expense, which includes fees that we pay for our various marketing channels to support the Digital Platform. No single consumer accounted for more than 10 % of Group revenues (2021: none , 2020: none ). The results of our three reportable operating segments are as follows (in thousands): Year ended December 31, 2020 2021 2022 Digital Platform: (in thousands) Services third-party revenue $ 637,568 $ 845,941 $ 827,224 Services first-party revenue 395,588 539,737 592,497 Services Revenue 1,033,156 1,385,678 1,419,721 Fulfilment Revenue 213,228 332,504 321,653 Revenue 1,246,384 1,718,182 1,741,374 Less: Cost of revenue ( 686,178 ) ( 987,929 ) ( 1,014,785 ) Gross profit 560,206 730,253 726,589 Less: Demand generation expense ( 198,787 ) ( 291,821 ) ( 272,009 ) Order contribution $ 361,419 $ 438,432 $ 454,580 Year ended December 31, 2020 2021 2022 Brand Platform: (in thousands) Revenue $ 390,014 $ 467,505 $ 477,146 Less: Cost of revenue ( 199,208 ) ( 225,989 ) ( 242,663 ) Gross profit or order contribution $ 190,806 $ 241,516 $ 234,483 Year ended December 31, 2020 2021 2022 In-Store: (in thousands) Revenue $ 37,524 $ 70,921 $ 98,160 Less: Cost of revenue ( 17,608 ) ( 26,179 ) ( 36,057 ) Gross profit or order contribution $ 19,916 $ 44,742 $ 62,103 2020 2021 2022 Group: Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 Less: Cost of revenue ( 902,994 ) ( 1,240,097 ) ( 1,293,505 ) Gross profit 770,928 1,016,511 1,023,175 Less: Demand generation expense ( 198,787 ) ( 291,821 ) ( 272,009 ) Order contribution 572,141 724,690 751,166 Selling, general and administrative expenses (excluding demand generation expense) ( 1,152,696 ) ( 1,189,147 ) ( 1,461,594 ) Impairment losses on tangible assets ( 2,991 ) - ( 19,945 ) Impairment losses on intangible assets ( 36,269 ) ( 11,779 ) ( 116,787 ) Operating loss ( 619,815 ) ( 476,236 ) ( 847,160 ) (Losses)/gains on items held at fair value and remeasurements ( 2,643,573 ) 2,023,743 1,298,612 Share of results of associates ( 74 ) ( 52 ) 68 Finance income 24,699 12,599 38,369 Finance costs ( 91,294 ) ( 86,441 ) ( 148,557 ) (Loss)/profit before tax $ ( 3,330,057 ) $ 1,473,613 $ 341,332 Geographical information The Group believes it is relevant to disclose geographical revenue information on both a demand basis, determined by the billing location of the consumer, and on a supply basis, determined by location of the Farfetch legal entity which earned the revenue. The Group is domiciled in the Cayman Islands. For the year ended December 31, 2022, the Cayman Islands generated revenue from external consumers of $ 63,000 (2021: $ 81,000 , 2020: $ 37,000 ) on a demand basis and $ nil (2021: $ nil , 2020: $ nil ) on a supply basis and is included within Other Countries in the revenue from external consumers detail below. As of December 31, 2022, the Cayman Islands had $ nil non-current assets excluding deferred tax assets and investments (2021: $ nil ). The Group’s revenue from external consumers on a demand basis, based on the billing location of the consumer, is detailed below (in thousands): 2020 2021 2022 Revenue from external consumers (demand basis) United States $ 314,596 $ 475,684 $ 512,196 United Kingdom 151,875 221,264 258,271 Other Countries 1,207,451 1,559,660 1,546,213 Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 The Group’s revenue from external consumers on a supply basis, based on the location of the Farfetch legal entity which earned the revenue, is detailed below (in thousands): 2020 2021 2022 Revenue from external consumers (supply basis) United Kingdom $ 1,021,240 $ 1,363,167 $ 1,379,104 Italy 485,882 624,585 646,936 Other Countries 166,800 268,856 290,640 Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 The Group’s non-current assets other than deferred tax assets and investments by geographic location are detailed below (in thousands): 2021 2022 Non-current assets excluding deferred tax assets and investments Italy $ 917,646 $ 1,077,527 United Kingdom (1) 354,883 319,588 United States 249,529 310,889 Other Countries 161,436 139,811 Total $ 1,683,494 $ 1,847,815 (1) Amounts previously disclosed for the United Kingdom for the year ended December 31, 2021 have been re-presented to exclude investments. |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature [abstract] | |
Selling, general and administrative expenses | 6. Selling, general and administrative expenses Included within Selling, general and administrative expenses are (in thousands): 2020 2021 2022 Demand generation expenses $ 198,787 $ 291,821 $ 272,009 Technology expenses 115,227 131,408 120,024 Depreciation and amortization 217,223 251,198 332,775 Share-based payments 291,633 196,167 244,856 General and administrative 504,346 591,644 729,857 Other items 24,267 18,730 34,082 Selling, general and administrative expenses $ 1,351,483 $ 1,480,968 $ 1,733,603 Demand generation expense is primarily comprised of fees that the Group pays its various media and affiliate partners. Technology expense primarily relates to maintenance and operations of Farfetch platform features and services, as well as hosting and infrastructure expenses. General and administrative expenses consist primarily of office and warehousing costs, non-technology headcount, marketing and other Digital Platform operations costs. Other items primarily consist of transaction-related legal and advisory costs. Included within General and administrative expense for the year ended December 31, 2022 is a $ 25.2 million gain arising on settlement of derivative financial instruments in March 2022 for which the Group no longer expected to receive the related Russian ruble-denominated cash flows due to the international sanctions imposed on Russia. Employees and directors expenses/(credits) are as follows (in thousands): 2020 2021 2022 Wages and salaries $ 307,527 $ 344,587 $ 379,006 Social security costs 42,972 56,277 66,375 Other pension costs 4,161 6,393 6,803 Share-based payments (equity-settled) 168,347 219,933 290,268 Share-based payments (cash-settled) 28,041 ( 9,265 ) ( 10,071 ) Share-based payments (employment related taxes) 95,245 ( 14,501 ) ( 35,341 ) Total employees and directors expenses $ 646,293 $ 603,424 $ 697,040 These amounts are included within Selling, general and administrative expenses in the Consolidated statement of operations. |
Items held at fair value and re
Items held at fair value and remeasurements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of fair value measurement of equity [abstract] | |
Items held at fair value and remeasurements | 7. Items held at fair value and remeasurements Included within (losses)/gains on items held at fair value and remeasurements are (in thousands): 2020 2021 2022 Change on remeasurement of put and call option and contingent consideration liabilities $ ( 288,853 ) $ 384,122 $ 638,987 Change in fair value of convertible note embedded derivatives ( 2,354,720 ) 1,638,837 667,028 Loss on disposal of investment carried at FVTPL - - ( 178 ) Fair value remeasurement of previously held equity interest - 784 - Fair value remeasurement of minority investment - - ( 7,225 ) (Losses)/gains on items held at fair value and remeasurements $ ( 2,643,573 ) $ 2,023,743 $ 1,298,612 Fair value remeasurement of previously held equity interest The fair value remeasurement of previously held equity interest relates to New Guards step-acquisition of Alanui (refer to Note 31 , Business combinations for further detail). For further information regarding the valuation of these instruments, refer to Note 19, Financial instruments and financial risk management, Note 20, Borrowings and embedded derivatives and Note 21 , Put and call option liabilities. |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2022 | |
Net Finance Cost [Abstract] | |
Finance income and costs | 8. Finance income and costs Included within Finance income and Finance costs are (in thousands): 2020 2021 2022 Unrealized exchange gains $ 19,729 $ 9,289 $ 25,717 Interest on cash and cash equivalents 4,970 3,310 12,652 Finance income 24,699 12,599 38,369 Unrealized exchange losses ( 39,940 ) ( 9,135 ) ( 40,867 ) Interest on leases ( 6,684 ) ( 9,137 ) ( 9,751 ) Convertible note interest ( 41,851 ) ( 67,638 ) ( 59,994 ) Interest on Term Loan - - ( 9,464 ) Loss on derecognition of convertible loan notes - - ( 27,251 ) Other interest expense ( 2,819 ) ( 531 ) ( 1,230 ) Finance costs ( 91,294 ) ( 86,441 ) ( 148,557 ) Net finance income/(costs) $ ( 66,595 ) $ ( 73,842 ) $ ( 110,188 ) |
Material gain or loss
Material gain or loss | 12 Months Ended |
Dec. 31, 2022 | |
Profit (loss) [abstract] | |
Material gain or loss | 9. Material gain or loss The Group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group (in thousands): Note 2020 2021 2022 Research and development costs expensed ( 22,484 ) ( 13,599 ) ( 10,307 ) Amortization - Intangible assets 11 ( 177,857 ) ( 201,634 ) ( 278,086 ) Depreciation - Property, plant and equipment 12 ( 12,094 ) ( 15,533 ) ( 16,360 ) Depreciation - Right-of-use assets 13 ( 27,272 ) ( 34,031 ) ( 38,329 ) Impairment losses on intangible assets 11 ( 36,269 ) ( 11,779 ) ( 116,787 ) Impairment losses on property, plant and equipment 12 ( 757 ) - ( 8,424 ) Impairment losses on right-of-use assets 13 ( 2,234 ) - ( 11,521 ) Transaction related legal and advisory expenses ( 24,598 ) ( 18,596 ) ( 29,171 ) Gains on items at present value remeasurements 7 288,853 384,122 638,987 Gains related to conversion of convertible notes - 78,467 - (Losses)/gains from fair value remeasurements of convertible note embedded derivatives 7 ( 2,354,720 ) 1,560,370 667,028 Loss on derecognition of convertible notes 8 - - ( 27,251 ) |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Taxation | 10. Taxation a) Income tax expense/(benefit) (in thousands) 2020 2021 2022 Current tax: Corporate tax $ 32,430 $ 33,105 $ 21,969 Prior year adjustments ( 96 ) 3,567 16,613 Total current tax 32,334 36,672 38,582 Total deferred tax benefit, net ( 46,768 ) ( 33,670 ) ( 42,105 ) Income tax (benefit)/expense $ ( 14,434 ) $ 3,002 $ ( 3,523 ) The Group's current income tax expense of $ 38.6 million (2021: $ 36.7 million) for the year ended December 31, 2022 is due to profits in certain jurisdictions which cannot be offset with carried-forward losses or other credits and the effect of tax payable by Farfetch UK related to income from prior years. The total tax for the period is a net benefit due to the effect of deferred tax assets, which are higher than the income tax expense and relate to tax credits available to offset future tax profits and to the release of deferred tax liabilities on acquisitions. Tax is recognized based on the weighted average annual tax rate expected for the full financial year in these taxable profit-making jurisdictions. The estimated average annual tax rate for the year ended December 31, 2022, in these jurisdictions is 26.7 % ( 19.4 % for the year ended December 31, 2021). b) Reconciliation of the effective tax rate The tax on the Group’s (loss)/profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profit of the consolidated entities as follows (in thousands): 2020 2021 2022 (Loss)/profit before tax $ ( 3,330,057 ) $ 1,473,613 $ 341,332 Tax at the UK tax rate of 19.00 % (2021: 19.00 %, 2020: 19.00 %) ( 632,711 ) 279,986 64,853 Tax effects of: Sundry non-taxable income ( 9,555 ) ( 45,567 ) ( 2,396 ) Sundry non-taxable expense 22,262 20,493 70,871 Non-taxable items evaluated at fair value 548,524 ( 311,379 ) ( 246,121 ) Taxes paid overseas and rate difference 5,816 ( 6,260 ) ( 5,765 ) Adjustments in respect of change in tax rates - ( 937 ) 9,347 Adjustments in respect of prior year ( 96 ) 3,567 16,613 Unrecognized deferred tax assets 51,326 63,099 117,204 Difference in tax rate on unrecognized deferred tax assets - - ( 28,129 ) Income tax (benefit)/expense $ ( 14,434 ) $ 3,002 $ ( 3,523 ) The UK corporation tax rate applicable from April 1, 2020 is 19 % therefore, the Group has used a tax rate of 19 % for the 2022 financial year. A n increase in the main UK corporation tax rate to 25 % from fiscal year 2023 was substantively enacted on May 24, 2021 and therefore has been used in calculating UK unrecognized deferred tax assets on tax losses. The tax on items presented within other comprehensive (loss)/income is $ nil (2021 and 2020: $ nil ) Deferred tax As result of the acquisitions of New Guards and CuriosityChina, the Group recognized a deferred tax liability of $ 232.6 million in 2019 on acquired intangibles. The cumulative deferred tax release is equal to $ 117.2 million of which $ 33.0 million was recognized during 2022. As a result of the purchase price allocation exercise arising from 2021 acquisitions, a deferred tax liability of $ 6.5 million was recognized in 2021 as a temporary difference. In 2022, $ 2.3 million of the deferred tax liability was re-classified against goodwill on the Consolidated statement of financial position. The cumulative deferred tax release on the remaining adjusted liability is equal to $ 0.5 million, of which $ 0.3 million was recognized during 2022. As a result of the purchase price allocation exercise arising from 2022 acquisitions, a deferred tax liability of $ 8.8 million was recognized in 2022 as a temporary difference. The deferred tax release in 2022 was $ 0.8 million. Deferred tax assets of $ 18.0 million (2021: $ 12.0 million) mainly relate to inventory write-off provisions, share based payments and differences between Italian generally accepted accounting principles ("GAAP") and IFRS for New Guards that can be carried forward indefinitely. New Guards calculates the tax due for individual entity financial statements purposes according to Italian GAAP. Deferred tax assets of $ 1.5 million (2021: $ 1.3 million) relate to tax incentives credits available for Farfetch Portugal due to research and development activity and fixed assets investments, which can be carried forward for ten and eight years, respectively. The Group has estimated that deferred tax assets will be recoverable using the future taxable income based on the business plans of Farfetch Portugal. Deferred tax assets and liabilities consist of the following at December 31 (in thousands): Note Deferred tax assets Deferred tax liabilities At January 1, 2021 $ 13,556 $ 182,463 Deferred tax recognized to profit or loss - - Deferred tax released to profit or loss 393 ( 33,275 ) Foreign exchange ( 913 ) ( 296 ) Reclassifications to balance sheet 298 672 Deferred tax recognized on acquisitions to balance sheet 31 - 6,461 At December 31, 2021 $ 13,334 $ 156,025 Deferred tax recognized to profit or loss 11,035 188 Deferred tax released to profit or loss ( 3,922 ) ( 35,179 ) Foreign exchange ( 851 ) ( 172 ) Reclassifications to balance sheet ( 30 ) ( 2,308 ) Deferred tax recognized on acquisitions to balance sheet 31 - 8,794 At December 31, 2022 $ 19,566 $ 127,348 Deferred tax, net liability at December 31, 2022 $ 107,782 Unrecognized deferred tax assets Unutilized trading tax losses The Group had accumulated unutilized tax losses carried forward as of December 31, 2022 of $ 1,860.4 million (2021: $ 1,487.7 million). Deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits that will be available, against which deductible temporary differences can be utilized. Subject to specific legislation regarding changes in ownership and the nature of trade, trading losses are available to be either carried forward indefinitely or for a significant time period. Local 2021 2021 2022 2022 Local '000 $’000 Local '000 $’000 UK trading losses GBP 882,753 1,191,629 1,281,857 1,545,278 US Net Operating Losses (“NOL”) USD 276,649 276,649 299,389 299,389 Brazil trading losses BRL 74,570 13,377 62,036 11,815 Japan trading losses JPY 525,141 4,560 502,644 3,773 Hong Kong trading losses HKD 11,795 1,512 1,152 148 1,770,908 1,487,727 2,147,078 1,860,403 UK trading losses are available to be carried forward indefinitely. Legislation has been introduced with effect from April 1, 2017, whereby losses arising after April 1, 2017 can be set against total profits of the Group. The amount of total profits that can be offset by brought-forward losses is restricted to the first £ 5.0 million of profits, and an additional 50 % of profits that exceed £ 5.0 million. US NOL as of December 31, 2022 of $( 299.4 ) million (2021: $( 276.6 ) million) are available to be carried forward for a period of twenty years . The carry forward NOLs start to expire in different years, the first of which is December 31, 2030. NOLs generated after January 1, 2018 have an indefinite carry forward period but are subject to an 80 % limitation per year. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (i) removes the 80% limitation on the use of NOLs enacted by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) with respect to NOLs carried to any taxable year beginning before January 1, 2021, and thus, NOLs (whether carried forward or carried back) can generally be used to offset fully taxable income in these taxable years; and (ii) provides for a carryback of any NOL arising in a taxable year beginning after December 31, 2017 and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the NOL arose. Brazilian and Hong Kong trading losses as of December 31, 2022 are available to be carried forward indefinitely but utilization of losses in respect of Brazil is restricted to 30 % against taxable income in future taxable periods. Japanese NOL carry forwards incurred before April 1, 2018 can be carried forward for nine years , those incurred during fiscal years starting on or after April 1, 2018 can be carried forward for ten years and utilization of losses is restricted to 50 % against taxable income in future taxable periods. Unutilized future tax deductions on employee share option gains The Group has an unrecognized gross deferred tax asset of approximately $ 93.3 million as of December 31, 2022 (2021: $ 872.8 million) for a future tax deduction on share options that are unexercised that, when exercised, will result in a gain and a potential deduction for corporation tax purposes. A net deferred tax asset of approximately $ 23.1 million (2021: $ 214.7 million) will be recognized to the extent that there are sufficient suitable deferred tax liabilities available. Unutilized future tax deductions on goodwill The Group has an unrecognized deferred tax asset of approximately $ 5.3 million (2021: $ 5.3 million) for goodwill recognized on the acquisition of Stadium Goods. The unrecognized deferred tax asset results from the future tax deductions available in relation to this item of goodwill exceeding its carrying value. A net deferred tax asset is only recognized where it can be shown that it is probable that future taxable profits will be available against which the Group can utilize the asset. Unutilized future tax deductions for reactivated interest expense The Group has an unrecognized gross deferred tax asset of approximately $ 66.9 million as of December 31, 2022 (2021: $ 20.7 million) for amounts disallowed under the United Kingdom’s corporate interest restriction rules, which may be reactivated in subsequent periods of account to the extent the Group’s interest allowance exceeds its aggregate tax-interest expense for the period. A net deferred tax asset is only recognized where it can be shown that it is probable that future interest allowance will be available against which the Group can utilize the asset. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | 11. Intangible assets Intangible assets consist of the following (in thousands): Goodwill Brand, Customer Development Total Cost At January 1, 2021 $ 356,521 $ 988,408 $ 6,860 $ 253,431 $ 1,605,220 Additions — 131,161 395 118,661 250,217 Additions acquired through business combinations (1) 27,006 7,279 1,692 9,899 45,876 Disposals — ( 3 ) — ( 11 ) ( 14 ) Foreign exchange movements ( 1,242 ) ( 2,116 ) ( 52 ) ( 122 ) ( 3,532 ) At December 31, 2021 382,285 1,124,729 8,895 381,858 1,897,767 Additions — 374,384 320 140,624 515,328 Additions acquired through business combinations (1) 49,997 28,780 2,500 12,655 93,932 Transfers — ( 5,429 ) — 5,429 — Foreign exchange movements ( 642 ) ( 25,810 ) ( 55 ) ( 1,169 ) ( 27,676 ) At December 31, 2022 $ 431,640 $ 1,496,654 $ 11,660 $ 539,397 $ 2,479,351 Accumulated amortization and impairment At January 1, 2021 $ - $ ( 217,015 ) $ ( 3,626 ) $ ( 105,251 ) $ ( 325,892 ) Amortization for year — ( 132,592 ) ( 451 ) ( 68,591 ) ( 201,634 ) Impairment for year — ( 11,779 ) — - ( 11,779 ) Disposals — 3 — ( 30 ) ( 27 ) Foreign exchange movements — 1,115 ( 64 ) 171 1,222 At December 31, 2021 — ( 360,268 ) ( 4,141 ) ( 173,701 ) ( 538,110 ) Amortization for year — ( 170,439 ) ( 917 ) ( 106,730 ) ( 278,086 ) Impairment for year ( 29,336 ) ( 83,442 ) — ( 4,009 ) ( 116,787 ) Transfers — 3,627 — ( 3,627 ) — Foreign exchange movements — 2,543 ( 155 ) ( 926 ) 1,462 At December 31, 2022 $ ( 29,336 ) $ ( 607,979 ) $ ( 5,213 ) $ ( 288,993 ) $ ( 931,521 ) Net book value At December 31, 2021 $ 382,285 $ 764,461 $ 4,754 $ 208,157 $ 1,359,657 At December 31, 2022 $ 402,304 $ 888,675 $ 6,447 $ 250,404 $ 1,547,830 (1) Refer to Note 31, Business combinations . Intangible assets with definite useful lives Included within Development costs is $ 48.9 million (2021: $ 37.8 million) of assets that are under the course of construction. Amortization of these assets will commence once they are available for use. As of December 31, 2022, Brands, Trademarks and domain names primarily includes: the Off-White licensed brand with a net carrying amount of $ 311.3 million and a remaining life of 3 years, Stadium Goods brand with a net carrying amount of $ 86.0 million and a remaining life of 11 years, Heron Preston brand with a net carrying amount of $ 17.4 million and a remaining life of 4.6 years and Palm Angels brand with a net carrying amount of $ 111.0 million and a remaining useful life of 8.6 years. Brand, trademarks and domain names include non-cash additions of $ 364.1 million in relation to the commercial agreement entered into on February 22, 2022 , between the Group and Authentic Brands Group LLC for the exclusive distribution rights of Reebok-branded footwear and apparel ranges within certain countries in the European region. The intangible asset amount of $ 364.1 million represents the present value of the $ 368.2 million (€ 329.9 million) minimum contractual royalty payments and will be amortized straight-line over the 11 year life of the agreement. As of December 31, 2022, The Reebok distribution rights intangible asset had a carrying amount of $ 325.0 million and a remaining useful life of 10.0 years. Intangible asset additions of $ 28.5 million relating to Brand, trademark and domain names and $ 1.2 million relating to capitalized Development costs were recognized through the acquisition of Violet Grey. Intangible asset additions of $ 11.5 million relating to capitalized Development costs , $ 2.5 million related to Customer Relationships and $ 0.3 million relating to Brand, trademark and domain names were recognized through the acquisition of Wanna. Refer to Note 31, B usiness combinations, for additional detail. During the year ended December 31, 2021, the Group completed the acquisition of 60 percent of the ordinary share capital of Palm Angels for cash and share consideration, which was accounted for by applying the principles of IFRS 3 and recognizing a non-controlling interest using the proportionate share of net assets acquired method. Development costs relates to development expenses that meet the capitalization criteria under IAS 38 - Intangible Assets, acquired software in business combinations , and includes the development of internal software and technologies related to the enhancement of the Group's Digital Platform. Amortization for all intangible assets is recognized in Selling, general and administrative expenses within the Consolidated statement of operations. During the year ended December 31, 2022, total impairment expense of $ 136.7 million was recognized on tangible and intangible assets, of which $ 38.1 million related to the Browns-Digital CGU and $ 98.6 million related to smaller CGUs within the Group and other impairments. During the year ended December 31, 2021 impairment expense of $ 11.8 million was recognized primarily relating to a reduction in forecasted sales, which decreased the value-in-use of one of the smaller intangible brand assets within the New Guards portfolio and is associated with the Brand Platform reportable operating segment. Intangible assets with indefinite useful lives Goodwill reflects the amount of consideration in excess of the fair value of net assets acquired in business combinations. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. Goodwill has been allocated to the following CGUs or groups of CGUs. New acquisitions Wannaby and Violet Grey have been allocated to the Marketplace CGU. For details regarding additions to goodwill refer to Note 31, Business combinations . The goodwill amounts for each CGU or groups of CGUs consists of the following at December 31 (in thousands): 2021 2022 CGU Marketplace (FF.com) $ 176,776 $ 226,131 Browns - Platform 19,015 — CuriosityChina 3,039 3,039 Brand Platform - New Guards 181,381 171,060 Farfetch Platform Solutions 2,074 2,074 Total Goodwill $ 382,285 $ 402,304 In finalizing the purchase price allocation of the New Guards acquisition, we determined that a portion of the goodwill ( $ 20.7 million) should be allocated to the Marketplace CGU as synergies arising from the acquisition will benefit the Group’s digital business. Similarly, when finalizing the Violet Grey and Wannaby acquisitions, we allocated $ 52.3 million of the goodwill to the Marketplace CGU. Impairment testing As of March 31, 2022, the Group reviewed its business and operations to take into consideration the estimated impact of the macroeconomic environment, the market outlook and the Group’s operations arising from COVID-19 and the Russia-Ukraine conflict and related sanctions. As a result of this assessment, certain CGUs, Marketplace (FF.com) and Browns - Platform , were identified as being more sensitive to these factors and were subject to impairment testing. As of September 30, 2022, the Group's quarterly impairment trigger assessment also identified potential impairment indicators with the performance of the Browns - Platform CGU as a result of the continued macroeconomic environment and the devaluation of the pound sterling against the U.S. dollar and the CGU was subject to further impairment testing. As of December 31, 2022, the Group completed annual impairment testing on all CGUs. For all of the impairment testing performed during 2022, the recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in use calculation include (i) expected future revenue growth rates, including the terminal growth rate; (ii) anticipated gross profit margins; (iii) anticipated operating margins; and (iv) the discount rates to be applied to the estimated future cash flows. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs and the group of units. The growth rates and anticipated gross profit margins are based on historic revenue growth rates, cost of revenue forecasts and current market assessments. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next three years . Forecasts are extended to five to seven years using management’s best estimates, according to the nature and maturity of each CGU. The Group believes this period range is appropriate to capture the high growth rates seen in the markets in which our CGUs operate. March 31, 2022 impairment testing: FF.com and Browns - Platform The key assumptions for the value in use calculations are the revenue growth rates and the pre-tax discount rates, plus gross profit and operating margin for selected CGUs, as explained above. The Group extrapolates the cash flows from the fifth year based on an estimated growth rate of 2 % (December 31, 2021: 2 %). This rate does not exceed the average long-term growth rate for the relevant markets. The pre-tax discount rate used to discount the forecast cash flows ranges from 12.10 % to 12.93 % (December 31, 2021: 8.9 % to 10.9 %). The pre-tax discount rate applied is derived from a market participant’s estimated weighted-average cost of capital. The assumptions used in the calculation of the Group’s weighted-average cost of capital are benchmarked to externally available data. As a result of the impairment testing performed, the value in use exceeded the carrying amount of the assets allocated to each CGU for both the Marketplace (FF.com) and Browns - Platform CGUs and no impairment was recognized. Management performed sensitivities on key assumptions and, based upon these, believed that there were no indicators of impairment on other CGUs. September 30, 2022 impairment testing: Browns - Platform The key assumptions for the value in use calculations are the revenue growth rates and the pre-tax discount rates, plus gross profit and operating margin for selected CGUs, as explained above. The Group extrapolates the cash flows from the fifth year based on an estimated growth rate of 1.9 % (December 31, 2021: 2 %). This rate does not exceed the average long-term growth rate for the relevant markets. The pre-tax discount rate used to discount the forecast cash flows was 14.5 % (December 31, 2021: 8.9 % to 10.9 %). The pre-tax discount rate applied is derived from a market participant’s estimated weighted-average cost of capital. The assumptions used in the calculation of the Group’s weighted-average cost of capital are benchmarked to externally available data. As a result of the impairment testing performed, the carrying amount of the assets allocated to the Browns - Platform CGU, our internal Marketplace supply partner, exceeded its value in use and impairment losses totaling $ 38.1 million were recognized, representing the full carrying value. This was comprised of $ 19.0 million relating to Goodwill, $ 2.9 million relating to Development costs and $ 1.1 million relating to Brand, trademarks and domain names, recognized within Impairment losses on intangible assets within the Consolidated statement of operations, and $ 8.3 million relating to Right-of-use assets and $ 6.8 million relating to Property, plant and equipment recognized within Impairment losses on tangible assets within the Consolidated statement of operations and is associated with the Digital Platform reportable segment. Management considered that there are no reasonably possible changes to the key assumptions in the value in use calculation that would result in the reversal of the impairment of the assets allocated to the Browns - Platform CGU . At September 30, 2022, the Group performed an impairment trigger assessment of goodwill and other intangible assets allocated to the Group's other CGUs and no additional impairment indicators were noted. December 31, 2022 impairment testing: all CGUs The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in use include (i) expected future revenue growth rates, including the terminal growth rate; (ii) anticipated gross profit margins; (iii) anticipated operating margins; and (iv) the discount rates to be applied to the estimated future cash flows. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs and the group of units. The growth rates and anticipated gross profit margins are based on historic revenue growth rates, cost of revenue forecasts and current market assessments. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next three years . Forecasts are extended to five or seven years using management’s best estimates, according to the nature and maturity of each CGU. The Group believes this period range is appropriate to capture the high growth rates seen in the markets in which our CGUs operate. The key assumptions for the value in use calculations are the revenue growth rates and the pre-tax discount rates, plus gross profit margin for selected CGUs. The Group extrapolates the cash flows in the fifth or seventh year based on an estimated growth rate of 2 % (2021: 2 %). This rate does not exceed the average long-term growth rate for the relevant markets. The pre-tax discount rate used to discount the forecast cash flows ranges from 10.9 % to 17.4 % (2021: 8.9 % to 10.9 %). The pre-tax discount rate applied is derived from a market participant’s estimated weighted average cost of capital. The assumptions used in the calculation of the Group’s weighted average cost of capital are benchmarked to externally available data. As a result of the impairment testing performed, t he full carrying amount of the assets allocated to three of the smaller intangible brand assets within the Group, exceeded their value in use and impairment losses totaling $ 95.9 million were recognized. The impairment primarily related to a reduction in forecasted sales and comprised of $ 10.3 million relating to Goodwill, $ 82.4 million relating to Brand, trademarks and domain names and $ 0.9 million relating to capitalized Development costs , recognized within Impairment losses on intangible assets within the Consolidated statement of operations, and $ 1.4 million relating to Right-of-use assets and $ 0.9 million relating to Property, plant and equipment recognized within Impairment losses on tangible assets within the C onsolidated statement of operations and is associated with the Brand Platform and Digital Platform reportable segments. As at December 31, 2022, the recoverable amounts of the smaller CGUs not fully impaired was $ 6.3 million. I n addition to the results of the annual impairment testing, other impairments totaling $ 2.7 million were recognized in December 2022. Management has performed sensitivities on key assumptions and based upon these believe that there are no further indicators of impairment. Management consider that there are no reasonably possible changes to the key assumptions in the value in use calculation that would result in any further impairment of the assets allocated to the CGUs. The recoverable amount of each CGU would equal its carrying amount if the key assumptions were to change as follows: Marketplace (FF.com) FPS CuriosityChina Brand Platform – New Guards Budgeted annual revenue growth (change in pp) ( 2.5 ) ( 39.9 ) ( 62.0 ) ( 13.7 ) Post-tax discount rate (change in pp) 1.3 41.5 32.1 6.3 Budgeted gross profit margin (change in pp) ( 2.1 ) ( 3.7 ) ( 21.0 ) ( 6.6 ) Long term growth rate (change in pp) ( 6.4 ) ( 148.3 ) ( 272.4 ) ( 13.8 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 12. Property, plant and equipment Property, plant and equipment comprised the following (in thousands): Freehold land Leasehold Fixtures and Motor Plant, machinery and equipment Totals Cost At January 1, 2021 $ 19,569 $ 65,448 $ 19,195 $ 201 $ 21,886 $ 126,299 Additions — 12,264 8,167 108 7,895 28,434 Additions acquired through business combinations (1) — 6 43 — 159 208 Disposals — ( 3,219 ) ( 1,045 ) — ( 1,037 ) ( 5,301 ) Transfers — ( 2,383 ) 85 — 2,305 7 Foreign exchange movements ( 1,545 ) ( 2,851 ) ( 1,370 ) ( 7 ) ( 991 ) ( 6,764 ) At December 31, 2021 18,024 69,265 25,075 302 30,217 142,883 Additions 3,455 7,906 6,432 2 4,403 22,198 Additions acquired through business combinations (1) — 6 4 — 243 253 Disposals — — ( 150 ) ( 86 ) ( 639 ) ( 875 ) Transfers — ( 302 ) 287 — 15 — Foreign exchange movements ( 894 ) ( 3,081 ) ( 2,001 ) ( 9 ) ( 2,020 ) ( 8,005 ) At December 31, 2022 $ 20,585 $ 73,794 $ 29,647 $ 209 $ 32,219 $ 156,454 Accumulated depreciation and impairment At January 1, 2021 $ - $ ( 17,027 ) $ ( 7,701 ) $ ( 130 ) $ ( 12,359 ) $ ( 37,217 ) Depreciation for year — ( 6,615 ) ( 3,589 ) ( 29 ) ( 5,300 ) ( 15,533 ) Disposals — 3,095 1,008 — 998 5,101 Foreign exchange movements — 919 446 7 457 1,829 At December 31, 2021 — ( 19,628 ) ( 9,836 ) ( 152 ) ( 16,204 ) ( 45,820 ) Depreciation for year — ( 6,486 ) ( 3,943 ) ( 38 ) ( 5,893 ) ( 16,360 ) Impairment for year — ( 6,949 ) ( 227 ) — ( 1,248 ) ( 8,424 ) Disposals — — 150 86 639 875 Foreign exchange movements — 2,304 875 1 1,236 4,416 At December 31, 2022 $ - $ ( 30,759 ) $ ( 12,981 ) $ ( 103 ) $ ( 21,470 ) $ ( 65,313 ) Net book value At December 31, 2021 $ 18,024 $ 49,637 $ 15,239 $ 150 $ 14,013 $ 97,063 At December 31, 2022 $ 20,585 $ 43,035 $ 16,666 $ 106 $ 10,749 $ 91,141 (1) Refer to Note 31, Business combinations for details Included within Leasehold improvements is $ 4.4 million (2021: $ 9.2 million) of assets that are under the course of construction. Depreciation will commence once they are available for use. Depreciation for all property, plant and equipment is recorded in Selling, general and administrative expenses within the Consolidated statement of operations. There were no impairment losses relating to property, plant and equipment in the year ended December 31, 2021. Refer to Note 11, Intangible assets for further detail regarding the Browns and other smaller CGUs impairments for the year ended December 31, 2022. |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Presentation Of Right Of Use Assets And Lease Liabilities [Abstract] | |
Right-of-use assets and lease liabilities | 13. Right-of-use assets and lease liabilities The Group's leasing activities: The Group leases various offices, retail stores and cars. Lease contracts are typically made for fixed periods of three to twelve years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Low-value assets comprise IT-equipment and small items of office furniture. Right-of-use assets comprised the following (in thousands): Property Vehicles Totals 2021 At January 1, 2021 $ 178,738 $ 489 $ 179,227 Additions 42,931 300 43,231 Remeasurements 15,242 1 15,243 Depreciation charge for the year ( 33,727 ) ( 304 ) ( 34,031 ) Impairment charge for the year — — — Foreign exchange ( 8,095 ) ( 26 ) ( 8,121 ) At December 31, 2021 $ 195,089 $ 460 $ 195,549 2022 At January 1, 2022 $ 195,089 $ 460 $ 195,549 Additions 44,788 667 45,455 Remeasurements 4,631 118 4,749 Depreciation charge for the year ( 38,014 ) ( 315 ) ( 38,329 ) Impairment charge for the year ( 11,521 ) — ( 11,521 ) Foreign exchange ( 9,493 ) ( 10 ) ( 9,503 ) Transfers 1,240 — 1,240 At December 31, 2022 $ 186,720 $ 920 $ 187,640 During the year ended December 31, 2022, total impairment charges of $ 11.5 million were recognized on right-of-use assets. Refer to Note 11, Intangible assets for further detail. Durin g the year ended December 31, 2021, there was no impairment charge recognized in relation to right-of-use assets. Lease liabilities comprised the following as of December 31 (in thousands): 2021 2022 Current lease liabilities $ 33,594 $ 36,996 Non-current lease liabilities 180,915 178,247 Total lease liabilities $ 214,509 $ 215,243 Some leases contain break clauses or extension options to provide operational flexibility. Potential future undiscounted lease payments not included in the reasonably certain lease term, and hence not included in the lease liabilities, total $ 54.6 million (2021: $ 48.2 million). During the year ended December 31, 2022, the Group paid $ 33.9 million (2021: $ 26.3 million, 2020: $ 19.1 million) in principal elements of lease payments. During the year ended December 31, 2022, a charge of $ 7.5 million (2021: $ 6.7 million, 2020: $ 6.4 million) was recognized in relation to short-term and low value leases. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Investments | 14. Investments In the year ended December 31, 2022, the investments of the Group were comprised of minority equity interests and convertible loan notes. In the year ended December 31, 2021, the investments of the Group were comprised of minority equity interests, convertible loan notes and senior secured promissory loan notes. The details of the Group's investments are as follows (in thousands): Investments - held at fair value through other comprehensive income (FVTOCI) Investments - held Total NMG Parent LLC Other investments At January 1, 2021 $ - $ 5,278 3,000 8,278 Additions - 40 9,787 9,827 Impairment - ( 168 ) - ( 168 ) At December 31, 2021 - 5,150 12,787 17,937 Additions 200,000 6,531 11,834 218,365 Disposal - - ( 10,000 ) ( 10,000 ) Impairment - ( 100 ) - ( 100 ) Fair value remeasurement - - ( 7,225 ) ( 7,225 ) At December 31, 2022 $ 200,000 $ 11,581 7,396 218,977 During the year ended December 31, 2022, Silvergate Capital Corp ("Silvergate") purchased the technology and other assets of the Diem Association ("Diem"), in which the Group had previously made investments totaling $ 10 million during 2020 and 2021. As part of this transaction and in return for its investment held in Diem, the Group received shares in Silvergate. On completion of this transaction, the Group derecognized its investment in Diem and recognized an investment in Silvergate. This resulted in an investment carrying value of $ 10.0 million being derecognized from the Statement of financial position, a new investment amounting to $ 8.4 million being recognized on the Statement of financial position and a $ 1.6 million loss on disposal being recognized in the Statement of operations within the fair value remeasurements line. Dur ing May 2022, the wind up of D iem was completed and the Group received $ 1.5 million in cash, representing its 5.35 % share of Diem's residual cash at wind up. On May 31, 2022, Farfetch UK Limited, a wholly-owned subsidiary of Farfetch Limited, acquired a minority investment in the share capital of NMG Parent LLC ("NMG"), the ultimate parent company of the Neiman Marcus Group LLC, the largest omni-channel luxury retailer in the United States, for consideration of $ 200 million. In line with the requirements of IFRS 9 - Financial instruments, management has made an irrevocable election to recognize the subsequent changes in fair value of this investment in OCI as the intention is to hold it for strategic purposes. Please refer to Note 19, Financial instruments and financial risk management, where we have detailed the valuation approach regarding the investment in the Neiman Marcus Group LLC. Investments in associates The table below (in thousands) illustrates the summarized financial information of the Group’s investments in F arfetch Capital Limited ( formerly Farfetch Finance Limited ) and Alanui (up to March 1, 2021). The Group’s shareholdings in Alanui and its principal activities can be found in Note 32, Group information . In addition, for further detail on Alanui refer to Note 31, Business Combinations . At January 1, 2021 $ 2,319 Step acquisition ( 2,198 ) Share of loss after tax ( 52 ) At December 31, 2021 69 Share of profit after tax 68 Other 1 At December 31, 2022 $ 138 As of December 31, 2022, no impairment indicators were identified . |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Investment [Abstract] | |
Short-term investments | 15. Short-term investments Short-term investments consist of the following as of December 31 (in thousands): 2021 2022 Short-term investments $ 99,971 $ - Short-term investments $ 99,971 $ - The short-term investment entered into during the year ended December 31, 2021 related to variable Net Asset Value (“NAV”) investments, representing cash investments in variable money market instruments on the basis of a mark-to-market valuation of an underlying portfolio of money market instruments. These did not meet the definition of cash and cash equivalents as they were not readily convertible into known amounts of cash and were subject to significant risk of changes in value. All changes in fair value of these investments were recognized in the Consolidated statement of operations. The short-term investment was disposed of during the year ended December 31, 2022 for proceeds of $ 100.0 million. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Inventories | 16. Inventories Inventories as at December 31 comprised the following (in thousands): 2021 2022 Finished goods $ 278,345 $ 380,216 Obsolete stock provision ( 22,681 ) ( 34,247 ) Total inventories $ 255,664 $ 345,969 The total cost of inventory recognized as an expense in the consolidated statement of operations was $ 590.7 million for the year ended December 31, 2022 (2021: $ 516.2 million, 2020: $ 411.7 million). The total provision against inventory in order to write down the balance to net recoverable value was $ 34.2 million for the y ear ended December 31, 2022 (2021: $ 22.7 million). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 17. Trade and other receivables Trade and other receivables comprised the following at December 31 (in thousands): 2021 2022 Non-current Other receivables $ 31,225 $ 21,204 Non-current other receivables $ 31,225 $ 21,204 Current Trade receivables $ 63,046 $ 89,942 Other current receivables 179,964 157,594 Sales taxes 117,234 199,849 Allowance for expected credit losses ( 5,208 ) ( 7,307 ) Prepayments and accrued income 19,670 52,487 Current trade and other receivables $ 374,706 $ 492,565 Non-current other receivables is primarily comprised of withholding tax relating to share-based compensation, deposits for office leases and services and operations-related deposits, which the Group is not expecting to recover within the next twelve months. Other current receivables primarily relate to advances to boutique partners, first-party product suppliers and other suppliers. Included within Other current receivab les is $ 2.5 million of restrict ed cash (2021: $ 2.3 million). Sales tax receivables relate to recoverable value-added tax arising on indirect exports, including between United Kingdom and Europe, where we have adapted our transactional flows in response to the formal withdrawal of the United Kingdom from the European Union on January 31, 2020. The Group has assessed its expected credit loss (“ECL”) estimate in line with the requirements of IFRS 9 – Financial instruments (“IFRS 9”). As part of this assessment, the Group has performed a recoverability assessment of its outstanding Trade and other receivables at the reporting date and, where appropriate, made suitable adjustments to allowances and provisions. In the year ended December 31, 2022, the charge relating to expected credit losses included within the sales, general and administration in the Consolidated statement of operations is $ 1.8 million (2021: $ 0.9 million). |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 18. Cash and cash equivalents For the purpose of presentation in the Consolidated statement of cash flows and Consolidated statement of financial position, cash and cash equivalents includes cash held in banks, money market funds such as call deposits held with financial institutions, short-term deposits including highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and cash amounts held by payment service providers. Cash and cash equivalents consist of the following at December 31 (in thousands): 2021 2022 Cash held in banks $ 141,130 $ 114,099 Money market funds 810,453 474,699 Short-term deposits 353,539 80,141 Amounts held by payment service providers 58,006 65,282 Cash and cash equivalents $ 1,363,128 $ 734,221 |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments and financial risk management | 19. Financial instruments and financial risk management Financial risk management objectives The Group’s Corporate Treasury function provides services to the business, co-ordinates access to domestic and international financial markets and monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group seeks to minimize the effects of these risks, where appropriate, by using derivative financial instruments to hedge these risk exposures. The use of financial derivatives is governed by the Group’s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk and the use of derivatives. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Interest rate risk The Group enters into derivative financial instruments to manage its exposure to interest rate risk. During the year ended December 31, 2022, the Group was exposed to interest rate risk as it borrowed funds at a floating interest rate. The $ 400.0 million Term Loan facility is based on a floating interest rate. Where the criteria for hedge accounting are not met, derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value with movements recorded to the statement of operations. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Where all relevant criteria are met, hedge accounting is applied to minimize earnings volatility. Market risk The Group’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates. The Group enters into derivative financial instruments to manage its exposure to foreign currency risk. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group uses forward currency contracts and foreign exchange option contracts to hedge its foreign currency risks. Where the criteria for hedge accounting are not met, derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value with movements recorded in the Consolidated statement of operations. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Where all relevant criteria are met, hedge accounting is applied to minimize earnings volatility. Liquidity risk The Group monitors its liquidity risk to maintain a balance between continuity of funding and flexibility. This helps the Group achieve timely fulfilment of its obligations while sustaining the growth of the business. We have policies in place for managing liquidity risk, which our finance department implements and periodically reviews. The table below (in thousands) analyses the Group’s financial liabilities into relevant groupings based on the remaining period from the reporting date to the contractual maturity date. Amounts due within twelve months equal their carrying balances, as the impact of discounting is not significant. Less than Less than 2021 2022 Trade and other payables $ 365,146 $ 377,401 Put and call option liabilities 8,321 26,029 Current borrowings - 4,000 Total current $ 373,467 $ 407,430 More than More than 2021 2022 Put and call option liabilities $ 836,609 $ 169,218 Borrowings 515,804 892,700 Total non-current $ 1,352,413 $ 1,061,918 The following table analyses the Group’s non-derivative financial liabilities and gross and net settled derivative financial instruments into relevant maturity groupings, based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contracted cash flows and may therefore not reconcile to the amounts disclosed in the Consolidated statement of financial position for borrowings and derivative financial instruments. Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2022 Non derivative financial liabilities Convertible bonds - $400.0 million - - 400,000 - Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities 26,029 71,919 97,270 - Guaranteed minimum royalty payments 31,360 66,398 66,141 161,226 Contingent Consideration 4,000 - - - Obligations under leases 45,994 78,413 55,569 87,093 $400.0 million term loan 4,000 8,000 388,000 - Trade and other payables 377,401 - - - Net settled derivatives Outflow - - - - Gross settled derivatives Inflow ( 375,759 ) - - - Outflow 397,263 - - - Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2021 Non derivative financial liabilities Convertible bonds - $250.0 million $ - $ - $ 50,000 $ - Convertible bonds - $400.0 million - - - 400,000 Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities 8,321 188,261 656,640 - Contingent consideration 8,822 9,064 - - Obligations under leases 54,216 73,685 51,124 90,801 Trade and other payables 434,199 - - - Net settled derivatives Outflow 1,219 - - - Gross settled derivatives Inflow ( 1,570,026 ) - - - Outflow 1,590,865 - - - In the tables above, trade and other payables are comprised of trade payables amounting to $ 311.0 million (2021: $ 342.9 million), other payables amounting to $ 20.2 million (2021: $ 22.2 million) and social security and other taxes of $ 46.2 million (2021: $ 69.1 million). The put and call option liabilities relate to non-controlling interests arising from the transactions with Palm Angels and Chalhoub, as well as the strategic agreement with Alibaba and Richemont. The non-current liabilities are comprised of $ 97.3 million (2021: $ 150.3 million) relating to Palm Angels, and $ 71.9 million (2021: $ 498.0 million) relating to the strategic agreement with Alibaba and Richemont. Non-current liabilities in the prior year also included $ 188.3 million in relation to Chalhoub. In the current year, a liability amounting to $ 13.7 million is included within current liabilities. The original term of the Chalhoub agreement ended December 31, 2022. As of March 8, 2023, discussions regarding the future relationship with Chalhoub are ongoing. The latest maturity date of the liability relating to Palm Angels is in 2026 . The latest maturity date of the liability relating to the strategic agreement with Alibaba and Richemont is in 2026 . See Note 27, Non-controlling interests for further information relating to the movements in the non-controlling interest. Credit risk Credit risk is the risk that financial loss arises from the failure of a consumer to meet its obligations under a contract. Due to the nature of our operations the Group does not have significant exposure to credit risk. The trade receivables balance is spread across a large number of different customers. The Group has policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via credit cards. In addition, receivables balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant and default rates have been historically low. A customer is deemed to have defaulted when the Group considers that it will not be able to make contractual payments when due. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group applies a loss allowance to trade and other receivables. As of December 31, 2022 all trade and other receivables are current as they are due within thirty days. The expected loss rate the Group applies for trade and other receivables is 1.0 % (2021: 1.0 %). The expected loss rates are reviewed annually, or when there is a significant change in external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change. The expected loss rates are based on the payment profiles of sales up to a period of thirty-six months before December 31, 2022 or January 1, 2022, respectively, and the corresponding historical credit losses experienced within this period which were not significant. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the consumers to settle the receivables. In addition, certain individual customers (where there is objective evidence of credit impairment) have been identified as having a significantly elevated credit risk and have been provided for on a specific basis. The majority of the Group’s cash and cash equivalents balance is held in money market funds which are regulated by securities and market authorities. These consist of highly rated mutual investment funds which are permitted to diversify portfolio investments through high quality debt securities meeting regulatory mandated requirements. As such, the Group is not exposed to any material credit risk in relation to the cash and cash equivalents balance. Capital risk management The Group’s objective when managing capital is to safeguard the Group’s ability to provide returns for members and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group manages its capital structure and makes adjustments to it, in light of changes to economic conditions and to the strategic objectives of the Group. The Group has raised finance through the issuance of equity, a term loan facility and convertible senior notes to private and public investors. At December 31, 2022, the Group holds restricted cash of $ 2.5 million (2021: $ 2.3 million). The Group is not subject to any externally imposed capital requirements. Refer to Note 20, Borrowings and embedded derivatives where we assess the new term loan and the incurrence covenants. The capital structure is as follows (in thousands): 2021 2022 Total borrowings $ 1,602,741 $ 1,318,507 Less: cash and cash equivalents ( 1,363,128 ) ( 734,221 ) Net debt 239,613 584,286 Total equity 270,616 905,621 Total $ 510,229 $ 1,489,907 The table below reconciles the movements in our financing liabilities during the year: Non-cash movements As at December 31, 2021 Cash movement Additions Disposals Reclassification from non-current to current Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2022 Borrowings - leases $ 214,509 $ ( 43,689 ) $ 44,633 $ - $ - $ ( 13,349 ) $ 9,751 $ 3,388 $ 215,243 Non-current borrowings - convertible notes 515,804 ( 16,875 ) - ( 39,561 ) - 1 59,994 - 519,363 Borrowings-related derivative financial instruments 872,428 - - - - ( 1 ) - ( 667,028 ) 205,399 Non-current borrowings - term loan - 369,113 - - ( 4,000 ) - 9,464 ( 1,240 ) 373,337 Current borrowings - term loan - - - - 4,000 - - - 4,000 Financing liabilities $ 1,602,741 308,549 44,633 ( 39,561 ) - ( 13,349 ) 79,209 ( 664,880 ) $ 1,317,342 Non-cash movements As at December 31, 2020 Cash movement Additions Early conversion of February 2020 Notes Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2021 Borrowings - leases $ 191,403 $ ( 35,388 ) $ 41,343 $ - $ ( 8,111 ) $ 9,137 $ 16,125 $ 214,509 Non-current borrowings - convertible notes 617,789 ( 22,950 ) - ( 146,673 ) - 67,638 - 515,804 Borrowings-related derivative financial instruments 2,996,220 - - ( 484,956 ) 1 - ( 1,638,837 ) 872,428 Financing liabilities $ 3,805,412 ( 58,338 ) 41,343 ( 631,629 ) ( 8,110 ) $ 76,775 ( 1,622,712 ) $ 1,602,741 Mainly as a result of the gains on items held at fair value and remeasurements during the year, the Group’s total equity increased from $ 270.6 million as of December 31, 2021 to $ 905.6 million as of December 31, 2022. The gains on items held at fair value and remeasurements during the year are mainly driven by the year end revaluation of the embedded derivatives relating to the convertible senior notes discussed in Note 20, Borrowings and embedded derivatives . Unless earlier converted, redeemed or repurchased in accordance with their terms, the notes 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. The main purpose of the Group’s financial instruments is to finance the Group’s operations. The main risks from the Group’s financial instruments are interest rate risk, currency risk and liquidity risk. The Board reviews and approves policies, which have remained substantially unchanged for the year under review, for managing these risks. Hedge accounting classification and impact forecast The Group designates certain forward foreign exchange contracts and foreign exchange option contracts as cash flow hedges of forecast foreign currency revenue and costs. During the current year, net losses of $ 50.7 million (2021: a gain of $ 9.9 million) were removed from the cash flow hedge reserve. A net loss of $ 0.9 million (2021: $ 1.4 million) was taken to cost of revenue, a net loss of $ 74.1 million (2021: a gain of $ 13.4 million) was taken to selling, general and administrative expenses. A gain of $ 0.8 million (2021: a loss of $ 2.1 million) was transferred to inventories in the Consolidated statement of financial position. The amount taken to selling, general and administrative expenses included a $ 23.4 million gain arising on settlement of our 2022 foreign exchange hedges, which were in position to cover our expected future receipts of Russian rubles, but were closed out as we no longer expected to receive rubles for the foreseeable future. The Group designates certain interest rate swap contracts as cash flow hedges of forecast interest costs on borrowings. During the current year, net losses of $ 0.2 million (2021: $ nil million) were removed from the cash flow hedge reserve and taken to finance costs. The carrying value of interest rate swap contracts at December 31, 2022 was a liability of $ 1.8 million (2021: $ nil million), the notional amount was $ 200.0 million (2021: $ nil million). The Group uses a qualitative method for assessing hedge effectiveness for exchange rate risk. The hedge is assessed at inception and throughout the life of the hedge. Effectiveness between the hedged item and hedging instrument is tested by comparing the critical terms of both items and concluding that they are offsetting. The key sources of risk that could result in ineffectiveness include credit risk, a change in the economic relationship between the hedged item and the hedging instrument, a potential change in timing in relation to the hedged item, the currency basis risk, exchange rate volatility and a substantial reduction in the market liquidity for the hedging instrument. The Group uses a qualitative method for assessing hedge effectiveness for interest rate risk. The hedge is assessed at inception and throughout the life of the hedge. Effectiveness between the hedged item and hedging instrument is tested by comparing the critical terms of both items and concluding that they are offsetting. The key sources of risk that could result in ineffectiveness include credit risk, a change in the economic relationship between the hedged item and the hedging instrument, a potential change in timing in relation to the hedged item, basis risk and a substantial reduction in the market liquidity for the hedging instrument. Under the Group’s hedging policy for exchange rate risk, the critical terms of the foreign currency derivatives must align with the hedged items. The contracts are denominated in the same currency as the highly probable future sales and purchases, which are expected to occur within a maximum 18-month period. This determines the hedge relationship to be 1:1. Under the Group’s hedging policy for interest rate risk, the critical terms of the interest rate swaps must align with the hedged items. The contracts are denominated in the same currency as the highly probable future interest payments, with the same floating rate and are expected to occur within a maximum 36-month period. This determines the hedge relationship to be 1:1. Financial instruments sensitivity analysis In managing currency risk the Group aims to reduce the impact of short term fluctuations on its earnings. At the end of each reporting year, the effects of hypothetical changes in currency are as follows: Foreign exchange rate sensitivity analysis The tables below (in thousands) shows the Group’s sensitivity to U.S. dollars, pounds sterling and euro strengthening/weakening by 10%: Increase/ Increase/ 2021 2022 10% appreciation of U.S. dollars $ ( 7,684 ) $ ( 20,161 ) 10% depreciation of U.S. dollars 9,392 24,641 Increase/ Increase/ 2021 2022 10% appreciation of U.S. dollars $ ( 55,374 ) $ ( 50,299 ) 10% depreciation of U.S. dollars 67,679 61,476 Increase/ Increase/ 2021 2022 10% appreciation of GBP $ 2,906 $ 9,642 10% depreciation of GBP ( 3,552 ) ( 7,889 ) Increase/ Increase/ 2021 2022 10% appreciation of GBP $ 80,726 $ 46,477 10% depreciation of GBP ( 67,223 ) ( 38,027 ) Increase/ Increase/ 2021 2022 10% appreciation of EUR $ 2,987 $ 735 10% depreciation of EUR ( 1,858 ) ( 601 ) Increase/ Increase/ 2021 2022 10% appreciation of EUR $ 31,134 $ 735 10% depreciation of EUR ( 24,887 ) ( 601 ) This analysis reflects the impact on the Consolidated statement of operations due to changes in the value of financial assets and liabilities held at the balance sheet date, based on foreign currency exchange rate variances that the Group considers to be reasonably possible at the end of the reporting year. The analysis assumes that all other variables, in particular interest rates, remain constant. Interest rate sensitivity analysis The table below shows the Group’s sensitivity to interest rates strengthening/weakening by 100 basis points: Increase/ Increase/ 2021 2022 100 basis points increase $ - $ ( 2,000 ) 100 basis points decrease - 2,000 Increase/ Increase/ 2021 2022 100 basis points increase $ - $ 1,099 100 basis points decrease - ( 4,908 ) This analysis reflects the impact on the Consolidated statement of operations due to financial assets and liabilities held at the balance sheet date and is based on interest rate variances that the Group considers to be reasonably possible at the end of the reporting year. The analysis assumes that all other variables, in particular foreign exchange rates, remain constant. Assets and liabilities measured at fair value and present value on a recurring basis: December 31, 2021 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments $ 99,971 $ - $ - $ 99,971 $ - $ - $ - $ - Investments - - 17,937 17,937 1,136 - 217,841 218,977 Derivative financial instruments - 8,010 - 8,010 - 472 - 472 Assets $ 99,971 $ 8,010 $ 17,937 $ 125,918 $ 1,136 $ 472 $ 217,841 $ 219,449 December 31, 2021 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivative financial instruments (non-current and current) $ - $ 21,118 $ - $ 21,118 $ - $ 23,206 $ - $ 23,206 Embedded derivatives (non-current) – February 2020 notes - 90,682 - 90,682 - - - - Embedded derivatives (non-current) – April 2020 notes - 492,801 - 492,801 - 10,295 - 10,295 Embedded derivatives (non-current) – November 2020 notes - 288,945 - 288,945 - 195,104 - 195,104 Put and call option liability (current) – Chalhoub - 188,261 - 188,261 - 13,679 - 13,679 Put and call option liability (non-current) – Alibaba and Richemont - 498,058 - 498,058 - 71,919 - 71,919 Put and call option liability (current) – Alanui - - 8,323 8,323 - - 12,350 12,350 Put and call option liability (non-current) – Palm Angels - - 150,288 150,288 - - 97,299 97,299 Liabilities $ - $ 1,579,865 $ 158,611 $ 1,738,476 $ - $ 314,203 $ 109,649 $ 423,852 Fair value and present value measurement of financial instruments is presented through the use of a three-level fair value hierarchy that prioritizes the inputs used in each of the valuation techniques for fair value and present value calculations. The Group maintains policies and procedures to value instruments using the most relevant data available. The Group recognizes the following financial instruments at fair value: • Short-term investments, being cash investments in variable money market instruments valued on the basis of a mark-to-market valuation of an underlying portfolio of money market instruments, are measured using Level 1 valuation inputs. During the year ended December 31, 2022, these investments were settled at maturity. • Derivative financial instruments, including forward foreign currency, interest rate swaps and option contracts, are measured using Level 2 valuation inputs. For forward foreign currency and option contracts these are valued using quoted foreign currency exchange rates using a discounted cash flow model and suitable option pricing models, respectively. For interest rate swaps, the key inputs are quoted floating interest rates. These are valued using a discounted cashflow model ; and • Embedded derivatives relating to the convertible notes issued in 2020 are measured using Level 2 valuation inputs. The embedded derivatives relating to the February 2020 Notes and April 2020 Notes are valued using the Black Scholes option pricing model. The embedded derivative relating to the November 2020 Notes is valued using the Binomial Option Pricing Model. For both of these models, the key inputs are the Group’s closing share price at the reporting date, share price volatility and the risk free rate of US treasury bonds of similar terms to maturity. • The Group's investment in NMG is measured using Level 3 valuation inputs. Management has assessed that there has been no change to the fair value of the investment as of December 31, 2022 . The key inputs in the valuation are historical financial information and assumptions relating to market multiples. A 0.5 increase in the determined multiple applied to underlying EBITDA would result in a $ 24.6 million increase in the fair value of the investment. A 0.5 decrease in the determined multiple applied to underlying EBITDA would result in a $ 37.9 million decrease in the fair value of the investment. • The Group's investment in Silvergate is measured using Level 1 valuation inputs. The valuation is based on the quoted price in active markets as it is publicly traded. The Group recognizes the following financial liabilities at present value: • The put and call option liabilities associated with the non-controlling interests arising from the transactions with Chalhoub and with Alibaba and Richemont are measured using Level 2 inputs. The valuation of the Alibaba and Richemont liability is calculated using the present value of future expected payments method, with the Farfetch share price at the end of the reporting period, risk free rate and credit spread being the significant inputs. In 2021, the valuation of the Chalhoub liability was based on the Monte Carlo simulation, in which the share price of Farfetch at the end of the reporting period was the significant input. In 2022, given that the valuation of the future settlement amount of this liability is based on the Group's share price on December 31, 2022, and is therefore a known input, management was able to calculate this amount without the use of the Monte Carlo simulation. • The put and call option liabilities associated with the non-controlling interests arising from the transactions with Alanui and Palm Angels are measured using Level 3 valuation inputs. The valuations are calculated using the present value of future expected payments method, with management's internal forecasts the significant variable. During the year ended December 31, 2022, there were no transfers between levels in the fair value hierarchy or significant changes in the measurement and valuation techniques used. Reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Put and call option liability Alanui Palm Angels At January 1, 2021 $ - $ - Initial recognition $ 4,863 $ 144,624 Losses recognized in consolidated statement of operations 3,865 11,297 Foreign exchange movement ( 407 ) ( 5,660 ) At December 31, 2021 $ 8,321 $ 150,261 At January 1, 2022 $ 8,321 $ 150,261 Losses/(gains) recognized in consolidated statement of operations 4,144 - ( 42,409 ) Foreign exchange movement ( 115 ) ( 10,553 ) At December 31, 2022 $ 12,350 $ 97,299 With the exception of the items below, the carrying amount of the Group's financial assets and financial liabilities approximate their fair value. Assets and liabilities not measured at fair value on a recurring basis: December 31, 2021 December 31, 2022 Carrying value Fair value Carrying value Fair value Non-current borrowings $ 515,804 $ 859,132 $ 892,700 $ 1,026,204 Other financial liabilities (Non-current) 13,367 13,367 298,244 261,634 Other financial liabilities (Current) 9,748 9,748 36,433 36,433 The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns. As of December 31, 2022, the capital structure consisted of equity and debt, and the Group was not subject to any externally imposed capital requirements. The Group has identified three principal risks: market risk (foreign exchange and interest rate risk), and liquidity risk. Details of the significant accounting policies and methods adopted (including the criteria for recognition, the basis of measurement and the bases for recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in Note 2, Significant accounting policies . Categories of financial instruments Financial assets (in thousands) Amortized Amortized 2021 2022 Current Trade receivables $ 63,046 $ 89,942 Other receivables 179,964 157,594 Cash and cash equivalents 1,363,128 734,221 Non-current Other receivables 31,225 21,204 Total $ 1,637,363 $ 1,002,961 Fair value Fair value 2021 2022 Foreign currency derivatives - held at FVTPL $ 410 $ 472 Foreign currency derivatives - held as cash flow hedges 7,600 - Derivative financial assets $ 8,010 $ 472 Financial liabilities (in thousands) Fair value Fair value 2021 2022 Foreign currency derivatives - held at FVTPL $ 35 $ 104 Foreign currency derivatives - held as cash flow hedges 21,083 21,293 Interest rate swap - held as cash flow hedge - non-current - 1,165 Interest rate swap - held as cash flow hedge - current - 644 Total non-current and current derivative financial liabilities $ 21,118 $ 23,206 Present value Present value 2021 2022 Put and call option liabilities - non-current $ 836,609 $ 169,218 Put and call option liabilities - current 8,321 26,029 Total Put and call option liabilities $ 844,930 $ 195,247 With the exception of the Group’s non-current borrowings, the carrying amount of the Group’s financial assets and financial liabilities approximate their fair value. The notional amounts of the Group’s outstanding foreign currency derivatives at year end are: Notional Notional 2021 2022 Foreign currency derivatives $ 1,616,383 $ 397,247 Interest rate swaps - 200,000 Total $ 1,616,383 $ 597,247 The average exchange rate for GBP:USD forward exchange contracts is 1.28 (2021: 1.37 ), for EUR:USD forward exchange contracts is 1.05 (2021: 1.13 ) and for GBP:USD forward currency put option contracts is n/a (2021: n/a). As of December 31, 2022, these foreign exchange contracts were in a net liability position. |
Borrowings and embedded derivat
Borrowings and embedded derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Borrowings and embedded derivatives | 20. Borrowings and embedded derivatives 2021 2022 $ 250.0 million 5.00 % convertible note (February 2020 Notes) $ 37,414 $ - $ 400.0 million 3.75 % convertible note (April 2020 Notes) 303,316 318,259 $ 600.0 million 0.00 % convertible note (November 2020 Notes) 175,074 201,104 $ 400.0 million term loan - 373,337 Total $ 515,804 $ 892,700 The values of the three conversion options discussed above are subsequently remeasured at fair value at each reporting date, and the changes in the fair values are recorded in the Consolidated statement of operations within the (losses)/gains on items held at fair value and remeasurements line. The fair values of the embedded derivatives are determined using an option pricing model, using assumptions based on market conditions at the reporting date. For further details refer to Note 19, Financial instruments and financial risk management . For the year ended December 31, 2022, the Group recorded a fair value gain on remeasurement of $ 667.0 million (2021: gain on remeasurement of $ 1,638.8 million) related to the decrease in the fair value of these conversion options mainly as a result of the share price decreasing from $ 33.43 to $ 4.73 . Borrowings The convertible/non-convertible borrowings are presented in the Consolidated statement of financial position as follows (in thousands): 2021 2022 At January 1 $ 617,789 $ 515,804 Transaction costs Interest expense 67,638 69,458 Interest paid ( 22,950 ) ( 16,874 ) New Term Loan - 367,873 Current portion of term loan - ( 4,000 ) Conversion of February 2020 Notes ( 146,673 ) - Derecognition of February 2020 Notes ( 39,561 ) Total non-current borrowings $ 515,804 $ 892,700 Term Loan Facility On October 20, 2022 the Group entered into a Credit Agreement (the "Credit Agreement") with Farfetch US Holdings, Inc. (the “Borrower”), a Delaware corporation and wholly-owned indirect subsidiary of Farfetch Limited, Farfetch Holdings plc, JPMorgan Chase Bank, N.A., as administrative agent, Wilmington Trust, National Association, as collateral agent, J.P. Morgan Securities LLC, as the lead arranger and sole physical bookrunner, and certain banks and financial institutions party thereto as lenders and issuing banks. The Credit Agreement provides for a $ 400.0 million term loan (the "Term Loan") which was issued with a 6.50 % original issue discount and fully drawn upon issuance, resulting in net cash proceeds to Farfetch of approximately $ 369.1 million after certain fees. The Term Loan is due and payable on October 20, 2027, with early repayment permitted. Repayment of the Term Loan is due in quarterly installments of 0.25 %, payable on the last business day (as defined in t he Credit Agreement) of each fiscal quarter, beginning with the fiscal quarter ending on March 31, 2023. The Term Loan bears interest at a rate equal to, at the Group's option, either the Base Rate (as defined in the Credit Agreement) plus 5.25 % per annum or Term SOFR (as defined in the Credit Agreement) pl us 6.25 % per annum. A Term Loan borrowed in Base Rate is subject to a 0 % floor and a Term Loan borrowed in Term SOFR is subject to a 0.50 % floor. The Group has initially elected to make quarterly interest payments at a rate equal to the Term SOFR plus 6.25 % per annum. The Credit Agreement contains customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities in the Group's ability to incur additional debt, make investments, make distributions to our stockholders, dispose of assets, repay junior debt or enter into certain types of related party transactions. The Term Loan is secured against specified assets of the Farfetch group and guaranteed by certain material subsidiaries. The Term Loan does not include maintenance covenants. During the year ended December 31, 2022, the Group incurred transaction costs of $ 6.1 million i n connection with the Term Loan, which are amortized over the term to maturity using the effective interest rate method. As of December 31, 2022, we had approx imately $ 400.0 million a ggregate principal amount outstanding under the Term Loan. Convertible Notes On February 5, 2020, the Group issued $ 250.0 million total aggregate principal amount of 5.00 % convertible senior notes due December 31, 2025 (“February 2020 Notes”) in a private placement to private investors. On April 30, 2020, the Group issued $ 400.0 million total aggregate principal amount of 3.75 % convertible senior notes due May 1, 2027 (“April 2020 Notes”) in a private placement to qualified institutional investors pursuant to Rule 144A of the Securities Act of 1933, as amended. On November 17, 2020, the Group issued $ 600.0 million total aggregate principal amount of 0.00 % convertible senior notes due November 15, 2030 (“November 2020 Notes”) to Alibaba and Richemont. The total net proceeds from these offerings were $ 1,240.4 million, after deducting $ 9.6 million of debt issuance costs in connection with these notes. The February 2020, April 2020 and November 2020 Notes represent senior unsecured obligations of the Group. With respect to the February 2020 Notes, the interest rate is fixed at 5.00 % per annum and is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, and commencing on March 31, 2020. For the April 2020 Notes, the interest rate is 3.75 % per annum and is payable bi-annually in advance on May 1 and November 1 of each year, and commencing on November 1, 2020. For the November 2020 Notes, the interest rate is 0.00 % per annum. February 2020 Notes - Early Repayment On October 20, 2022, the Group signed an agreement with the holders of the February 2020 Notes to early repay these notes. On October 27, 2022, the Group early repaid the February 2020 Notes through the issuance of 4,611,848 Class A Ordinary shares and a cash payment of $ 32.5 million. The impact of the early repayment on the Consolidated statement of operations within the (losses)/gains on items held at fair value and remeasurements line was a $ 6.3 million gain on derecognition of the embedded derivative associated with this instrument and a loss on derecognition of $ 27.3 million within the finance costs line relating to the derecognition of the borrowings. The issuance of 4,611,848 Class A Ordinary shares resulted in a $ 34.3 million increase in equity representing the fair value of these shares as at the signing of the agreement . On May 17, 2021, a total of 3,190,345 shares were issued on conversion of $ 39.1 million principal amount of the February 2020 Notes. No gain or loss was recognized on conversion. On conversion, non-current borrowings with a carrying value of $ 28.4 million and non-current derivative financial liabilities with a fair value of $ 90.6 million were reclassified to equity. The increase in equity resulted in an increase to share capital of $ 0.1 million and to share premium of $ 118.9 million. On August 6, 2021, a total of 7,013,405 shares were issued on conversion of $ 85.9 million principal amount of February 2020 Notes. No gain or loss was recognized on conversion. On conversion, non-current borrowings with a carrying value of $ 63.1 million and non-current derivative financial liabilities with a fair value of $ 241.6 million were reclassified to equity. The increase in equity resulted in an increase to share capital of $ 0.3 million and to share premium of $ 304.4 million. On October 1, 2021, a total of 6,122,250 shares were issued on conversion of $ 75.0 million principal amount of the February 2020 Notes. No gain or loss was recognized on conversion. On conversion, non-current borrowings with a carrying value of $ 55.2 million and non-current derivative financial liabilities with a fair value of $ 152.8 million were reclassified to equity. The increase in equity resulted in an increase to share capital of $ 0.2 million and to share premium of $ 207.7 million. Each $ 1,000 of principal of the February 2020 Notes was initially convertible into 81.63 shares of the Group’s common stock, which is equivalent to an initial conversion price of $ 12.25 per share, in each case, subject to adjustment upon the occurrence of specified events set forth in the indenture governing such series. Following the above described conversions and early repayment, these notes were extinguished as at December 31, 2022. Upon conversion of these notes, the Group would have had to pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Group’s election. If the Group satisfied its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of its common stock, the amount of cash and shares of common stock, if any, due upon conversion of the February 2020 Notes, as applicable, would be based on a daily conversion value (as defined in the indenture governing the applicable series of Convertible Notes) calculated on a proportionate basis for each trading day in the applicable observation period. If a change of control (as defined in the indenture) had occurred prior to the applicable maturity date, holders of the February 2020 Notes, as applicable, may have required the Group to repurchase all of their notes for cash at a 50 % premium and any unpaid interest, or an equity equivalent based on a pre-set make whole calculation based on the prevailing share price at the time. The original terms (as defined in the indenture) stated that the Group may redeem the February 2020 Notes, in whole, at any time on or after February 5, 2024 at a price equal to 165 % of the principal amount of the February 2020 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. However, new early redemption terms were agreed to on October 20, 2022 when the Group signed an agreement with the holders of the February 2020 Notes to early repay these notes. In accordance with the accounting guidance in IFRS 9 on embedded conversion features, the Group valued and bifurcated the conversion option associated with the February 2020 Notes from the respective host debt instrument, which is referred to as a debt discount, and initially recorded the conversion option at $ 81.9 million as a derivative financial liability. The resulting debt discount on the notes was amortized to interest expense at an effective interest rate of 13.2 % over the contractual terms of these notes. The Group allocated $ 0.8 million of debt issuance costs to the derivative financial liability component which was expensed immediately to the Consolidated statement of operations and the remaining $ 1.7 million of debt issuance costs are amortized to finance costs under the effective interest rate method over the contractual terms of these notes. February 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ - Risk free rate 1.12 % - Expected volatility 38.46 % - Remaining life (years) 4.00 - February 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 3,931 ) $ - Risk free rate increases by 1 % ( 1,516 ) - Expected volatility increases by 1 % ( 228 ) - April 2020 Notes Each $ 1,000 of principal of the April 2020 Notes will initially be convertible into 61.99 shares of the Group’s common stock, which is equivalent to an initial conversion price of $ 16.13 per share, in each case, subject to adjustment upon the occurrence of specified events set forth in the indenture governing such series. Holders of these notes may convert their notes after September 30, 2020, if the share price exceeds 130 % of the conversion price consecutively for thirty days prior. Upon conversion of these notes, the Group will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Group’s election. If the Group satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of its common stock, the amount of cash and shares of common stock, if any, due upon conversion of the April 2020 Notes, as applicable, will be based on a daily conversion value (as defined in the indenture governing the applicable series of Convertible Notes). If a fundamental change (as defined in the indenture governing these Convertible Notes) occurs prior to the applicable maturity date, holders of these notes, as applicable, may require the Group to repurchase all of the April 2020 Notes for cash at a repurchase price equal to the principal amount of the April 2020 Notes to be repurchased, plus accrued and unpaid interest, if any, up to, but excluding, the fundamental change repurchase date. In addition, if specific corporate events occur prior to the applicable maturity date of the April 2020 Notes, the Group may redeem the April 2020 Notes in whole, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, up to but excluding, the redemption date. Further, calling any April 2020 Notes for redemption will be subject to a “make-whole” premium and therefore the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted during a specified period after it is called for redemption. In accordance with the accounting guidance in IFRS 9 on embedded conversion features, the Group valued and bifurcated the conversion option associated with the April 2020 Notes from the host debt instrument, which is referred to as a debt discount, and initially recorded the conversion option of $ 113.5 million as a derivative financial liability. The resulting debt discount on the April 2020 Notes is amortized to finance costs at an effective interest rate of 9.7 % over the contractual terms of these notes. The Group allocated $ 3.0 million of debt issuance costs to the derivative financial liability component which was expensed immediately to the Consolidated statement of operations and the remaining $ 7.6 million of debt issuance costs are amortized to finance costs under the effective interest method over the contractual terms of these notes. The Group may redeem the April 2020 Notes, in whole, at any time on or after May 6, 2024, only if the share price is 130 % of the note conversion price for thirty consecutive trading days prior, in addition to the principal being subject to “make-whole” conversion rate adjustments. If the Group experiences a fundamental change triggering event (as defined in the Indenture), the Group might be required by the holders of the April 2020 Notes to repurchase their notes at a cash repurchase price equal to the principal amount of the April 2020 Notes to be repurchased, plus accrued and unpaid interest, if any, up to, but excluding, the fundamental change repurchase date. April 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ 4.73 Risk free rate 1.29 % 4.07 % Expected volatility 36.68 % 44.76 % Remaining life (years) 5.33 4.33 April 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 25,113 ) $ ( 6,735 ) Risk free rate increases by 1 % ( 13,104 ) ( 754 ) Expected volatility increases by 1 % ( 2,898 ) ( 734 ) November 2020 Notes Each $ 1,000 of principal of the November 2020 Notes will initially be convertible into 30.97 shares of the Group’s common stock, which is equivalent to an initial conversion price of $ 32.29 per share, in each case, subject to adjustment upon the occurrence of specified events set forth in the indenture governing such series. Holders of these notes may convert their notes at their option at any time until prior to the close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2030. Upon conversion of these shares, depending on the identity of the holder, the Group will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Group’s election. If the Group satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of its common stock, the amount of cash and shares of common stock, if any, due upon conversion of the notes, as applicable, will be based on a daily conversion value (as defined in the indenture governing the applicable series of Convertible Notes). If certain events occur that constitute a “fundamental change” (as defined in the indenture governing the terms of the November 2020 Notes), holders of the November 2020 Notes will have the right to require the Group to repurchase all or some of their November 2020 Notes for cash at a repurchase price equal to 100 % of their principal amount, plus all accrued and unpaid special interest, if any, up to, and including, the maturity date. The Group will, under certain circumstances, increase the conversion rate for holders who convert November 2020 Notes in connection with a fundamental change. Alibaba and Richemont may require the Group to repurchase all or part of their respective November 2020 Notes on June 30, 2026 at a repurchase price equal to 100 % of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, up to, but excluding, such repurchase date. The Group will not be able to redeem the November 2020 Notes prior to November 15, 2023, except in the event of certain tax law changes. On or after November 15, 2023, the Group may redeem, for cash, all or part of the relevant November 2020 Notes if the last reported sale price of its Class A ordinary shares has been at least 130 % (or 200 %, if over 5 % of the relevant November 2020 Notes are held at the time by Alibaba or Richemont) of the conversion price then in effect for at least twenty trading days (whether or not consecutive) during any thirty consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Group provides notice of the redemption, at a redemption price equal to 100 % of the principal amount of the November 2020 Notes to be redeemed, plus accrued and unpaid special interest, if any, up to, but excluding, the redemption date. In accordance with the accounting guidance in IFRS 9 on embedded conversion features, the Group valued and bifurcated the conversion option associated with the November 2020 Notes from the host debt instrument, which is referred to as a debt discount, and initially recorded the conversion option of $ 446.0 million as a derivative financial liability. The resulting debt discount on the November 2020 Notes was amortized to finance costs at an effective interest rate of 14.9 % over the contractual terms of these notes. The Group allocated $ 12.2 million of debt issuance costs to the derivative financial liability component which was expensed immediately to the Consolidated statement of operations and the remaining $ 4.2 million of debt issuance costs are amortized to finance costs under the effective interest method over the contractual terms of these notes. November 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ 4.73 Risk free rate 1.56 % 3.61 % Expected volatility 35.97 % 40.46 % Credit spread (basis points) 350.00 490.00 November 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 10,044 ) $ ( 146 ) Credit spread increases by 50 basis points ( 5,469 ) ( 8,979 ) Expected volatility increases by 1 % ( 2,451 ) ( 30 ) Change in fair value of convertible note embedded derivatives Non-cash movements As at December 31, 2021 Early conversion of February 2020 Notes Fair value (gain)/loss Foreign exchange movement As at December 31, 2022 February 2020 Notes embedded derivative $ 90,682 $ - $ ( 90,682 ) $ - $ - April 2020 Notes embedded derivative 492,801 - ( 482,505 ) ( 1 ) 10,295 November 2020 Notes embedded derivative 288,945 - ( 93,841 ) - 195,104 Total $ 872,428 $ - $ ( 667,028 ) $ ( 1 ) $ 205,399 The change in fair value of convertible note embedded derivatives during the year ended December 31, 2022 includes a $ 90.7 million gain on remeasurement of the embedded derivative February 2020 Notes, a $ 482.5 million gain on remeasurement of the embedded derivative April 2020 Notes and a $ 93.8 million gain on remeasurement of the embedded derivative on the November 2020 Notes. The valuations of derivatives relating to the February 2020 Notes and April 2020 Notes are based on the Black Scholes model. The valuation of the derivative related to the November 2020 Notes is based on the Binomial model. In both the Black Scholes and Binomial models, the share price is the significant variable. The other assumptions in the Black Scholes and Binomial models are the risk-free rate and volatility. Non-cash movements As at December 31, 2020 Early conversion of February 2020 Notes Fair value (gain)/loss Foreign exchange movement As at December 31, 2021 February 2020 Notes embedded derivative $ 1,060,167 $ ( 484,956 ) $ ( 484,529 ) $ - $ 90,682 April 2020 Notes embedded derivative 1,217,491 - ( 724,690 ) - 492,801 November 2020 Notes embedded derivative 718,562 - ( 429,618 ) 1 288,945 Total $ 2,996,220 $ ( 484,956 ) $ ( 1,638,837 ) $ 1 $ 872,428 The change in fair value of convertible note embedded derivatives during the year ended December 31, 2021 includes a $ 484.5 million gain on remeasurement of the embedded derivative on the February 2020 Notes, a $ 724.7 million gain on remeasurement of the embedded derivative on the April 2020 Notes and a $ 429.6 million gain on remeasurement of the embedded derivative on the November 2020 Notes. The $ 484.5 million gain on remeasurement of the embedded derivative on the February 2020 Notes includes a $ 78.5 million gain on remeasurement relating to the early conversion of these notes. The valuations of derivatives relating to the February 2020 Notes and April 2020 Notes are based on the Black Scholes model. The valuation of the derivative related to the November 2020 Notes is based on the Binomial model. In both the Black Scholes and Binomial models, the share price is the significant variable. The other assumptions in the Black Scholes and Binomial models are the risk-free rate and volatility. On May 17, 2021, one of the private investors in the February 2020 Notes converted $ 39.1 million of their total $ 125.0 million convertible notes. This equated to 31 percent of their overall convertible notes holding. This early conversion was settled in shares in line with the indenture agreement. As a result, the embedded derivative relating to the portion of notes that were converted was revalued to a fair value of $ 90.6 million on the conversion date and the gain on revaluation was recognized within (Losses)/gains on items held at fair value and remeasurements in the Consolidated statement of operations, this amounted to $ 41.7 million. On August 6, 2021, the same private investor converted the remaining $ 85.9 million of their total $ 125.0 million convertible notes. This early conversion was settled in shares in line with the indenture agreement. As a result, the embedded derivative relating to the portion of notes that were converted was revalued to a fair value of $ 241.6 million on the conversion date and the gain on revaluation was recognized within (Losses)/gains on items held at fair value and remeasurements in the Consolidated statement of operations, this amounted to $ 30.1 million . On October 1, 2021, the other private investor of the February 2020 Notes converted $ 75.0 million of their total $ 125.0 million convertible notes. This equated to 60 percent of their overall convertible notes holding. This early conversion was settled in shares in line with the indenture agreement. As a result, the embedded derivative relating to the portion of notes that were converted was revalued to a fair value of $ 152.8 million on the conversion date and the gain on revaluation was recognized within (Losses)/gains on items held at fair value and remeasurements in the Consolidated statement of operations, this amounted to $ 6.7 million. Non-cash movements As at December 31, 2019 Initial Recognition Fair value (gain)/loss As at December 31, 2020 February 2020 Notes embedded derivative $ - $ 81,913 $ 978,254 $ 1,060,167 April 2020 Notes embedded derivative - 113,547 1,103,944 1,217,491 November 2020 Notes embedded derivative - 446,040 272,522 718,562 Total $ - $ 641,500 $ 2,354,720 $ 2,996,220 The change in fair value of convertible note embedded derivatives during the year ended December 31, 2020 includes a $ 978.3 million loss on remeasurement of the embedded derivative on the February 2020 Notes, a $ 1,104.0 million loss on remeasurement of the embedded derivative on the April 2020 Notes and a $ 272.4 million loss on remeasurement of the embedded derivative on the November 2020 Notes. The valuations of derivatives relating to the February 2020 Notes and April 2020 Notes are based on the Black Scholes model. The valuation of the derivative related to the November 2020 Notes is based on the Binomial model. In both the Black Scholes and Binomial models, the share price is the significant variable. The other assumptions in the Black Scholes and Binomial models are the risk-free rate and volatility. For further information regarding the valuation of these instruments, refer to Note 19, Financial instruments and financial risk management. |
Put and call option liabilities
Put and call option liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of put and call option liabilities [abstract] | |
Put and call option liabilities | 21. Put and call option liabilities 2021 2022 Chalhoub put option $ 188,261 $ 13,679 Palm Angels put call option and earn-out 150,288 97,299 Alibaba and Richemont put option 498,058 71,919 Alanui put option 8,323 12,350 Total $ 844,930 $ 195,247 Put and call option liabilities There have been no significant changes in the measurement and valuation techniques used to value instruments in existence as of December 31, 2022. The Group records the value of put and call option liabilities at the present value of probability-weighted future cash flows related to certain performance criteria and the fair value of our common stock at each reporting date. Further details of the Group’s put and call option liabilities are detailed below: Chalhoub The put and call option relating to Chalhoub is over the 20 % shareholding in Farfetch International Limited (“IOM”) that the Group does not already own. The put and call options become exercisable on the earlier of December 31, 2022 and the date the agreement between Chalhoub and the Group is terminated. The options expire on the 10 th day after they become exercisable. The exercise of the options can be settled in cash or shares at the election of the Group. The estimated value of the put and call option liability related to Chalhoub is based on the present value of probability-weighted future cash flows related to certain performance criteria and the fair value of our common stock at each reporting date. Changes in the value of the put and call option liability subsequent to the acquisition date, such as changes in the probability assessment and the fair value of our common stock, are recognized in earnings in the period when the change in the estimated present value occurs. During the year ended December 31, 2020, we recognized an increase in the present value of our put and call option liabilities of $ 288.9 million, primarily due to an increase in the fair value of our common stock. During the year ended December 31, 2021, we recognized a decrease in the present value of our put and call option liabilities of $ 156.1 million, primarily due to a decrease in the fair value of our common stock. During the year ended December 31, 2022, we recognized a decrease in the present value of our put and call option liabilities of $ 174.6 million, primarily due to a decrease in the fair value of our common stock. Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 (1) $ ( 6,521 ) $ - Expected volatility increases by 1 % (1) ( 826 ) - Credit spread increases by 50 basis points (1) 939 - (1) The Chalhoub valuation figure is no longer calculated under the Monte Carlo simulation, as it is now calculated as what management expect to pay as at the settlement date. Palm Angels The put and call option relating to Palm Angels is over the 40 % shareholding in Palm Angels that the Group does not already own. The options are exercisable on the fifth anniversary of the acquisition date or in the event of a certain bad leaver event. The exercise of the option can be settled in cash or shares at the Group’s election. The estimated value of the put and call option liability related to Palm Angels is based on the present value of expected revenue for Palm Angels in fiscal year 2025 and probability-weighted future revenue growth for Palm Angels between fiscal year 2021 and 2025. Changes in the value of the put and call option liability subsequent to the acquisition date, such as changes in the probability assessment and the expected future revenue growth, are recognized in earnings in the period when the change in the estimated present value occurs. During the year ended December 31, 2021, we initially recognized put and call option liabilities of $ 144.6 million. Subsequently, we recognized an increase in the present value of our put and call option liabilities of $ 11.4 million, in losses on items held at fair value and remeasur ements in our Consolidated statement of operations, primarily due to an improvement in expected performance against the performance criteria. During the year ended December 31, 2022, we recognized a decrease in the present value of our put and call option liabilities of $ 42.4 million, in gains on items held at fair value and remeasurements in our Consolidated statement of operations, primarily due to management's assessment of future performance of the Palm Angels brand. Palm Angels – Sensitivity analysis If expected revenue in fiscal year 2025 increased by 10 %, the value of the put and call option would increase and the related present value remeasurement loss in the Consolidated statement of operations would increase by $ 8.6 million. Strategic arrangement with Alibaba and Richemont The put-call option related to the strategic arrangement with Alibaba and Richemont allows each holder to either purchase a further 12.5 % of Farfetch China after the third year of operations, and an additional option to potentially convert or require the conversion of the investment in Farfetch China to shares in Farfetch Limited, under specific conditions. Management have concluded that the fair value of the option that allows both holders to purchase a further 12.5 % of Farfetch China is $nil as the exercise price is at fair market value as of the date of exercise. The estimated value of the put and call option liability related to the strategic agreement with Alibaba and Richemont that represents the option to potentially convert or require the conversion of the investment in Farfetch China to shares in Farfetch Limited is based on the present value of future cash flows related to the fair value of our common stock at each reporting date. Changes in the value of the put and call option liability subsequent to the acquisition date, such as changes in the fair value of our common stock, are recognized in earnings in the period when the change in the estimated present value occurs. During the year ended December 31, 2021, we initially recognized put and call option liabilities of $ 744.2 million. Subsequently, we recognized a decrease in the present value of our put and call option liabilities of $ 246.1 million, in gains on items held at fair value and remeasurements in our Consolidated statement of operations, primarily due to a decrease in the fair value of our common stoc k. During the year ended Dece mber 31, 2022, we recognized a decrease in the present value of our put and call option liabilities of $ 426.1 million, in gains on items held at fair value and remeasurements in our Consolidated statement of operations, primarily due to a decrease in the fair value of our common stock. Strategic arrangement with Alibaba and Richemont – Sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 14,899 ) $ ( 15,205 ) Risk free rate increases by 1 % ( 468 ) ( 51 ) Credit spread increases by 50 basis points 6,075 515 Change on remeasurement of put and call option and contingent consideration liabilities The change on remeasurement of put and call option and contingent consideration liabilities during the year ended December 31, 2022 includes a $ 174.6 million gain on the remeasurement of liabilities arising as a result of the partnership with the Chalhoub, and a $ 426.1 million gain on remeasurement of the put and call option resulting from the strategic agreement with Alibaba and Richemont and a $ 4.1 million loss on remeasurement of the put option relating to the shares that the Group does not own in Alanui. The change on remeasurement of put and call option and contingent consideration liabilities during the year ended December 31, 2021 includes a $ 156.1 million gain on the remeasurement of liabilities arising as a result of the partnership with the Chalhoub, and a $ 246.1 million gain on remeasurement of the put and call option resulting from the strategic agreement with Alibaba and Richemont and a $ 3.9 million loss on remeasurement of the put option relating to the shares that the Group does not own in Alanui. In addition, during the year ended December 31, 2021, as a result of the acquisition of 60 percent of Palm Angels ordinary share capital, the Group entered into an option agreement over the 40 percent of the share capital that it does not own. As a result, the change on remeasurement of put and call option and contingent consideration liabilities during the year ended December 31, 2021 also includes a $ 11.3 million loss on the remeasurement of the put and call option over the 40 percent of the share capital in Palm Angels that New Guards does not own. There is also a $ 2.8 million loss on remeasurement of the contingent consideration relating to this transaction. The change on remeasurement of put and call option and contingent consideration liabilities during the year ended December 31, 2020 includes a $ 287.9 million loss on the remeasurement of put and call option liabilities arising as a result of the partnership with Chalhoub and a $ 0.9 million loss on the remeasurement of put and call option liabilities arising as a result of the acquisition of CuriosityChina. In 2021, the valuation of the Chalhoub liability is based on the Monte Carlo simulation, in which the share price of Farfetch is the significant input. In 2022, given that the valuation of the future settlement of this liability is based on the group's share price at December 31, 2022 of $ 4.73 , and is therefore a known input, management was able to calculate this amount without the use of the Monte Carlo simulation. The valuation of the put and call option liability relating to the strategic agreement with Alibaba and Richemont is calculated using the present value of future expected payments method, with the Farfetch share price as the significant variable. The valuations of the put and call option liability relating to Palm Angels and the contingent consideration liabilities are calculated using the present value of future expected payments method, with management's internal forecasts and the relevant weighted average cost of capital as the significant variables. For further information regarding the valuation of these instruments, refer to Note 19, Financial instruments and financial risk management . |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Loss per share | 28. Loss per share Basic (loss)/earnings per share is computed using the weighted-average number of outstanding shares during the year. Diluted loss per share is computed using the weighted-average number of outstanding shares and excludes all potential shares outstanding during the year, as their inclusion would be anti-dilutive. The Group’s potential shares consist of incremental shares issuable upon the assumed exercise of share options and warrants, the incremental shares issuable upon the assumed vesting of unvested share awards, potential shares issuable on the conversion of the convertible loan notes and potential shares issuable on the conversion of certain put-call options. The calculation of basic (loss)/earnings per share and diluted loss per share is as follows: 2020 2021 2022 In $ thousands, except share and per share data Diluted (loss)/income (Loss)/profit after tax attributable to equity holders of the parent: Used in calculating basic (loss)/earnings per share $ ( 3,333,171 ) $ 1,466,487 $ 359,287 Adjustments: Convertible note interest - 67,638 59,994 Loss on derecognition of convertible loan notes - - 27,251 Gains on items held at fair value and remeasurements - ( 2,041,013 ) ( 1,308,915 ) Loss after tax attributable to equity holders of the parent used in calculating diluted loss per share $ ( 3,333,171 ) $ ( 506,888 ) $ ( 862,383 ) Weighted average number of basic shares 343,829,481 364,696,712 384,986,092 Dilutive securities: Options - 20,257,787 4,306,414 Restricted Stock Units (RSUs) - 8,014,788 3,062,030 Other awards - 1,200,105 467,864 Acquisition related deferred shares 180,369 - February 2020 notes - 14,216,896 3,260,212 April 2020 notes - 24,794,680 24,794,680 November 2020 notes - 18,583,620 18,583,620 Palm Angels liability - - 8,591,251 Chalhoub liability - 3,984,014 1,208,187 Farfetch China Holdings Ltd liability - 16,429,024 16,429,024 Weighted average number of dilutive shares 343,829,481 472,357,995 465,689,374 (Loss)/earnings per share attributable to equity holders of the parent: Basic $ ( 9.69 ) $ 4.02 $ 0.93 Diluted $ ( 9.69 ) $ ( 1.07 ) $ ( 1.85 ) Potential ordinary shares excluded from Diluted earnings per share because their conversion would have an antidilutive effect are as follows (in thousands): 2020 2021 2022 Convertible Notes 63,758 - - Employee options & RSU's 40,890 1,114 8,533 Contingent consideration - 136 152 Put Call options - 3,786 - Refer to Note 7, Items held at fair value and remeasurements, Note 20 , Borrowings and embedded derivatives and Note 21 , Put and call option liabilities for further detail on the put call options and convertible notes included above. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Provisions | 22. Provisions Provisions consist of the following (in thousands): Dilapidations Share-based Provision for withholding taxes Other provisions Total Current liabilities At January 1, 2021 $ - $ 12,105 $ 4,100 $ 10,941 $ 27,146 Additional provision in the year 178 2 - 3,606 3,786 Release of provision in the year - ( 4,427 ) - ( 584 ) ( 5,011 ) Utilized provision in the year ( 308 ) - ( 3,500 ) ( 9,233 ) ( 13,041 ) Transfer from non-current provisions 277 - 1,901 - 2,178 Foreign exchange ( 5 ) - - ( 468 ) ( 473 ) At December 31, 2021 142 7,680 2,501 4,262 14,585 Additional provision in the year 101 - - 5,814 5,915 Release of provision in the year - - ( 1 ) ( 940 ) ( 941 ) Utilized provision in the year ( 16 ) - - ( 2,772 ) ( 2,788 ) Transfer from non-current provisions 954 ( 5,432 ) - - ( 4,478 ) Foreign exchange ( 118 ) - - ( 122 ) ( 240 ) At December 31, 2022 $ 1,063 $ 2,248 $ 2,500 $ 6,242 $ 12,053 Non-current liabilities At January 1, 2021 $ 5,670 $ 115,032 $ 7,400 $ 1,011 $ 129,113 Additional provision in the year 2,125 2,135 - - 4,260 Transfer to current provisions ( 277 ) - ( 1,901 ) - ( 2,178 ) Release of provision in the year ( 284 ) ( 45,987 ) ( 500 ) ( 168 ) ( 46,939 ) Utilized provision in the year ( 4 ) ( 22,516 ) - ( 841 ) ( 23,361 ) Foreign exchange ( 292 ) ( 60 ) - 2 ( 350 ) At December 31, 2021 6,938 48,604 4,999 4 60,545 Additional provision in the year 1,320 - - - 1,320 Transfer to current provisions ( 954 ) 5,432 - - 4,478 Release of provision in the year ( 48 ) ( 49,351 ) - ( 4 ) ( 49,403 ) Utilized provision in the year ( 70 ) ( 4,204 ) - - ( 4,274 ) Foreign exchange ( 375 ) ( 125 ) - - ( 500 ) At December 31, 2022 $ 6,811 $ 356 $ 4,999 $ - $ 12,166 The dilapidations provision reflects the best estimate of the cost to restore leasehold property in line with the Group’s contractual obligations. Based on a detailed analysis the Group has estimated a liability of $ 7.9 million (2021: $ 7.1 million). In estimating the liability, the Group has made assumptions which are based on past experience. Assuming the leases are not extended, the Group expects the economic outflows to match the contractual end date of the leases. The leases have an average lease term of eight years with an average of five years remaining. The share-based payments employment taxes provision reflects the best estimate of the cost to settle employment related taxes in connection with the Group's share-based payments. This is based on the most recent share price and the number of share options vested and un-exercised, or expected to vest where the Group has a future obligation to settle employment related taxes. The Group had estimated a liability of $ 2.6 million as of December 31, 2022 (2021: $ 56.3 million). When a share option is exercised, the liability for employment related taxes becomes due to the relevant tax authority. During 20 22, $ 4.2 million (2021: $ 22.5 million) was transferred from provisions to trade and other payables. We expect the provision to be fully utilized in 7.66 years (2021: 8.11 years), being the weighted average remaining contracted life of options outstanding at December 31, 2022. It is likely that this provision will be utilized over a shorter period, however, this is dependent on when the option holder decides to exercise, which the Group is not in control of. |
Employee benefit obligations an
Employee benefit obligations and share-based payments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about defined benefit plans [abstract] | |
Employee benefit obligations | 23. Employee benefit obligations and share-based payments Other non-current liabilities consist of the following at December 31 (in thousands): 2021 2022 Cash-settled awards liability $ 10,404 $ 86 Employee severance liability 2,544 2,844 Total non-current liabilities $ 12,948 $ 2,930 The employee severance liability relates to a severance indemnity obligation under Italian law in respect of employees of the Group’s Italian subsidiaries. Current employee benefit obligations of $ 2.4 million (2021: $ 8.3 million) relates to employers tax liability on share based payments (2022: $ 3.6 million ) (2021: $ 7.7 million) and cash-settled share based payments due to vest in less than one year from December 31, 2022 ($ 0.1 million) ( 2021: $ 0.5 million). The Group has four equity settled share option plans (section a) and a cash settled share option plan (section b). a. Equity-settled During the year ended December 31, 2022, the Group's four equity-settled share-based payment plans which are described below. Type of arrangement EMI approved share Unapproved share LTIP 2015 plan LTIP 2018 plan Date of first grant November 1, 2011 July 1, 2011 September 9, 2015 September 20, 2018 Number granted 5,505,600 11,332,835 38,174,980 82,250,165 Contractual life 10 years 10 years 10 years 10 years Vesting conditions Varying tranches of options vesting upon defined years of service Varying tranches of options vesting upon defined years of service Varying tranches of options vesting upon defined years of service with certain awards having non-market conditions Varying tranches of options and Restricted Stock Units (RSU) vesting upon defined years of service The movement in share options and RSUs outstanding is summarized in the following table: Share Options (1) RSUs (1) Number Weighted average exercise price Number Weighted average exercise price Outstanding at January 1, 2020 34,291,517 $ 10.18 7,580,830 $ - Granted during the year 8,082,853 11.57 9,333,781 - Exercised during the year ( 7,342,952 ) 8.75 ( 4,095,381 ) - Forfeited during the year ( 3,686,645 ) 9.30 ( 1,097,915 ) - Expired during the year ( 2,375 ) 20.00 - - Outstanding at December 31, 2020 31,342,398 10.96 11,721,315 - Granted during the year 1,940,595 62.22 11,992,577 - Exercised during the year ( 4,019,069 ) 9.37 ( 4,658,441 ) - Forfeited during the year ( 916,907 ) 9.93 ( 1,094,642 ) - Expired during the year - - - - Outstanding at December 31, 2021 28,347,017 14.74 17,960,809 - Granted during the year 9,301,845 20.12 22,278,558 - Exercised during the year ( 391,687 ) 6.50 ( 7,188,717 ) - Forfeited during the year ( 2,111,454 ) 21.27 ( 2,849,161 ) - Expired during the year ( 21,435 ) 18.16 - - Outstanding at December 31, 2022 35,124,286 $ 15.86 30,201,489 $ - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. Weighted average exercise prices and remaining contractual life years were as follows: The following table summarizes information about share options and RSUs outstanding at December 31, 2022: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 17,135,870 5.41 30,201,489 9.09 $ 10.01 to $ 20.00 9,500,674 7.27 - - $ 20.01 to $ 30.00 4,153,465 6.81 - - $ 30.01 to $ 40.00 2,690,613 8.69 - - $ 40.01 to $ 67.99 1,643,664 7.53 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. The following table summarizes information about share options and RSUs outstanding at December 31, 2021: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 16,931,250 6.16 17,960,809 9.94 $ 10.01 to $ 20.00 6,434,003 7.40 - - $ 20.01 to $ 30.00 3,039,174 6.88 - - $ 30.01 to $ 40.00 61,491 9.82 - - $ 40.01 to $ 67.99 1,881,099 8.39 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. The following table summarizes information about share options and RSUs outstanding at December 31, 2020: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 20,711,086 6.98 11,721,315 12.71 $ 10.01 to $ 20.00 7,166,645 8.19 - - $ 20.01 to $ 30.00 3,433,404 7.79 - - $ 30.01 to $ 40.00 - - - - $ 40.01 to $ 67.99 31,263 9.89 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. Weighted average fair value of options granted during the year ended December 31, 2022 was $ 5.69 (2021: 19.62 ). Weighted average fair value of RSUs granted during the year ended December 31, 2022 was $ 10.53 (2021: 54.32 ). Weighted average share price at the date of exercise for options exercised during the year ended December 31, 2022 was $ 12.37 (2021: $ 43.36 , 2020: $ 34.66 ). The n umber of options exercisable during the year ended December 31, 2022 was 25,692,435 (2021: 18,293,805 ). RSUs and PSUs whose vesting is subject to internal performance conditions are measured based on the fair market value of the underlying ordinary shares on the date of grant. Inputs in the Black Scholes model used for fair valuing share options granted during the year and prior year were as follows: 2020 2021 2022 Black Scholes model Weighted average share price $ 12.44 $ 57.40 $ 5.69 Weighted average exercise price $ 5.38 $ 22.80 $ 20.12 Average expected volatility 40 % 40 % 43 % Expected life 4 years 4 years 4 years Risk free rate 1.05 % 0.51 % 1.80 % Expected dividends $ nil $ nil $ nil Expected volatility was determined with reference to historical volatility of publicly traded peer companies. The expected life in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioral considerations. The Group does not anticipate paying any cash dividends in the near future and therefore uses an expected dividend yield of zero in the option valuation model. The Group recognized total expenses o f $ 290.3 million , $ 219.9 million and $ 170.1 million related to equity-settled share-based payment transactions in 2022, 2021 and 2020, respectively. 2021 CEO Performance Based Restricted Stock Unit (“PSU”) Award On May 24, 2021, the Board unanimously approved the recommendation of the Compensation Committee of the Board to grant a long-term PSU under the Group’s 2018 Farfetch Employee Equity Plan (the “2018 Plan”) to José Neves, the Company’s Founder, Chief Executive Officer and Chairman of the Board (the “CEO”). The grant is 8,440,000 PSUs, which will only vest, if at all, based on the Group’s achievement of pre-determined increases in the Group’s stock price over an eight-year period, as further described below: The PSUs are divided into eight tranches that are eligible to vest based on the achievement of stock price hurdles during each performance period, measured based on the average of our closing share price over a ninety-day trailing average (“the Average Closing Price”). Each tranche will be earned and vest if the Average Closing Price exceeds the stock price hurdle on any date within the applicable performance period as follows, subject to the CEO’s continued employment with the Group: Tranche Performance Period Number of PSUs Eligible To be Earned Stock Price Hurdle 1 1st - 5th anniversary of the grant 5% of Total Number of PSUs $ 75 2 1st - 5th anniversary of the grant 5% of Total Number of PSUs $ 100 3 2nd - 6th anniversary of the grant 10% of Total Number of PSUs $ 125 4 2nd - 6th anniversary of the grant 10% of Total Number of PSUs $ 150 5 3rd - 7th anniversary of the grant 10% of Total Number of PSUs $ 175 6 3rd - 7th anniversary of the grant 20% of Total Number of PSUs $ 200 7 4th - 8th anniversary of the grant 20% of Total Number of PSUs $ 225 8 4th - 8th anniversary of the grant 20% of Total Number of PSUs $ 250 Share-based compensation under the 2021 CEO PSU Award represents a non-cash expense and is recognized as a selling, general and administrative expense in our Consolidated statement of operations. In each quarter since the grant of the 2021 CEO PSU Award, we have recognized expense, generally on a pro-rata basis, for only the number of tranches that corresponds to the number of share price milestones that have been determined probable of being achieved in the future, in accordance with the following principles. In order to calculate the equity-settled share based payments expense for this award, on the grant date, a Monte Carlo simulation was used to determine for each tranche (i) a fixed amount of expense for such tranche and (ii) the expected vesting period for each tranche based on the expected time taken to achieve the share price milestone. The grant date fair value of this award amounted to $ 99 million. In the year ended December 31, 2022, we recognized an equity-settled share based payments expense of $ 25.2 million (2021: $ 15.1 million) i n Selling, general and administrative expense related to the PSU award in our Consolidated statement of operations. b. Cash-settled Since 2016, the Group has issued to certain employees share appreciation rights (“SARs”) that require the Group to pay the intrinsic value of the SAR to the employee at the date of exercise. The Group has recorded liabilities of $ 0.1 million in 2022 (2021: $ 10.5 million) through the grant of 100,000 SARs (2021: 49,000 SARs). The fair value of the SARs is determined by using the Black Scholes model using the same assumptions noted in the above table for the Group’s equity-settled share-based payments. The fair value of the liability is then reassessed at each reporting date. Included in the 2022 credit o f $ 10.1 million (2021: $ 9.3 million, 2020: $ 28.0 million), is a revaluation loss of $ 10 .2 million (2021: loss of $ 1.2 million). The total intrinsic value as of December 31, 2022 w as $ 0.2 million (2021: $ 12.7 million) of which $( 0.5 ) million is fully vested (2021: $ 9.4 million). |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share capital and share premium | 25. Share capital and share premium Ordinary shares issued and fully paid as of December 31, 2022 (in thousands, except number of shares): Number of shares Class Par value Share capital Share premium Merger reserve Total 351,972,468 Class A ordinary shares 0.04 $ 14,079 $ 1,640,300 $ 783,529 $ 2,437,908 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 394,830,548 $ 15,793 $ 1,685,809 $ 783,529 $ 2,485,131 Holders of Class A ordinary shares are entitled to one vote per share in respect of matters requiring the votes of shareholders, while holders of Class B ordinary shares are entitled to twenty votes per share , subject to certain exceptions. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. During 2022, 14,049,230 shares were issued. All were fully paid and newly issued Class A ordinary shares with a nominal value of $ 0.04 each. The Class A ordinary shares issued in respect of share options that were exercised and RSUs that have vested was 8,302,871 . On June 16, 2022, a total of 480,200 Class A ordinary shares was issued on settlement of the first portion of the contingent consideration applicable under the Palm Angels purchase agreement. Refer to Note 19 Financial instruments and financial risk management for additional information. On October 27, 2022, a total of 4,611,848 Class A ordinary shares was issued on early repayment of the $ 50 million principal amount of February 2020 Notes. Refer to Note 20 Borrowings and embedded derivatives for additional information. During the year ended December 31, 2022, 654,311 Class A ordinary shares were issued in respect of business combinations. Ordinary shares issued and fully paid as of December 31, 2021 (in thousands, except number of shares): Number of shares Class Par value Share capital Share premium Merger reserve Total 337,923,238 Class A ordinary shares 0.04 13,517 $ 1,596,165 $ 783,529 $ 2,393,211 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 380,781,318 15,231 $ 1,641,674 $ 783,529 $ 2,440,434 During 2021, 26,571,174 shares were issued. All were fully paid and newly issued Class A ordinary shares with a nominal value of $ 0.04 each. The total Class A ordinary shares issued in respect of share options that were exercised and RSUs that have vested was 8,328,356 . On May 17, 2021, a total of 3,190,345 Class A ordinary shares was issued on conversion of $ 39.1 million principal amount of February 2020 Notes. On August 6, 2021, a total of 7,013,405 Class A ordinary shares was issued on conversion of $ 85.9 million principal amount of February 2020 Notes. On October 1, 2021, a total of 6,122,250 Class A ordinary shares was issued on conversion of $ 75.0 million principal amount of February 2020 Notes. During the year ended December 31, 2022, 1,916,818 Class A ordinary shares were issued in respect of business combinations. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Trade and other payables | 24. Trade and other payables Trade and other payables consisted of the following as of December 31 (in thousands): 2021 2022 Trade payables $ 342,938 $ 310,964 Other payables 22,208 20,233 Social security and other taxes 69,053 46,204 Deferred revenue 60,486 50,408 Accruals 311,721 313,039 Trade and other payables $ 806,406 $ 740,848 Trade payables primarily relates to supplier invoices for marketing, shipping, inventory, software and hosting related expenses. |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Other Reserves | 26. Other Reserves Other reserves consists of the following (in thousands): Changes Share Cashflow hedge reserve Merger Time value reserve Other Total other reserves At January 1, 2020 $ ( 8,666 ) $ 86,345 $ ( 2,949 ) $ 396,014 $ — $ ( 101,469 ) $ 369,275 Movement in cash flow hedge reserve - - 13,385 - 2,552 - 15,937 Gain transferred to the cost of inventory - - ( 1,213 ) - - - ( 1,213 ) Shares issued - acquisition of a subsidiary - - - 4,808 - - 4,808 Remeasurement loss on severance plan - - - - - ( 24 ) ( 24 ) Share-based payment - reverse vesting shares - 26,092 - - - - 26,092 Share-based payment - equity-settled - 52,690 - - - - 52,690 At December 31, 2020 ( 8,666 ) 165,127 9,223 400,822 2,552 ( 101,493 ) 467,565 Movement in cash flow hedge reserve - - ( 24,776 ) - ( 2,552 ) - ( 27,328 ) Loss transferred to the cost of inventory - - 2,066 - - - 2,066 Share-based payment - reverse vesting shares - ( 24,486 ) - - - - ( 24,486 ) Share-based payment - equity-settled - 61,282 - - - - 61,282 Non-controlling interest put option - - - - - ( 150,070 ) ( 150,070 ) Farfetch China Holdings Ltd put call option - - - - - ( 744,163 ) ( 744,163 ) Capital contribution from non-controlling interests - - - - - 488,863 488,863 Acquisition of non-controlling interest - - - - - ( 11,613 ) ( 11,613 ) Other - - - - - ( 2,596 ) ( 2,596 ) At December 31, 2021 ( 8,666 ) 201,923 ( 13,487 ) 400,822 - ( 521,072 ) 59,520 Movement in cash flow hedge reserve - - ( 8,711 ) - - - ( 8,711 ) Gain transferred to the cost of inventory - - ( 844 ) - - - ( 844 ) Share-based payment - reverse vesting shares - 34,620 - - - - 34,620 Share-based payment - equity-settled - 88,375 - - - - 88,375 Other - - - - - ( 131 ) ( 131 ) At December 31, 2022 $ ( 8,666 ) $ 324,918 $ ( 23,042 ) $ 400,822 $ - $ ( 521,203 ) $ 172,829 The changes in ownership reserve represent transactions with former non-controlling interests of the Group. The share-based payments reserve represents the Group’s cumulative equity-settled share option expense. On exercise, the cumulative share option expense is reclassified to accumulated losses. The cash flow hedge reserve and time value reserve are used to recognize the effective portion of gains or losses on derivatives that are designated as and qualify as cash flow hedges. The merger relief reserve represents the excess over nominal share capital where there has been share consideration as part of a business combination. Included in other reserves as of December 31, 2021, the transaction with non-controlling interests represents the initial recognition of the Chalhoub partnership, the non-controlling put option relates to the initial recognition of the gross liability relating to the put and call options entered into as part of the acquisition of Palm Angels for the purchase of the remaining 40 percent that New Guards does not already own and the Farfetch China Holdings Ltd put call option relates to the initial recognition of the gross liability relating to the put and call options entered into as part of the strategic arrangement with Alibaba and Richemont, net of transaction costs. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2022 | |
Non Controlling Interests [Abstract] | |
Non-controlling interests | 27. Non-controlling interests The effect of changes in the ownership interest of the Group on the equity attributable to owners of the Group is summarized as follows (in thousands): CuriosityChina Farfetch International Limited (IOM) New Guards Farfetch China Holdings Ltd Total Balance at January 1, 2021 $ 519 $ ( 2,187 ) $ 170,224 $ - $ 168,556 Total comprehensive (loss)/income attributable to non-controlling interests ( 1,657 ) ( 548 ) 16,220 ( 12,635 ) $ 1,380 Step acquisition - - 2,434 - 2,434 Capital contribution from non-controlling interest - - - ( 13,875 ) ( 13,875 ) Non-controlling interest arising on purchase of asset - - 50,453 - 50,453 Acquisition of non-controlling interest - - ( 6,901 ) - ( 6,901 ) Dividends to non-controlling interests - - ( 23,016 ) - ( 23,016 ) Other - - 2,977 - 2,977 Balance at December 31, 2021 ( 1,138 ) ( 2,735 ) 212,391 ( 26,510 ) 182,008 Total comprehensive (loss)/income attributable to non-controlling interests ( 180 ) ( 796 ) 5,959 ( 19,596 ) ( 14,613 ) Non-controlling interest arising on purchase of asset - - 5,493 - 5,493 Dividends to non-controlling interests - - ( 17,764 ) - ( 17,764 ) Other - - 830 1,453 2,283 Balance at December 31, 2022 $ ( 1,318 ) $ ( 3,531 ) $ 206,909 $ ( 44,653 ) $ 157,407 % of non-controlling interests 16 % 20 % 23 % 25 % The step acquisition during the year ended December 31, 2021 relates to New Guards’ acquisition of Alanui (refer to Note 31, Business combinations for further details). The capital contribution from non-controlling interest arising on purchase of asset during the year ended December 31, 2021 related to the acquisition on August 1, 2021, by Alibaba and Richemont of a 12.5 % shareholding, each in Farfetch China Holdings Ltd for total consideration of $ 500.0 million. The non-controlling interest recognized of $ 13.9 million as a result of this transaction was calculated using the proportionate share of net assets method in line with the requirements of IFRS 10 - Consolidated Financial Statements . Transaction costs of $ 25.0 million directly attributable to the investments made by Alibaba and Richemont were treated as a deduction from equity in Other reserves . The non-controlling interest arising on purchase of asset of $ 50.5 million during the year ended December 31, 2021 relates to the acquisition by New Guards on July 20, 2021 of 60 percent of the share capital of Palm Angels. Refer to Note 11, Intangible assets for additional details. During the year ended December 31, 2022, a further $ 5.5 million of non-controlling interest was recognized in relation to the settlement of the first portion of contingent consideration. The acquisition of non-controlling interest of $ 6.9 million during the year ended December 31, 2021, relates to the acquisition by New Guards of the remaining 31 percent of the share capital that it did not own in Venice S.r.l. Dividends to non-controlling interests reflects dividends paid by New Guards group legal entities to non-controlling interests representing the co-founders of the individual fashion brands. During the year ended December 31, 2022, New Guards had paid d ividends of $ 17.8 million to holders of minority interests ($ 23.0 million during the year ended December 31, 2021). |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related party disclosures | 29. Related party disclosures Platforme International Limited is a related party of J M F Neves. The Group generated commission of $ 0.2 million and made purchases of $ nil from Platforme International Limited during the year ended December 31, 2022 (2021: commission of $ 0.1 million). The Group had a $ 0.1 million receivable as at the end of December 31, 2022 (2021: $ 0.2 million payable). José Neves, the founder, Chief Executive Office and a director of Group, is also a director of Six London Limited. The Group had a $ 0.1 million payable as at the end of December 31, 2022 (2021: $ 0.1 million receivable). In prior periods, Alanui S.r.L. (“Alanui”) was a related party of New Guards Group Holding S.p.A, due to it being an associate of the Group. New Guards still owns a stake of 53 % and gained control over the entity on March 16, 2021 following a change in the shareholder agreement. The Group recognized sales of $ 0.2 million to Alanui in the two months up until consolidation on March 1, 2021. The impact of consolidating Alanui’s results from March 1, 2021 rather than March 16, 2021 was immaterial. We recognized sales of $ 1.1 million during the year ended December 31, 2020. As at December 31, 2020, we had trade receivables of $ 0.5 million and trade payables of $ 0.4 million. Refer to Note 31, Business combinations for further detail. Key management includes members of the Company’s senior management and the board of directors. The disclosure amounts below (in thousands) are based on the expense recognized in the Consolidated statement of operations in the respective year. 2020 2021 2022 Short-term employee benefits $ 1,676 $ 2,456 $ 4,212 Termination benefits 32 36 35 Share-based compensation 26,300 37,742 41,140 $ 28,008 $ 40,234 $ 45,387 Other than disclosed above, there were no other transactions or outstanding balances, including commitments, with related parties. The Group’s ultimate controlling party is J M F Neves by virtue of holding the majority of voting rights in the Group. |
Contracted commitments, conting
Contracted commitments, contingencies and guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitments And Guarantees [Abstract] | |
Contracted commitments, contingencies and guarantees | 30. Contracted commitments, contingencies and guarantees Contingent liabilities Litigation From time to time we are engaged in disputes and claims. We believe that the ultimate outcome of these proceedings will not have a material adverse impact on our consolidated financial position or results of operations, but the outcome of these proceedings is inherently difficult to predict. There can be no assurance that we will prevail in any such litigation. Liabilities for material claims against us are recognized as a provision when an outflow of economic resources is considered probable and can be reasonably estimated. Legal costs associated with claims are expensed as incurred. Italian tax proceedings D uring 2020, Italian tax authorities commenced reviewing the activities of one of our subsidiaries for the years 2015 through 2020, including whether that subsidiary had a permanent establishment in Italy and our transfer pricing policies. At December 31, 2021, the Group was cooperating with the investigation but intended to contest any allegation that we have a permanent establishment in Italy or that our transfer pricing policies were inappropriate. During March 2022, the Group recognized a related Italian corporate tax payable of € 15.6 million (approximately $ 17.5 million), recorded within Income tax (expense)/benefit, for the expected settlement of this case. This was based on a determination that although the Company continues to believe that its tax positions complied in all material respects with all applicable law that it was nonetheless in the Company’s best interest to seek a negotiated resolution to the Italian tax authorities’ investigation to avoid the expense and uncertainty associated with allowing the matter to proceed further. During July 2022, a settlement was reached with the Italian tax authorities for the period 2015-2019 and € 11.8 million (approximately $ 12.0 million) representing the related taxes, penalties and interest was paid on July 28, 2022. At December 31, 2022, the remaining provision of € 3.9 million (approximately $ 4.2 million) has been retained in respect of other uncertain tax positions. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 31. Business combinations Acquisitions in 2022 Wannaby Inc. On April 5, 2022, Farfetch US Holdings., Inc, a wholly-owned subsidiary of Farfetch Limited, acquired 100 percent of the share capital of Wannaby Inc. ("Wanna" or "Wanna Group"). The Wanna Group primarily provides software under license to clients in the fashion industry, allowing retail customers to virtually “try on” fashion items. The transaction was accounted for as a business combination under IFRS 3 Business Combinations and the purchase price allocation is finalized. The consideration payable was comprised of $ 25.5 million of upfront cash, $ 5.0 million of reverse vesting shares based on the Farfetch Limited share price as at the acquisition date and Farfetch RSUs. The reverse vesting shares and RSUs include service conditions for certain members of the Wanna Group management team. These did not form part of the purchase consideration and will be expensed over the related vesting period. Goodwill consists of expected synergies to be achieved by combining the operations of Wanna with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. Goodwill is not deductible for tax purposes. The acquired software, brand and customer relationships will be amortized over five years, three years and nine years, respectively. Acquisition-related costs of $ 1.1 million are included in Selling, general and administrative expenses for the year ended December 31, 2022. Details of the purchase consideration, the assets acquired and goodwill recognized are as follows (in thousands): 2022 Cash consideration $ 25,523 Purchase consideration $ 25,523 2022 Acquired software $ 11,500 Customer Relationships 2,500 Brand 300 Tangible assets 64 Net working capital ( 1,470 ) Net debt ( 6,959 ) Deferred tax liability ( 2,570 ) Total net identified assets acquired 3,365 Goodwill 22,159 Total net identified assets acquired and goodwill $ 25,524 2022 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 485 Cash consideration ( 25,523 ) Net cash outflow $ ( 25,038 ) Violet Grey Inc. On February 1, 2022, Farfetch US Holdings., Inc, a wholly-owned subsidiary of Farfetch Limited, acquired 100 percent of the share capital of Violet Grey Inc. (“Violet Grey”), an online retail platform for luxury beauty products, as part of the Group’s strategy of expanding its Farfetch Marketplace Beauty offering. The transaction was accounted for as a business combination under IFRS 3 Business Combinations and the purchase price allocation is finalized. The consideration payable was comprised of $ 49.4 million of cash, $ 1.3 million of reverse vesting shares and $ 5.0 million of Farfetch RSUs based on the Farfetch Limited share price as at the acquisition date. The reverse vesting shares and RSUs include service conditions for certain members of the Violet Grey management team. These did not form part of the purchase consideration and will be expensed over the related vesting period. Goodwill consists of expected synergies to be achieved by combining the operations of Violet Grey with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. Goodwill is not deductible for tax purposes. The acquired software and Brand will be amortized over three years to ten years and five to sixteen years , respectively. Acquisition-related costs of $ 0.8 million are included in Selling, general and administrative expenses for the year ended December 31, 2022. Details of the purchase consideration, the assets acquired and goodwill recognized are as follows (in thousands): 2022 Cash consideration $ 49,418 Purchase consideration $ 49,418 2022 Acquired software $ 1,155 Brand 28,480 Tangible assets 189 Net working capital ( 3,135 ) Net debt ( 1,222 ) Deferred tax liability ( 6,223 ) Total net identified assets acquired 19,244 Goodwill 30,174 Total net identified assets acquired and goodwill $ 49,418 2022 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 596 Cash consideration ( 49,418 ) Net cash outflow $ ( 48,822 ) Revenue and profit contribution of the acquisitions made in 2022 The results of operations of both Wanna and Violet Grey have been included in the Group’s Consolidated Statement of operations since the date of acquisition. Actual and pro-forma revenue and results of operations of both Wanna and Violet Grey have not been presented as these do not have a material impact on the consolidated revenue and results of operations. Acquisitions in 2021 Luxclusif On December 6, 2021, Farfetch UK Limited, an indirect wholly owned subsidiary of Farfetch Limited, acquired 100 % of the issued share capital of Upteam Corporation Limited (“Luxclusif”), and its four fully owned subsidiaries, together a Business to Business (“B2B”) technology-enabled seller of pre-owned luxury goods. Purchase consideration of $ 26.8 million was comprised of $ 7.8 million of cash, $ 5.9 million of deferred cash or share consideration and $ 13.1 million of deferred share consideration based on the Farfetch Limited share price as at the acquisition date. The share consideration includes a service condition for certain members of the Luxclusif management team and has been accounted for as post combination remuneration. This did not form part of the purchase price allocation and is expensed. The transaction is being treated as a business combination under IFRS 3 and the purchase price is subject to the finalization of completion accounts. This investment is part of the Group’s strategy of expanding into new categories and offerings. The primary reason for the acquisition was for the Group to further enhance the Farfetch Marketplace by continuing to invest in expanding the pre-owned offering. Details of the purchase consideration, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 7,682 Deferred payments 135 Total cash consideration $ 7,817 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 803 Cash consideration ( 7,682 ) Net cash outflow $ ( 6,879 ) 2021 Development Costs $ 2,205 Customer relationships 1,611 Tangible assets 73 Net working capital 3,461 Net debt ( 2,671 ) Deferred tax liability ( 725 ) Total net identified assets acquired 3,954 Goodwill 3,863 Total net identified assets acquired and goodwill $ 7,817 Goodwill consists of expected synergies to be achieved by combining the operations of Luxclusif with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. Goodwill is expected to be fully deductible for tax purposes. The Development costs and Customer relationships are amortized over three years and five years respectively. Acquisition-related costs totaled $ 1.5 million and are included in Selling, general and administrative expenses . These costs were recorded in the year ending December 31, 2021. Allure On 20 December 2021, Farfetch US Holdings, Inc. acquired 100 % of the issued share capital of Allure Systems Corp (“Allure US”) and its fully owned subsidiary, Allure Systems Research France (“Allure France”) (together, “Allure”). Allure was established in 2017 and uses artificial intelligence (“A.I.”) to create high-quality on-model images via 360 degrees renderings, allowing retailers and brands to scale quality imagery with automation . Purchase consideration of $ 21.7 million comprised of deferred payments of $ 1.5 million, cash consideration of $ 15.9 million and share consideration of $ 4.4 million based on the Farfetch Limited share price at the acquisition date. There is no contingent consideration. This investment is part of the Group’s strategy of accelerating the digitization of the global luxury industry . The primary reason for the acquisition was to provide an enhanced customer experience on Farfetch Marketplace and drive efficiency in our operational processes. The transaction has been accounted for as a business combination under IFRS 3 and the purchase price allocation is subject to finalization of completion accounts adjustments. Details of the purchase consideration, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 15,858 Ordinary shares issued $ 4,380 Deferred payments 1,465 Total purchase consideration $ 21,703 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 1,840 Cash consideration ( 15,858 ) Net cash outflow $ ( 14,018 ) 2021 Development costs $ 5,412 Tangible assets 77 Net working capital 118 Net debt ( 1,609 ) Deferred tax liability ( 1,029 ) Total net identified assets acquired 2,969 Goodwill 18,734 Total net identified assets acquired and goodwill $ 21,703 Goodwill consists of expected synergies to be achieved by combining the operations of Allure with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. Goodwill is expected to be deductible for tax purposes. Development costs are amortized over three years . Acquisition-related costs totaled $ 0.6 million and are included in Selling, general and administrative expenses . These costs were recorded in the year ending December 31, 2021. JBUX On September 14, 2021, Farfetch UK Limited, an indirect wholly owned subsidiary of Farfetch Limited, acquired 100 % of the issued share capital of JBUX Limited, which trades under the name “Jetti”, which provides marketplace technology to multi-vendor online businesses via a cloud-based Software as a Service (“SaaS”) platform. Purchase consideration comprised cash of $ 4.0 million as well as post combination remuneration including deferred payments based on employment conditions and earnout payments based on employment conditions and earnout targets. The latter two are accounted for as equity-settled share-based payments. This investment is part of the Group’s vertical integration strategy of accelerating the digitization of the global luxury industry by acquiring and developing brands and the Group expect to benefit from Jetti's technology platform and employee skills. This acquisition will also allow the Group to enhance its marketplace offering. The transaction was accounted for as a business combination under IFRS 3 and the purchase price allocation has been finalized. Farfetch UK Limited acquired a 100 % shareholding and voting rights of the company from the previous owners. Details of the cash paid, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 4,000 Total cash consideration $ 4,000 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 48 Cash consideration ( 4,000 ) Net cash outflow $ ( 3,952 ) 2021 Development costs $ 2,282 Tangible assets 2 Net working capital ( 10 ) Net debt ( 17 ) Deferred tax liability ( 331 ) Total net identified assets acquired 1,926 Goodwill 2,074 Total net identified assets acquired and goodwill $ 4,000 Goodwill consists of expected synergies to be achieved by combining the operations of Jetti with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. The full goodwill is expected to be deductible for tax purposes. Acquisition-related expenses of $ 0.7 million were recorded in the year ending December 31, 2021, which are included in Selling, general and administrative costs . Alanui On March 16, 2021, New Guards Group Holding, a subsidiary of Farfetch Limited, completed the acquisition of Alanui, for $nil consideration. The acquisition and control was achieved through the removal of a shareholder veto from the agreement between New Guards and Alanui’s other shareholders that had previously prevented the Group from obtaining control of Alanui. New Guards owns 53 % of the voting equity interests of Alanui. Alanui deals with wholesale and retail distribution, as well as sales through their e-commerce platform of apparel and accessories. The Group expects continue to benefit from the Alanui brand bringing with them knowledge and creativity of original solutions for apparel and accessories collections. The transaction was accounted for as a business combination under IFRS 3 and the purchase price allocation has been finalized. Details of the purchase consideration and the net assets acquired are as follows (in thousands): 2021 Intangible assets $ 81 Brand name 7,279 Tangible assets 55 Other non-current assets 291 Inventory 830 Net working capital (excluding inventory) ( 1,070 ) Non-current liabilities ( 28 ) Deferred tax liability ( 2,041 ) Total net identified assets acquired $ 5,397 Fair value of previously held equity interest ( 2,963 ) Non-controlling interest ( 2,434 ) Purchase consideration $ - The non-controlling interest acquired is measured at a value equal to the non-controlling interests’ share of the identifiable net assets acquired. Refer to Note 29, Related party disclosure , for further information on the control of Alanui. Revenue and profit contribution of the acquisition made in 2021 The results of operations of Luxclusif, Allure, Jetti and Alanui have been included in the Group’s consolidated Statement of operations since the date of acquisition. Actual and pro forma revenue and results of operations for the acquisition have not been presented because they do not have a material impact to the consolidated revenue and results of operations. Acquisitions in 2020 Ambush On February 5, 2020, New Guards, a subsidiary of Farfetch Limited, completed the acquisition of 70 % of the outstanding shares of Ambush Inc., the jewelry and apparel line, for cash consideration of $ 12.1 million. The Group expects to benefit from Ambush’s brand bringing with them a strong passion for and knowledge of luxury jewelry and ready-to-wear apparel. This acquisition will also allow the Group to enhance its marketplace and stores offering. The transaction was accounted for as a business combination under IFRS 3, and the purchase price allocation was finalized in January 2021. Details of the purchase consideration, the assets acquired, and goodwill are as follows (in thousands): 2020 Cash consideration $ 12,142 Purchase consideration $ 12,142 2020 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 126 Cash consideration ( 12,142 ) Net cash outflow $ ( 12,016 ) 2020 Intangible assets $ 127 Brand name 4,699 Tangible assets 1,365 Right-of-use assets 858 Other non-current assets 720 Inventory 3,374 Net working capital (excluding inventory) ( 2,175 ) Non-current liabilities ( 5,224 ) Deferred tax liability ( 1,311 ) Total net identified assets acquired 2,433 Goodwill 10,674 Total net identified assets acquired and goodwill 13,107 Non-controlling interest ( 965 ) Net assets acquired $ 12,142 Goodwill consists of expected synergies to be achieved by combining the operations of Ambush with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3 (amended). Goodwill is expected to be deductible for tax purposes. The non-controlling interest acquired is measured at a value equal to the non-controlling interests’ share of the identifiable net assets acquired. Acquisition-related expenses of $ 0.7 million were recorded in 2020, which are included in Selling, general and administrative costs . Revenue and profit contribution of the acquisition made in 2020 The results of operations of Ambush have been included in the Group’s consolidated statement of operations since the date of acquisition. Actual and pro forma revenue and results of operations for the acquisition have not been presented because they do not have a material impact to the consolidated revenue and results of operations. |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Group information | 32. Group information Direct Holdings Legal name of subsidiary Country of % equity Principal activities 2021 2022 Farfetch Holdings plc (previously Hulk Finco plc) United Kingdom 100 100 Holding company Indirect Holdings Legal name of subsidiary Country of % equity Principal activities 2021 2022 Alanui S.r.l. Italy 53 53 Retail Allure Systems Corp. Delaware (USA) 100 100 E-commerce services Allure Systems Research France S.A.S. France 100 100 E-commerce services Ambush (Shanghai) Trading Co., Ltd People's Republic of China 70 70 Retail Ambush Inc. Japan 70 70 Retail Ambush Italy S.r.l. Italy 70 70 Retail APA S.r.l. Italy 100 100 Retail Beijing Qizhi Ruisi Information Consulting Co., Ltd People's Republic of China 81 84 E-commerce services Browns (South Molton Street) Limited United Kingdom 100 100 Retail Browns (South Molton Street) LLC Delaware (USA) - 100 Retail County S.r.l. Italy 100 100 Retail F Concierge France S.A.S. France 100 100 Retail Fafaqi (Shanghai) Network Technology Development Co. Ltd People's Republic of China 100 100 E-commerce services Farfetch (Shanghai) E-Commerce Co. Ltd People's Republic of China 75 75 E-commerce services Farfetch Australia Pty Ltd Australia 100 100 Back office support Farfetch Brasil China Exportacao Ltda Brazil 75 75 E-commerce services Farfetch Canada Limited Canada 100 100 Retail Farfetch China (HK Holdings) Limited Hong Kong 75 75 Holding company Farfetch China Holdings Ltd United Kingdom 75 75 Retail Farfetch China Ltd United Kingdom 75 75 Retail Farfetch China US LLC Delaware (USA) 75 75 E-commerce services Farfetch Europe Trading B.V. The Netherlands 100 100 Retail Farfetch HK Holdings Limited Hong Kong 100 100 Holding company Farfetch HK Production Limited Hong Kong 100 100 E-commerce and marketing Farfetch India Private Limited**** India 100 100 Back office support Farfetch International Limited Isle of Man 80 80 Holding company Farfetch Italia S.r.l. Italy 100 100 Back office support Farfetch Japan Co Ltd Japan 100 100 E-commerce and marketing Farfetch Mexico, S.A. de C.V.*** Mexico 100 100 Back office support Farfetch Middle East FZE United Arab Emirates 80 80 Back office support Farfetch Osprey Limited United Kingdom - 100 Holding company Farfetch Platform Solutions Limited United Kingdom 100 100 E-commerce services Farfetch Portugal-Unipessoal Lda Portugal 100 100 Back office support Farfetch RU LLC Russian Federation 100 100 E-commerce services and back office support Farfetch Store of the Future Limited United Kingdom 100 100 Dormant company Farfetch UK FINCO Limited United Kingdom 100 100 Holding company Farfetch UK Limited United Kingdom 100 100 Marketing, providing editorial and merchant services Farfetch US Holdings, Inc. Delaware (USA) 100 100 Holding company Farfetch W3 FZE United Arab Emirates - 100 E-commerce services Farfetch.com Brasil Serviços Ltda** Brazil 100 100 E-commerce, marketing and editorial services Farfetch.com Limited Isle of Man 100 100 Holding company Farfetch.com US, LLC California (USA) 100 100 E-commerce and marketing Fashion Concierge HK Limited Hong Kong 100 100 E-commerce services Fashion Concierge Powered By Farfetch LLC Delaware (USA) 100 100 E-commerce services Fashion Concierge UK Limited United Kingdom 100 100 E-commerce services F.F.B.R. Importacao e Exportação LTDA* Brazil 100 100 Import & Export Agent for Farfetch Heron Preston S.r.l. Italy 80 80 Retail Heron Preston Trademark S.r.l. Italy 51 51 Retail JBUX Limited United Kingdom 100 100 Retail Kicks Lite, LLC New York (USA) 100 100 E-commerce services KPG S.r.l. Italy 75 75 Retail Laso. Co. Ltd Japan 100 - E-commerce services and marketing Luxclusif, Unipessoal Lda. Portugal 100 100 E-commerce services Luxi (Shanghai) Trading Co., Ltd People's Republic of China 100 100 Trading company Luxis Baltic OÜ Estonia 100 100 E-commerce services M.A. Alliance Ltd. Japan 100 100 E-commerce services New Guards Group Holding S.p.A. Italy 100 100 Retail NGG Beauty S.r.l. Italy 100 100 Retail NGG Beta S.r.l. Italy - 100 Retail NGGH++ S.r.l. Italy - 100 Retail OC Italy S.r.l. Italy 100 100 Retail Off White (Shanghai) Trading Co., Ltd People's Republic of China 75 75 Retail Off White Operating Holding, Corp. Delaware (USA) 75 75 Retail Off White Operating London Limited United Kingdom 75 75 Retail Off White Operating Los Angeles, LLC California (USA) 75 - Retail Off White Operating Miami, LLC Florida (USA) 75 - Retail Off-White Operating Milano S.r.l. Italy 75 75 Retail Off-White Operating Paris S.a.r.l. France 75 75 Retail Off White Operating Soho, LLC New York (USA) 75 - Retail Off White Operating Spain SL Spain 75 75 Retail Off-White Operating S.r.l. Italy 75 75 Retail Off-White Operating Switzerland GmbH Switzerland 75 75 Retail Off-White Operating The Netherlands B.V The Netherlands - 75 Retail Off White Operating Vegas, LLC Nevada (USA) 75 - Retail Palm Angels (Shanghai) Trading Co., Ltd People's Republic of China 100 100 Retail Palm Angels S.r.l. Italy 60 60 Retail SG Enterprises Europe B.V. The Netherlands - 100 Retail SGNY1 LLC New York (USA) 100 100 E-commerce services Stadium Enterprises LLC Delaware (USA) 100 100 E-commerce services There Was One S.r.l. Italy 100 100 E-commerce services Unravel Project S.r.l. Italy 61 61 Retail Upteam Corporation Limited Hong Kong 100 100 Holding company Venice Holding Corp. Delaware (USA) 100 100 Holding company Venice Miami LLC Florida (USA) 100 - Retail Venice Retail France SASU France - 100 Retail Venice Retail Italy S.r.l. Italy 100 100 Retail Venice Retail UK Ltd United Kingdom - 100 Retail Venice S.r.l. Italy 100 100 Retail Venice Vegas LLC Nevada (USA) 100 - Retail Violet Grey, Inc. Delaware (USA) - 100 Retail Wannaby Inc. Delaware (USA) - 100 Retail Wannaby UAB Lithuania - 100 Retail * Owned by Farfetch.com Limited ( 99.9 %) and Farfetch UK Limited ( 0.1 %) ** Owned by Farfetch.com Limited ( 99.9995 %) and Farfetch UK Limited ( 0.0005 %) *** Owned by Farfetch.com Limited ( 1 %) and Farfetch UK Limited ( 99 %) **** Owned by Farfetch.com Limited ( 0.1 %) and Farfetch UK Limited ( 99.9 %) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 33. Subsequent Events We have not identified any reportable subsequent events. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Basis of preparation | 2.1. Basis of preparation The Consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit and loss ("FVTPL") and fair value through other comprehensive income ("FVTOCI"). The Directors have made an assessment of the Group’s ability to continue in operational existence for the foreseeable future and are satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the Consolidated financial statements. The Consolidated financial statements are presented in U.S. dollars (“U.S. dollars” or “USD” or “$”). All values are rounded to the nearest 1,000 dollars, except where indicated. The tables in these notes are shown in USD thousands, except where indicated. |
Basis of consolidation | 2.2. Basis of consolidation The Consolidated financial statements comprise the Consolidated financial statements of the Group and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee; • Rights arising from other contractual arrangements; and • The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated financial statements from the date the Group gains control until the date control ceases. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling interests. When necessary, adjustments are made to the consolidated financial statement of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. 2.3. Summary of significant accounting policies |
Business combinations | a) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group measures the non-controlling interests in the acquiree at the proportionate share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date and is subsequently measured at fair value with changes in fair value recognized in profit or loss. Refer to Note 31, Business Combinations for additional information. |
Investment in associates | b) Investment in associates The Group recognizes an investment in an associate when the Group has a significant influence over that entity. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The Group’s investments in its associates, Farfetch Capital Limited (formerly Farfetch Finance Limited) and Alanui S.r.l ("Alanui") (up until March 1, 2021), are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in OCI. |
Current versus non-current classification | c) Current versus non-current classification The Group presents assets and liabilities in the Consolidated statement of financial position based on current/non-current classification. An asset is current when it is: • Expected to be realized or intended to be sold or consumed in the normal operating cycle; • Held primarily for the purpose of trading; • Expected to be realized within twelve months after the reporting period; or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle; • It is held primarily for the purpose of trading; • It is due to be settled within twelve months after the reporting period; or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. |
Fair value measurement | d) Fair value measurement This section outlines the Group's policies applicable to financial instruments that are recognized and measured at fair value in the Consolidated financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are applicable in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the Consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) as at the end of each reporting year. |
Revenue recognition | e) Revenue recognition Revenue is recognized in accordance with the five-step model under IFRS 15: 1. identifying the contracts with customers; 2. identifying the separate performance obligations; 3. determining the transaction price; 4. allocating the transaction price to the separate performance obligations; and 5. recognizing revenue when each performance obligation is satisfied. Retailing of goods Revenue, where the Group acts as a principal, is recognized when the performance obligation is satisfied which is when the goods are received by the consumer. Included within sales of goods is a provision for expected returns, discounts and rebates. Where these are not known, the Group uses historical data and patterns to calculate an estimate. Rendering of services The Group primarily acts as a commercial intermediary between sellers, being the brands and retailers, and end consumers and earns a commission for this service. For these arrangements, the sellers determine the transaction price of the goods sold on the website, being the purchase price paid by the consumer, with the Group acting as an agent for the sellers and the related revenue is recognized on a net basis. The Group also charges fees to sellers for activities related to providing this service, such as packaging, credit card processing, settlement of duties, and other transaction processing activities. These activities are not considered separate promises to the consumer, and the related fees are therefore recognized concurrently with commissions at the time the performance obligation to facilitate the transaction between the seller and end consumer is satisfied, which is when the goods are dispatched to the end consumer by the seller. A provision is made for commissions that would be refunded if the end consumer returns the goods, and the Group uses historical data and patterns to estimate its return provision. There are no significant payment terms, with the Group taking payment in full from the consumer’s chosen payment method at the time the goods are ready for dispatch by the seller. The Group also provides delivery services to end consumers, with the Group setting the transaction price, being the price paid by the consumer for goods purchased on its platform. For these services, the Group acts as the principal and recognizes as revenue amounts charged to end consumers net of any promotional incentives and discounts. Revenue for these services is recognized on delivery of goods to the end consumer, which represents the point in time at which the Group’s performance obligation is satisfied. No provision for returns is made as delivery revenue is not subject to refund. Promotional incentives, which include basket promo-code discounts, may periodically be offered to end consumers. These are treated as a deduction to revenue. Cash is collected by the Group from the end consumer using payment service providers. Within two months of the transactions, this is remitted to the relevant seller (net of commission and recoveries). Such amounts are presented within trade and other payables, unless the relevant seller is in a net receivable position and is therefore classified within trade and other receivables. |
Current and deferred tax | f) Current and deferred tax Current tax is the expected tax payable based on the taxable profit for the period, and the tax laws that have been enacted or substantively enacted by the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where required on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the Consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Current and deferred tax is charged or credited in the Consolidated statement of operations, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates and in accordance with laws that are expected to apply in the period/jurisdiction when/where the liability is settled, or the asset is realized. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities and where there is an intention to settle the balances on a net basis. Uncertainty over Income Tax Treatment The Group operates across a large number of jurisdictions and could be subject to periodic audit by local tax authorities on a range of tax matters during the normal course of business, including transfer pricing, indirect taxes and transaction related issues. Where the amount of tax payable or recoverable is uncertain, the Group establishes provisions based on either: the Group’s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. |
Foreign currency translation | g) Foreign currencies The Group’s Consolidated financial statements are presented in U.S. dollars. For each entity the Group determines the functional currency and items included in the Consolidated financial statements of each entity are measured using that functional currency. The functional currency of the Group is U.S. dollars. h) Foreign currency translation Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). On consolidation, the assets and liabilities of foreign operations are translated into U.S. dollars at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates. The exchange differences arising on translation for consolidation are recognized in OCI. |
Property, plant and equipment | i) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized in profit or loss as incurred. Items of property, plant and equipment are depreciated with an expense recognized in depreciation and amortization expense on a straight-line basis over their useful life. The useful lives of these items are assessed as follows: Leasehold improvements Shorter of the life of the lease or useful life Fixtures and fittings Three to ten years Motor vehicles Four to eight years Plant, machinery and equipment Three to ten years The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if necessary. The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is (or contains) a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. |
Intangible assets | j) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the Consolidated statement of operations in the expense category that is consistent with the function of the intangible assets. Other than goodwill, there are no intangible assets with indefinite useful lives. Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to the relevant Cash Generating Units (“CGUs”) which are tested for impairment annually. If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. On disposal of a CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Refer to Note 2.3 (n), Summary of significant accounting policies – Impairment of non-financial assets for the Group’s policy on the impairment of non-financial assets. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; • Its intention to complete and its ability and intention to use or sell the asset; • How the asset will generate future economic benefits; • The availability of resources to complete the asset; and • The ability to reliably measure the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in administrative expenses. Development intangible assets under the course of construction are tested for impairment annually or more frequently if events or changes in circumstance indicate that they might be impaired. Once placed into service the asset is tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Subsequent costs Subsequent costs are only capitalized when there is an increase in the anticipated future economic benefit attributable to the assets in question. All other subsequent costs are recorded in the Consolidated statement of operations for the year in which they are incurred. Acquisition of Palm Angels S.r.l (Palm Angels) During the year ended December 31, 2021, the Group completed the acquisition of 60 percent of the ordinary share capital of Palm Angels for upfront cash and share consideration. As IFRS does not directly address the accounting for a partial acquisition of an asset, management applied the principles of IFRS 3 - Business Combinations and IAS 38 - Intangible Assets in order to determine the accounting treatment for this transaction. Applying the requirements of IFRS 3 - Business Combinations, management concluded that this transaction represents the acquisition of an asset rather than a business combination. Given the additional complexity of accounting for an asset that is 60 percent owned, management applied both the principles of IFRS 3 - Business Combinations and IAS 38 - Intangible Assets in order to initially account for this asset purchase. On initial recognition, the asset was recognized at cost along with a non-controlling interest in the Consolidated statement of financial position to represent the portion of the asset that the Group does not own. Subsequently, amortization of the asset will be recognized in the Consolidated statement of operations over its useful economic life. For further information, including the settlement of the first portion of contingent consideration, refer to Note 11, Intangible assets. Capitalization of minimum contractual royalty payments During the year ended December 31, 2022, the Group entered into a commercial agreement with Authentic Brands Group LLC for the exclusive distribution rights of Reebok-branded footwear and apparel ranges within certain countries in the European region. As part of this transaction the Group was contractually obligated to pay minimum contractual royalty payments over an 11 year period with no cancellation option. As a result, the Group recognized these payments as an intangible asset to be amortized over the 11 year life of the contract. A corresponding financial liability measured at amortized cost was recognized in other financial liabilities to represent the future minimum contractual royalty payments to be made over the life of the contract . The Group is also required to make variable royalty payments dependent on future activity. The Group made a policy choice to recognize these amounts within the cost of sales line in the Consolidated statement of operations in the period in which they arise and are not considered to be part of the initial intangible asset recognized. Refer to Note 11, Intangible assets for more details. Amortization Amortization is charged to depreciation and amortization expense on a straight-line basis over the estimated useful life of the intangible assets, from the time that the assets are available for use. The useful lives of these items are assessed as follows: Development costs Three years Brand, trademarks & domain names Five to sixteen years Customer relationships Three to five years Acquired software Three to ten years |
Leases | k) Leases At the inception date of the lease (i.e., the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Right of use assets are measured at cost less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease if the interest rate implicit in the lease is not available. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, or changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurements is generally recognized against an adjustment to the right of use asset. The Group has two recognition exemptions: “low value” asset leases and short-term leases (the Group uses this exemption for all leases with a term of twelve months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term . The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model, etc.) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessors classify all leases using the classification principles in IFRS 16 – Leases and distinguish between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. |
Inventories | l) Inventories Inventories are carried at the lower of cost and the net realizable value based on market performance, including the relative ancillary selling costs. The cost of inventories is calculated according to the First In, First Out (“FIFO”) method for each category of goods and includes purchase costs and costs incurred to bring the inventories to their present location and condition. In order to represent the value of inventories in the Consolidated statement of financial position, and to take into account impairment losses due to obsolete materials and slow inventory movement, obsolescence provisions have been directly deducted from the carrying amount of the inventories. |
Financial instruments-initial recognition and subsequent measurement | m) Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets comprise cash and cash equivalents, receivables, minority investments and derivative financial instruments. Derivative financial instruments are comprised of forward exchange contracts, foreign exchange option contracts and interest rate swaps, which are measured at FVTPL, unless they are formally designated and measured as cash flow hedges. Where derivative financial instruments are formally designated and measured as cash flow hedges, any changes in fair value are recognized in OCI if effective. Trade receivables are accounted for at amortized cost. The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables carried at amortized cost. Financial assets measured at fair value through profit or loss are measured initially at fair value with transaction costs recognized directly in the Consolidated statement of operations. Subsequently, the financial assets are remeasured, and gains and losses are recognized in the Consolidated statement of operations. Financial assets measured at FVTOCI are measured initially at fair value. Subsequently, the financial assets are remeasured, and gains and losses are recognized in OCI. Financial liabilities The Group’s financial liabilities comprise trade and other payables, interest bearing loans and borrowings, contingent consideration, derivative instruments on convertible notes (embedded derivatives), put and call option liabilities, foreign exchange contracts and interest rate swaps. Trade and other payables are held at amortized cost. All interest-bearing loans and borrowings are initially recognized at fair value net of issue costs associated with the borrowing. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Foreign exchange contracts are measured initially at fair value through profit or loss with transaction costs taken directly to the Consolidated statement of operations, unless they are formally designated and measured as cash flow hedges. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognized in the Consolidated statement of operations. Interest rate swap contracts designated in a formal effective cash flow hedge are initially measured at fair value with subsequent changes in the fair value of these instruments recognized in OCI. Derivatives and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Where the derivative is not designated as a cash-flow hedge, subsequent changes in the fair value are recognized in profit or loss. The Group designates certain derivatives as cash flow hedges to hedge particular risks associated with the cash flows of highly probable forecast transactions. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve or time value reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Any gains or losses held in the cash flow hedge reserve are recycled to the Consolidated statement of operations or inventory in the Consolidated statement of financial position when the related hedged item is recognized. If a hedge no longer meets the criteria for hedge accounting, or the forecast transaction is no longer highly probable, the cumulative gain or loss reported in equity is immediately reclassified to profit or loss. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value, with unrealized gains or losses reported in the Consolidated statement of operations. Embedded derivatives are carried on the Consolidated statement of financial position at fair value from the inception of the host contract. Changes in fair value are recognized in the Consolidated statement of operations during the period in which they arise. The Group’s convertible notes embedded derivatives are accounted as financial instruments at FVTPL. The embedded derivatives were recorded at fair value on the date of debt issuance. They are subsequently remeasured at fair value at each reporting date, and the changes in the fair value are recorded in the Consolidated statement of operations within gain/(loss) on items at held at fair value and remeasurements . The fair values of the embedded derivatives are determined using an option pricing model, using assumptions based on market conditions at the reporting date. Put and call option liabilities The Group has put and call option liabilities relating to the non-controlling interests arising from the transactions with Alanui, Palm Angels and Chalhoub Group (“Chalhoub”) as well as the strategic arrangement with Alibaba Group Holding Limited (“Alibaba”) and Compagnie Financière Richemont SA (“Richemont”). Put and call option liabilities are initially recognized at present value in other reserves within equity at inception of the option deed. Subsequently, at the end of the reporting period, the liabilities are revalued to present value with remeasurement gains and losses recognized in the Consolidated statement of operations. Conversion of convertible notes When the conversion of the Group’s convertible notes are settled through the issuance of shares in the Group, the carrying amount of the non-current borrowings and the fair value of the related embedded derivative at the conversion date are derecognized and reclassified to equity. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a note holder to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognized in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. |
Impairment of non-financial assets | n) Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s, CGU’s or group of CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. The Group bases its impairment calculation on detailed budgets which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five to seven years , according to the nature and maturity of each CGU. Impairment losses of continuing operations, are recognized in the Consolidated statement of operations in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount, and reverses the previously recognized impairment loss to the extent the recoverable amount equals the carrying amount. If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. On disposal of a CGU, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill and intangible assets are tested for impairment annually as of December 31 and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. If the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. |
Provisions | o) Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Share-based payments | p) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration. The consideration is either equity or cash settled, depending on the scheme. Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using a valuation model. That cost is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. Where an award has market-based performance conditions, the fair value of the award is adjusted for the probability of achieving these via an appropriate valuation model. The Consolidated statement of operations expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period. The total amount recognized in the Consolidated statement of operations as an expense is adjusted to reflect the number of actual awards that vest, except where forfeiture is due to the failure to meet market based performance conditions. Cash-settled transactions For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. Employment related taxes Where the Group has an obligation to pay employment related taxes on share-based payments received by employees, these are provided for based on the intrinsic value of the vested and un-vested share options at the end of the reporting period. |
Cash and cash equivalents | q) Cash and cash equivalents For the purpose of presentation in the Consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, bank overdrafts and cash amounts held by payment service providers. The Group has classified amounts held in money market funds as cash equivalents because those funds are short term in nature, highly liquid, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value. The Group has concluded on this classification because each of these EU-regulated funds have the highest credit rating available. From time to time, the Group holds amounts of restricted cash. Restricted cash amounting to $ 2.5 million (2021: $ 2.3 million) is classified outside of cash and cash equivalents, within trade and other receivables. For further information, refer to Note 17, Trade and other receivables. |
Changes in accounting policies and disclosures | 2.4. Changes in accounting policies and disclosures The accounting policies applied by the Group in these Consolidated financial statements are the same as those applied by the Group in its Consolidated financial statements for the year ended December 31, 2021, except for the adoption of new and amended standards as set out below. Amendments to IFRSs that are mandatorily effective for the current year The Group applied the following new and revised IFRS standards from January 1, 2022: • Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) The changes in Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) specify that the “cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of Property, Plant and Equipment used in fulfilling the contract). The adoption of these amendments did not have a material impact on the Consolidated financial statements. • Property, Plant and Equipment - Proceeds before intended use (Amendments to IAS 16) This amendment to the standard serves to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The adoption of these amendments did not have a material impact on the Consolidated financial statements. • Subsidiary as a First-time Adopter (Amendment to IFRS 1) The amendment to IFRS 1 simplifies the application of IFRS 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences. The adoption of these amendments did not have a material impact on the Consolidated financial statements. • Reference to the Conceptual Framework (Amendments to IFRS 3) The amendments to the standard relate to the following: - The amendments update references in IFRS 3 to the revised 2018 Conceptual Framework. - An acquirer applies the definition of a liability in IAS 37 or IFRIC 21 – not the definition in the Conceptual Framework – to determine whether a present obligation exists at the date as a result of past events. - In addition, the amendments clarify that the acquirer does not recognize a contingent asset at the acquisition date. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements. • Fees in the ’ 10 per cent’ test for derecognition of financial liabilities (Amendments to IFRS 9) The proposed amendment to paragraph B3.3.6 of IFRS 9 clarifies that a borrower includes in the 10 per cent test only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. The adoption of these amendments did not have a material impact on the Interim Condensed Consolidated Financial Statements. New and revised IFRSs in issue but not yet effective • Deferred Tax related to Assets and Liabilities arising from a Single Transactions (Amendments to IAS 12) In May 2021, the IASB issued an amendment to IAS 12, Income Taxes, requiring companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendment is effective for annual reporting periods beginning on or after January 1, 2023, with early adoption permitted. Management has evaluated the impact of this amendment on the financial statements and believe it to be not material. We are not planning to early adopt any new and revised IFRSs for the current year. • Definition of Accounting Estimates (Amendments to IAS 8) In February 2021, the IASB issued an amendment to IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors , in order to clarify the difference between accounting policies and accounting estimates. The changes to IAS 8 focus entirely on accounting estimates and clarify the following: ➣ The definition of a change in accounting estimates is replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. ➣ Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. ➣ A change in accounting estimate that results from new information or new developments is not the correction of an error. In addition, the effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. ➣ A change in an accounting estimate may affect only the current period’s profit or loss, or the profit or loss of both the current period and future periods. The effect of the change relating to the current period is recognized as income or expense in the current period. The effect, if any, on future periods is recognized as income or expense in those future periods. • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with early adoption permitted. Management has evaluated the impact of these amendments on the financial statements and believe it to be not material. We are not planning to early adopt any new and revised IFRSs for the current year. • Non-current Liabilities with Covenants (Amendments to IAS 1) On October 31, 2022 the IASB issued amendments "Non-current liabilities with covenants" to IAS 1, Presentation of financial statements. The amendments in Non-current Liabilities with Covenants (Amendments to IAS 1): ➣ Modify the requirements introduced by Classification of Liabilities as Current or Non-current on how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances: Only covenants with which an entity is required to comply on or before the reporting date affect the classification of a liability as current or non-current. In addition, an entity has to disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. ➣ Defer the effective date of the 2020 amendments to 1 January 2024. The new amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) amends IAS 1 in the following ways: ➣ An entity is now required to disclose its material accounting policy information instead of its significant accounting policies; ➣ several paragraphs are added to explain how an entity can identify material accounting policy information and to give examples of when accounting policy information is likely to be material; ➣ the amendments clarify that accounting policy information may be material because of its nature, even if the related amounts are immaterial; ➣ the amendments clarify that accounting policy information is material if users of an entity’s financial statements would need it to understand other material information in the financial statements; and ➣ the amendments clarify that if an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information. In addition, IFRS Practice Statement 2 has been amended by adding guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ to accounting policy information in order to support the amendments to IAS 1. Management is currently evaluating the impact of the adoption of these standards, amendments and interpretations in future periods and currently does not believe them to be material. We are not planning to early adopt any new and revised IFRSs for the current year. Non-current Liabilities with Covenants (Amendments to IAS 1) |
Standards not adopted | Certain other new accounting standards and interpretations issued by the IASB that are mandatorily effective for an accounting period that began on or after January 1, 2022 have not had and are not expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. |
Intangible assets - development costs | Intangible assets – development costs capitalization Assessing whether assets meet the required criteria for initial capitalization requires judgement. This requires an assessment of the expected future benefits from the projects to be capitalized, technical feasibility and commercial viability. In particular, internally generated intangible assets must be assessed during the development phase to identify whether the Group has the ability and intention to complete the development successfully. Determining the costs of assets to be capitalized also requires judgement. Specifically, judgement and estimation is required to determine the directly attributable costs to be allocated to the asset to enable the asset to be capable of operating in the manner intended by management. |
Recognition of a deferred tax asset | Recognition of a deferred tax asset The Group has accumulated significant unutilized trading tax losses (refer to Note 10, Taxation ). Deferred tax assets are recognized to the extent that it is probable that there are sufficient suitable deferred tax liabilities or future taxable profits that will be available against which deductible temporary differences can be utilized. The key area of judgement in respect of deferred tax accounting is the assessment of the expected timing and manner of realization or settlement of the carrying amounts of assets and liabilities held at the reporting date. In particular, assessment of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilized is required. The Group reviews this assessment on an annual basis. |
Non-controlling interest - Strategic arrangement with Alibaba and Richemont | Non-controlling interest – Strategic arrangement with Alibaba and Richemont During the year ended December 31, 2021, the Group formally signed an agreement to enter into a strategic arrangement with Alibaba and Richemont. As part of the agreement, Alibaba and Richemont invested $ 500 million in return for a combined 25 % stake in Farfetch China Holdings Ltd. Management have concluded that most appropriate method to measure the non-controlling interest created from this transaction is to use the proportionate net assets method. The difference between the investment proceeds received and the non-controlling interest valuation is recorded within other reserves. For further information, refer to Note 26, Other reserves and Note 27, Non-controlling interests. |
Acquisition of Palm Angels S.r.l ("Palm Angels") | Acquisition of Palm Angels S.r.l (“Palm Angels”) During the year ended December 31, 2021, the Group completed the acquisition of 60 percent of the ordinary share capital of Palm Angels for cash and share consideration. Applying the requirements of IFRS 3 - Business Combinations, management has concluded that this transaction represents the acquisition of an asset rather than a business combination. As IFRS does not directly address the accounting for the initial recognition of non-controlling interest on an asset acquisition, management has applied the principles of IFRS 3 – Business Combinations and recognized the non-controlling interest using the proportionate share of net assets acquired method. For further information, refer to Note 26, Other reserves and Note 27, Non-controlling interests. |
Identification of embedded derivative in borrowing arrangements | Identification of embedded derivative in borrowing arrangements During the year ended December 31, 2020, the Group issued senior convertible notes for $ 250.0 million, $ 400.0 million and $ 600.0 million, with the $ 250.0 million convertible note now repaid during the year ended December 31, 2022. Each arrangement contains certain conversion options that are bifurcated from the contract and valued separately. For each senior convertible note, there is significant judgement in determining the options to be bifurcated and valued separately, the valuation model and valuation methodology. |
Business combinations and goodwill | Business combinations We use our best estimates and assumptions to accurately assign fair value to the intangible assets acquired at the acquisition date. The estimation is primarily due to the judgmental nature of the inputs to the valuation models used to measure the fair value of these intangible assets, as well as the sensitivity of the respective fair values to the underlying significant assumptions. Where material, we use a discounted cash flow method of the income approach to measure the fair value of these intangible assets, and use specialists to assist us to develop certain estimates and assumptions. The significant estimates and assumptions used are in respect of (i) expected future revenue growth rates; (ii) anticipated operating margins; (iii) the useful lives of the acquired brand names; (iv) the discount rates to be applied to the estimated future cash flows; and (v) royalty rates used in estimating income savings. We also use our best estimates and assumptions to accurately account for the value of put options over non-controlling interests, when applicable. For details of business combinations refer to Note 31, Business combinations. |
Fair value of financial instruments, including embedded derivatives and put and call liabilities | Fair value of financial instruments, including embedded derivatives and put and call liabilities Where the fair value of financial assets and liabilities recorded in the financial statements cannot be derived from active markets, their fair value is determined using valuation techniques including the Black Scholes option pricing model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required to establish fair values. The judgements include considerations of inputs such as the risk-free rate and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. When measuring the fair value of an asset or liability, the Group uses observable market data to the greatest extent possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. For more information, including further details on assumptions and associated sensitivities, please refer to Note 19, Financial instruments and financial risk management. |
2021 CEO Performance Based Restricted Stock Unit ("PSU") Award | 2021 CEO Performance-Based Restricted Stock Unit (“PSU”) Award On May 24, 2021, the Board of Directors of the Company (the "Board") unanimously approved the recommendation of the Compensation Committee of the Board to grant a long-term PSU under the Group’s 2018 Farfetch Employee Equity Plan (the “2018 Plan”) to José Neves, the Group’s Founder, Chief Executive Officer and Chairman of the Board (the “CEO”). The grant is 8,440,000 PSUs, which only vest, if at all, based on the Group’s achievement of pre-determined increases in the Group’s stock price over an eight-year period. For further information on this award, refer to Note 23, Employee benefit obligations and share-based payments . Management has valued the related employers tax liability for these awards using the intrinsic value method based on the current and expected performance of the Group's share price over the performance period. The number of shares expected to vest is determined by analyzing the Group's share price movements during the performance period and extrapolating them into the future in order to determine whether the relevant share price hurdles have been met. If it is concluded that the share price hurdles have been achieved and therefore those awards are expected to vest in a future period, a corresponding provision is recognized based on the number of shares expected to vest and the expected future share price. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies [Abstract] | |
Useful Lives of Property, Plant and Equipment | The useful lives of these items are assessed as follows: Leasehold improvements Shorter of the life of the lease or useful life Fixtures and fittings Three to ten years Motor vehicles Four to eight years Plant, machinery and equipment Three to ten years |
Estimated Useful Lives of Intangible Assets | Amortization is charged to depreciation and amortization expense on a straight-line basis over the estimated useful life of the intangible assets, from the time that the assets are available for use. The useful lives of these items are assessed as follows: Development costs Three years Brand, trademarks & domain names Five to sixteen years Customer relationships Three to five years Acquired software Three to ten years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Revenue by Type of Good or Service | Revenue by type of good or service (in thousands) 2020 2021 2022 Digital Platform Services third-party revenue $ 637,568 $ 845,941 $ 827,224 Digital Platform Services first-party revenue 395,588 539,737 592,497 Digital Platform Services Revenue 1,033,156 1,385,678 1,419,721 Digital Platform Fulfilment Revenue 213,228 332,504 321,653 Brand Platform Revenue 390,014 467,505 477,146 In-Store Revenue 37,524 70,921 98,160 Total Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 |
Segmental and Geographical In_2
Segmental and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Reportable Operating Segments | The results of our three reportable operating segments are as follows (in thousands): Year ended December 31, 2020 2021 2022 Digital Platform: (in thousands) Services third-party revenue $ 637,568 $ 845,941 $ 827,224 Services first-party revenue 395,588 539,737 592,497 Services Revenue 1,033,156 1,385,678 1,419,721 Fulfilment Revenue 213,228 332,504 321,653 Revenue 1,246,384 1,718,182 1,741,374 Less: Cost of revenue ( 686,178 ) ( 987,929 ) ( 1,014,785 ) Gross profit 560,206 730,253 726,589 Less: Demand generation expense ( 198,787 ) ( 291,821 ) ( 272,009 ) Order contribution $ 361,419 $ 438,432 $ 454,580 Year ended December 31, 2020 2021 2022 Brand Platform: (in thousands) Revenue $ 390,014 $ 467,505 $ 477,146 Less: Cost of revenue ( 199,208 ) ( 225,989 ) ( 242,663 ) Gross profit or order contribution $ 190,806 $ 241,516 $ 234,483 Year ended December 31, 2020 2021 2022 In-Store: (in thousands) Revenue $ 37,524 $ 70,921 $ 98,160 Less: Cost of revenue ( 17,608 ) ( 26,179 ) ( 36,057 ) Gross profit or order contribution $ 19,916 $ 44,742 $ 62,103 2020 2021 2022 Group: Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 Less: Cost of revenue ( 902,994 ) ( 1,240,097 ) ( 1,293,505 ) Gross profit 770,928 1,016,511 1,023,175 Less: Demand generation expense ( 198,787 ) ( 291,821 ) ( 272,009 ) Order contribution 572,141 724,690 751,166 Selling, general and administrative expenses (excluding demand generation expense) ( 1,152,696 ) ( 1,189,147 ) ( 1,461,594 ) Impairment losses on tangible assets ( 2,991 ) - ( 19,945 ) Impairment losses on intangible assets ( 36,269 ) ( 11,779 ) ( 116,787 ) Operating loss ( 619,815 ) ( 476,236 ) ( 847,160 ) (Losses)/gains on items held at fair value and remeasurements ( 2,643,573 ) 2,023,743 1,298,612 Share of results of associates ( 74 ) ( 52 ) 68 Finance income 24,699 12,599 38,369 Finance costs ( 91,294 ) ( 86,441 ) ( 148,557 ) (Loss)/profit before tax $ ( 3,330,057 ) $ 1,473,613 $ 341,332 |
Summary of Revenue from External Consumers and Segment Assets | The Group’s revenue from external consumers on a demand basis, based on the billing location of the consumer, is detailed below (in thousands): 2020 2021 2022 Revenue from external consumers (demand basis) United States $ 314,596 $ 475,684 $ 512,196 United Kingdom 151,875 221,264 258,271 Other Countries 1,207,451 1,559,660 1,546,213 Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 The Group’s revenue from external consumers on a supply basis, based on the location of the Farfetch legal entity which earned the revenue, is detailed below (in thousands): 2020 2021 2022 Revenue from external consumers (supply basis) United Kingdom $ 1,021,240 $ 1,363,167 $ 1,379,104 Italy 485,882 624,585 646,936 Other Countries 166,800 268,856 290,640 Revenue $ 1,673,922 $ 2,256,608 $ 2,316,680 The Group’s non-current assets other than deferred tax assets and investments by geographic location are detailed below (in thousands): 2021 2022 Non-current assets excluding deferred tax assets and investments Italy $ 917,646 $ 1,077,527 United Kingdom (1) 354,883 319,588 United States 249,529 310,889 Other Countries 161,436 139,811 Total $ 1,683,494 $ 1,847,815 (1) Amounts previously disclosed for the United Kingdom for the year ended December 31, 2021 have been re-presented to exclude investments. |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature [abstract] | |
Summary of Selling, General and Administrative Expenses | Included within Selling, general and administrative expenses are (in thousands): 2020 2021 2022 Demand generation expenses $ 198,787 $ 291,821 $ 272,009 Technology expenses 115,227 131,408 120,024 Depreciation and amortization 217,223 251,198 332,775 Share-based payments 291,633 196,167 244,856 General and administrative 504,346 591,644 729,857 Other items 24,267 18,730 34,082 Selling, general and administrative expenses $ 1,351,483 $ 1,480,968 $ 1,733,603 |
Schedule of Employees and Directors Expenses/(Credits) | Employees and directors expenses/(credits) are as follows (in thousands): 2020 2021 2022 Wages and salaries $ 307,527 $ 344,587 $ 379,006 Social security costs 42,972 56,277 66,375 Other pension costs 4,161 6,393 6,803 Share-based payments (equity-settled) 168,347 219,933 290,268 Share-based payments (cash-settled) 28,041 ( 9,265 ) ( 10,071 ) Share-based payments (employment related taxes) 95,245 ( 14,501 ) ( 35,341 ) Total employees and directors expenses $ 646,293 $ 603,424 $ 697,040 |
Items held at fair value and _2
Items held at fair value and remeasurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Fair Value Measurement Of Gains Losses [Abstract] | |
Summary of (Losses)/Gains on Items Held at Fair Value and Remeasurements | Included within (losses)/gains on items held at fair value and remeasurements are (in thousands): 2020 2021 2022 Change on remeasurement of put and call option and contingent consideration liabilities $ ( 288,853 ) $ 384,122 $ 638,987 Change in fair value of convertible note embedded derivatives ( 2,354,720 ) 1,638,837 667,028 Loss on disposal of investment carried at FVTPL - - ( 178 ) Fair value remeasurement of previously held equity interest - 784 - Fair value remeasurement of minority investment - - ( 7,225 ) (Losses)/gains on items held at fair value and remeasurements $ ( 2,643,573 ) $ 2,023,743 $ 1,298,612 |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Finance Cost [Abstract] | |
Summary of Finance Income and Finance Costs | Included within Finance income and Finance costs are (in thousands): 2020 2021 2022 Unrealized exchange gains $ 19,729 $ 9,289 $ 25,717 Interest on cash and cash equivalents 4,970 3,310 12,652 Finance income 24,699 12,599 38,369 Unrealized exchange losses ( 39,940 ) ( 9,135 ) ( 40,867 ) Interest on leases ( 6,684 ) ( 9,137 ) ( 9,751 ) Convertible note interest ( 41,851 ) ( 67,638 ) ( 59,994 ) Interest on Term Loan - - ( 9,464 ) Loss on derecognition of convertible loan notes - - ( 27,251 ) Other interest expense ( 2,819 ) ( 531 ) ( 1,230 ) Finance costs ( 91,294 ) ( 86,441 ) ( 148,557 ) Net finance income/(costs) $ ( 66,595 ) $ ( 73,842 ) $ ( 110,188 ) |
Material gain or loss (Tables)
Material gain or loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit (loss) [abstract] | |
Summary of Material Gain or Loss | These are listed separately here to provide a better understanding of the financial performance of the Group (in thousands): Note 2020 2021 2022 Research and development costs expensed ( 22,484 ) ( 13,599 ) ( 10,307 ) Amortization - Intangible assets 11 ( 177,857 ) ( 201,634 ) ( 278,086 ) Depreciation - Property, plant and equipment 12 ( 12,094 ) ( 15,533 ) ( 16,360 ) Depreciation - Right-of-use assets 13 ( 27,272 ) ( 34,031 ) ( 38,329 ) Impairment losses on intangible assets 11 ( 36,269 ) ( 11,779 ) ( 116,787 ) Impairment losses on property, plant and equipment 12 ( 757 ) - ( 8,424 ) Impairment losses on right-of-use assets 13 ( 2,234 ) - ( 11,521 ) Transaction related legal and advisory expenses ( 24,598 ) ( 18,596 ) ( 29,171 ) Gains on items at present value remeasurements 7 288,853 384,122 638,987 Gains related to conversion of convertible notes - 78,467 - (Losses)/gains from fair value remeasurements of convertible note embedded derivatives 7 ( 2,354,720 ) 1,560,370 667,028 Loss on derecognition of convertible notes 8 - - ( 27,251 ) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense/(Benefit) | a) Income tax expense/(benefit) (in thousands) 2020 2021 2022 Current tax: Corporate tax $ 32,430 $ 33,105 $ 21,969 Prior year adjustments ( 96 ) 3,567 16,613 Total current tax 32,334 36,672 38,582 Total deferred tax benefit, net ( 46,768 ) ( 33,670 ) ( 42,105 ) Income tax (benefit)/expense $ ( 14,434 ) $ 3,002 $ ( 3,523 ) |
Summary of Reconciliation of Effective Tax Rate | The tax on the Group’s (loss)/profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profit of the consolidated entities as follows (in thousands): 2020 2021 2022 (Loss)/profit before tax $ ( 3,330,057 ) $ 1,473,613 $ 341,332 Tax at the UK tax rate of 19.00 % (2021: 19.00 %, 2020: 19.00 %) ( 632,711 ) 279,986 64,853 Tax effects of: Sundry non-taxable income ( 9,555 ) ( 45,567 ) ( 2,396 ) Sundry non-taxable expense 22,262 20,493 70,871 Non-taxable items evaluated at fair value 548,524 ( 311,379 ) ( 246,121 ) Taxes paid overseas and rate difference 5,816 ( 6,260 ) ( 5,765 ) Adjustments in respect of change in tax rates - ( 937 ) 9,347 Adjustments in respect of prior year ( 96 ) 3,567 16,613 Unrecognized deferred tax assets 51,326 63,099 117,204 Difference in tax rate on unrecognized deferred tax assets - - ( 28,129 ) Income tax (benefit)/expense $ ( 14,434 ) $ 3,002 $ ( 3,523 ) |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following at December 31 (in thousands): Note Deferred tax assets Deferred tax liabilities At January 1, 2021 $ 13,556 $ 182,463 Deferred tax recognized to profit or loss - - Deferred tax released to profit or loss 393 ( 33,275 ) Foreign exchange ( 913 ) ( 296 ) Reclassifications to balance sheet 298 672 Deferred tax recognized on acquisitions to balance sheet 31 - 6,461 At December 31, 2021 $ 13,334 $ 156,025 Deferred tax recognized to profit or loss 11,035 188 Deferred tax released to profit or loss ( 3,922 ) ( 35,179 ) Foreign exchange ( 851 ) ( 172 ) Reclassifications to balance sheet ( 30 ) ( 2,308 ) Deferred tax recognized on acquisitions to balance sheet 31 - 8,794 At December 31, 2022 $ 19,566 $ 127,348 Deferred tax, net liability at December 31, 2022 $ 107,782 |
Summary of Trading Losses | Local 2021 2021 2022 2022 Local '000 $’000 Local '000 $’000 UK trading losses GBP 882,753 1,191,629 1,281,857 1,545,278 US Net Operating Losses (“NOL”) USD 276,649 276,649 299,389 299,389 Brazil trading losses BRL 74,570 13,377 62,036 11,815 Japan trading losses JPY 525,141 4,560 502,644 3,773 Hong Kong trading losses HKD 11,795 1,512 1,152 148 1,770,908 1,487,727 2,147,078 1,860,403 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Estimated Useful Lives of Intangible Assets | Intangible assets consist of the following (in thousands): Goodwill Brand, Customer Development Total Cost At January 1, 2021 $ 356,521 $ 988,408 $ 6,860 $ 253,431 $ 1,605,220 Additions — 131,161 395 118,661 250,217 Additions acquired through business combinations (1) 27,006 7,279 1,692 9,899 45,876 Disposals — ( 3 ) — ( 11 ) ( 14 ) Foreign exchange movements ( 1,242 ) ( 2,116 ) ( 52 ) ( 122 ) ( 3,532 ) At December 31, 2021 382,285 1,124,729 8,895 381,858 1,897,767 Additions — 374,384 320 140,624 515,328 Additions acquired through business combinations (1) 49,997 28,780 2,500 12,655 93,932 Transfers — ( 5,429 ) — 5,429 — Foreign exchange movements ( 642 ) ( 25,810 ) ( 55 ) ( 1,169 ) ( 27,676 ) At December 31, 2022 $ 431,640 $ 1,496,654 $ 11,660 $ 539,397 $ 2,479,351 Accumulated amortization and impairment At January 1, 2021 $ - $ ( 217,015 ) $ ( 3,626 ) $ ( 105,251 ) $ ( 325,892 ) Amortization for year — ( 132,592 ) ( 451 ) ( 68,591 ) ( 201,634 ) Impairment for year — ( 11,779 ) — - ( 11,779 ) Disposals — 3 — ( 30 ) ( 27 ) Foreign exchange movements — 1,115 ( 64 ) 171 1,222 At December 31, 2021 — ( 360,268 ) ( 4,141 ) ( 173,701 ) ( 538,110 ) Amortization for year — ( 170,439 ) ( 917 ) ( 106,730 ) ( 278,086 ) Impairment for year ( 29,336 ) ( 83,442 ) — ( 4,009 ) ( 116,787 ) Transfers — 3,627 — ( 3,627 ) — Foreign exchange movements — 2,543 ( 155 ) ( 926 ) 1,462 At December 31, 2022 $ ( 29,336 ) $ ( 607,979 ) $ ( 5,213 ) $ ( 288,993 ) $ ( 931,521 ) Net book value At December 31, 2021 $ 382,285 $ 764,461 $ 4,754 $ 208,157 $ 1,359,657 At December 31, 2022 $ 402,304 $ 888,675 $ 6,447 $ 250,404 $ 1,547,830 (1) Refer to Note 31, Business combinations . |
Summary of Goodwill by Cash Generating Unit | The goodwill amounts for each CGU or groups of CGUs consists of the following at December 31 (in thousands): 2021 2022 CGU Marketplace (FF.com) $ 176,776 $ 226,131 Browns - Platform 19,015 — CuriosityChina 3,039 3,039 Brand Platform - New Guards 181,381 171,060 Farfetch Platform Solutions 2,074 2,074 Total Goodwill $ 382,285 $ 402,304 |
Summary of Key Assumptions of Change to Recoverable Amount of Each Cash Generating Unit | The recoverable amount of each CGU would equal its carrying amount if the key assumptions were to change as follows: Marketplace (FF.com) FPS CuriosityChina Brand Platform – New Guards Budgeted annual revenue growth (change in pp) ( 2.5 ) ( 39.9 ) ( 62.0 ) ( 13.7 ) Post-tax discount rate (change in pp) 1.3 41.5 32.1 6.3 Budgeted gross profit margin (change in pp) ( 2.1 ) ( 3.7 ) ( 21.0 ) ( 6.6 ) Long term growth rate (change in pp) ( 6.4 ) ( 148.3 ) ( 272.4 ) ( 13.8 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment comprised the following (in thousands): Freehold land Leasehold Fixtures and Motor Plant, machinery and equipment Totals Cost At January 1, 2021 $ 19,569 $ 65,448 $ 19,195 $ 201 $ 21,886 $ 126,299 Additions — 12,264 8,167 108 7,895 28,434 Additions acquired through business combinations (1) — 6 43 — 159 208 Disposals — ( 3,219 ) ( 1,045 ) — ( 1,037 ) ( 5,301 ) Transfers — ( 2,383 ) 85 — 2,305 7 Foreign exchange movements ( 1,545 ) ( 2,851 ) ( 1,370 ) ( 7 ) ( 991 ) ( 6,764 ) At December 31, 2021 18,024 69,265 25,075 302 30,217 142,883 Additions 3,455 7,906 6,432 2 4,403 22,198 Additions acquired through business combinations (1) — 6 4 — 243 253 Disposals — — ( 150 ) ( 86 ) ( 639 ) ( 875 ) Transfers — ( 302 ) 287 — 15 — Foreign exchange movements ( 894 ) ( 3,081 ) ( 2,001 ) ( 9 ) ( 2,020 ) ( 8,005 ) At December 31, 2022 $ 20,585 $ 73,794 $ 29,647 $ 209 $ 32,219 $ 156,454 Accumulated depreciation and impairment At January 1, 2021 $ - $ ( 17,027 ) $ ( 7,701 ) $ ( 130 ) $ ( 12,359 ) $ ( 37,217 ) Depreciation for year — ( 6,615 ) ( 3,589 ) ( 29 ) ( 5,300 ) ( 15,533 ) Disposals — 3,095 1,008 — 998 5,101 Foreign exchange movements — 919 446 7 457 1,829 At December 31, 2021 — ( 19,628 ) ( 9,836 ) ( 152 ) ( 16,204 ) ( 45,820 ) Depreciation for year — ( 6,486 ) ( 3,943 ) ( 38 ) ( 5,893 ) ( 16,360 ) Impairment for year — ( 6,949 ) ( 227 ) — ( 1,248 ) ( 8,424 ) Disposals — — 150 86 639 875 Foreign exchange movements — 2,304 875 1 1,236 4,416 At December 31, 2022 $ - $ ( 30,759 ) $ ( 12,981 ) $ ( 103 ) $ ( 21,470 ) $ ( 65,313 ) Net book value At December 31, 2021 $ 18,024 $ 49,637 $ 15,239 $ 150 $ 14,013 $ 97,063 At December 31, 2022 $ 20,585 $ 43,035 $ 16,666 $ 106 $ 10,749 $ 91,141 (1) Refer to Note 31, Business combinations for details |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Summary of Right-of-Use Assets | Right-of-use assets comprised the following (in thousands): Property Vehicles Totals 2021 At January 1, 2021 $ 178,738 $ 489 $ 179,227 Additions 42,931 300 43,231 Remeasurements 15,242 1 15,243 Depreciation charge for the year ( 33,727 ) ( 304 ) ( 34,031 ) Impairment charge for the year — — — Foreign exchange ( 8,095 ) ( 26 ) ( 8,121 ) At December 31, 2021 $ 195,089 $ 460 $ 195,549 2022 At January 1, 2022 $ 195,089 $ 460 $ 195,549 Additions 44,788 667 45,455 Remeasurements 4,631 118 4,749 Depreciation charge for the year ( 38,014 ) ( 315 ) ( 38,329 ) Impairment charge for the year ( 11,521 ) — ( 11,521 ) Foreign exchange ( 9,493 ) ( 10 ) ( 9,503 ) Transfers 1,240 — 1,240 At December 31, 2022 $ 186,720 $ 920 $ 187,640 |
Summary of Lease liabilities | Lease liabilities comprised the following as of December 31 (in thousands): 2021 2022 Current lease liabilities $ 33,594 $ 36,996 Non-current lease liabilities 180,915 178,247 Total lease liabilities $ 214,509 $ 215,243 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Summary of Investments | The details of the Group's investments are as follows (in thousands): Investments - held at fair value through other comprehensive income (FVTOCI) Investments - held Total NMG Parent LLC Other investments At January 1, 2021 $ - $ 5,278 3,000 8,278 Additions - 40 9,787 9,827 Impairment - ( 168 ) - ( 168 ) At December 31, 2021 - 5,150 12,787 17,937 Additions 200,000 6,531 11,834 218,365 Disposal - - ( 10,000 ) ( 10,000 ) Impairment - ( 100 ) - ( 100 ) Fair value remeasurement - - ( 7,225 ) ( 7,225 ) At December 31, 2022 $ 200,000 $ 11,581 7,396 218,977 |
Summary of Group's Shareholdings in Associates Entities and Principal Activities | The table below (in thousands) illustrates the summarized financial information of the Group’s investments in F arfetch Capital Limited ( formerly Farfetch Finance Limited ) and Alanui (up to March 1, 2021). The Group’s shareholdings in Alanui and its principal activities can be found in Note 32, Group information . In addition, for further detail on Alanui refer to Note 31, Business Combinations . At January 1, 2021 $ 2,319 Step acquisition ( 2,198 ) Share of loss after tax ( 52 ) At December 31, 2021 69 Share of profit after tax 68 Other 1 At December 31, 2022 $ 138 |
Short-term investments (Tables)
Short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Investment [Abstract] | |
Summary of Short Term Investments | Short-term investments consist of the following as of December 31 (in thousands): 2021 2022 Short-term investments $ 99,971 $ - Short-term investments $ 99,971 $ - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Summary of Inventories | Inventories as at December 31 comprised the following (in thousands): 2021 2022 Finished goods $ 278,345 $ 380,216 Obsolete stock provision ( 22,681 ) ( 34,247 ) Total inventories $ 255,664 $ 345,969 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Summary of Trade and Other Payable | Trade and other payables consisted of the following as of December 31 (in thousands): 2021 2022 Trade payables $ 342,938 $ 310,964 Other payables 22,208 20,233 Social security and other taxes 69,053 46,204 Deferred revenue 60,486 50,408 Accruals 311,721 313,039 Trade and other payables $ 806,406 $ 740,848 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents consist of the following at December 31 (in thousands): 2021 2022 Cash held in banks $ 141,130 $ 114,099 Money market funds 810,453 474,699 Short-term deposits 353,539 80,141 Amounts held by payment service providers 58,006 65,282 Cash and cash equivalents $ 1,363,128 $ 734,221 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Analyses Group's Financial Liabilities into Groupings of Remaining Period from Reporting Date to Contractual Maturity Date | The table below (in thousands) analyses the Group’s financial liabilities into relevant groupings based on the remaining period from the reporting date to the contractual maturity date. Amounts due within twelve months equal their carrying balances, as the impact of discounting is not significant. Less than Less than 2021 2022 Trade and other payables $ 365,146 $ 377,401 Put and call option liabilities 8,321 26,029 Current borrowings - 4,000 Total current $ 373,467 $ 407,430 More than More than 2021 2022 Put and call option liabilities $ 836,609 $ 169,218 Borrowings 515,804 892,700 Total non-current $ 1,352,413 $ 1,061,918 |
Summary of Non-derivative Financial Liabilities and Gross and Net Settled Derivative Financial Instruments Into Relevant Maturity Groupings | The following table analyses the Group’s non-derivative financial liabilities and gross and net settled derivative financial instruments into relevant maturity groupings, based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contracted cash flows and may therefore not reconcile to the amounts disclosed in the Consolidated statement of financial position for borrowings and derivative financial instruments. Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2022 Non derivative financial liabilities Convertible bonds - $400.0 million - - 400,000 - Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities 26,029 71,919 97,270 - Guaranteed minimum royalty payments 31,360 66,398 66,141 161,226 Contingent Consideration 4,000 - - - Obligations under leases 45,994 78,413 55,569 87,093 $400.0 million term loan 4,000 8,000 388,000 - Trade and other payables 377,401 - - - Net settled derivatives Outflow - - - - Gross settled derivatives Inflow ( 375,759 ) - - - Outflow 397,263 - - - Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2021 Non derivative financial liabilities Convertible bonds - $250.0 million $ - $ - $ 50,000 $ - Convertible bonds - $400.0 million - - - 400,000 Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities 8,321 188,261 656,640 - Contingent consideration 8,822 9,064 - - Obligations under leases 54,216 73,685 51,124 90,801 Trade and other payables 434,199 - - - Net settled derivatives Outflow 1,219 - - - Gross settled derivatives Inflow ( 1,570,026 ) - - - Outflow 1,590,865 - - - |
Schedule of Capital Structure | 2021 2022 Total borrowings $ 1,602,741 $ 1,318,507 Less: cash and cash equivalents ( 1,363,128 ) ( 734,221 ) Net debt 239,613 584,286 Total equity 270,616 905,621 Total $ 510,229 $ 1,489,907 |
Summary of Movements in Financing Liabilities | The table below reconciles the movements in our financing liabilities during the year: Non-cash movements As at December 31, 2021 Cash movement Additions Disposals Reclassification from non-current to current Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2022 Borrowings - leases $ 214,509 $ ( 43,689 ) $ 44,633 $ - $ - $ ( 13,349 ) $ 9,751 $ 3,388 $ 215,243 Non-current borrowings - convertible notes 515,804 ( 16,875 ) - ( 39,561 ) - 1 59,994 - 519,363 Borrowings-related derivative financial instruments 872,428 - - - - ( 1 ) - ( 667,028 ) 205,399 Non-current borrowings - term loan - 369,113 - - ( 4,000 ) - 9,464 ( 1,240 ) 373,337 Current borrowings - term loan - - - - 4,000 - - - 4,000 Financing liabilities $ 1,602,741 308,549 44,633 ( 39,561 ) - ( 13,349 ) 79,209 ( 664,880 ) $ 1,317,342 Non-cash movements As at December 31, 2020 Cash movement Additions Early conversion of February 2020 Notes Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2021 Borrowings - leases $ 191,403 $ ( 35,388 ) $ 41,343 $ - $ ( 8,111 ) $ 9,137 $ 16,125 $ 214,509 Non-current borrowings - convertible notes 617,789 ( 22,950 ) - ( 146,673 ) - 67,638 - 515,804 Borrowings-related derivative financial instruments 2,996,220 - - ( 484,956 ) 1 - ( 1,638,837 ) 872,428 Financing liabilities $ 3,805,412 ( 58,338 ) 41,343 ( 631,629 ) ( 8,110 ) $ 76,775 ( 1,622,712 ) $ 1,602,741 |
Schedule of Foreign Exchange Rate Sensitivity Analysis | Increase/ Increase/ 2021 2022 10% appreciation of U.S. dollars $ ( 7,684 ) $ ( 20,161 ) 10% depreciation of U.S. dollars 9,392 24,641 Increase/ Increase/ 2021 2022 10% appreciation of U.S. dollars $ ( 55,374 ) $ ( 50,299 ) 10% depreciation of U.S. dollars 67,679 61,476 Increase/ Increase/ 2021 2022 10% appreciation of EUR $ 2,987 $ 735 10% depreciation of EUR ( 1,858 ) ( 601 ) Increase/ Increase/ 2021 2022 10% appreciation of EUR $ 31,134 $ 735 10% depreciation of EUR ( 24,887 ) ( 601 ) This analysis reflects the impact on the Consolidated statement of operations due to changes in the value of financial assets and liabilities held at the balance sheet date, based on foreign currency exchange rate variances that the Group considers to be reasonably possible at the end of the reporting year. The analysis assumes that all other variables, in particular interest rates, remain constant. |
Schedule of Interest Rate Sensitivity Analysis | The table below shows the Group’s sensitivity to interest rates strengthening/weakening by 100 basis points: Increase/ Increase/ 2021 2022 100 basis points increase $ - $ ( 2,000 ) 100 basis points decrease - 2,000 Increase/ Increase/ 2021 2022 100 basis points increase $ - $ 1,099 100 basis points decrease - ( 4,908 ) |
Summary of Assets and Liabilities Measured at Fair Value and Present Value on a Recurring Basis | Assets and liabilities measured at fair value and present value on a recurring basis: December 31, 2021 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments $ 99,971 $ - $ - $ 99,971 $ - $ - $ - $ - Investments - - 17,937 17,937 1,136 - 217,841 218,977 Derivative financial instruments - 8,010 - 8,010 - 472 - 472 Assets $ 99,971 $ 8,010 $ 17,937 $ 125,918 $ 1,136 $ 472 $ 217,841 $ 219,449 December 31, 2021 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivative financial instruments (non-current and current) $ - $ 21,118 $ - $ 21,118 $ - $ 23,206 $ - $ 23,206 Embedded derivatives (non-current) – February 2020 notes - 90,682 - 90,682 - - - - Embedded derivatives (non-current) – April 2020 notes - 492,801 - 492,801 - 10,295 - 10,295 Embedded derivatives (non-current) – November 2020 notes - 288,945 - 288,945 - 195,104 - 195,104 Put and call option liability (current) – Chalhoub - 188,261 - 188,261 - 13,679 - 13,679 Put and call option liability (non-current) – Alibaba and Richemont - 498,058 - 498,058 - 71,919 - 71,919 Put and call option liability (current) – Alanui - - 8,323 8,323 - - 12,350 12,350 Put and call option liability (non-current) – Palm Angels - - 150,288 150,288 - - 97,299 97,299 Liabilities $ - $ 1,579,865 $ 158,611 $ 1,738,476 $ - $ 314,203 $ 109,649 $ 423,852 |
Summary of Reconciliation of Recurring Fair Value Measurements | Reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Put and call option liability Alanui Palm Angels At January 1, 2021 $ - $ - Initial recognition $ 4,863 $ 144,624 Losses recognized in consolidated statement of operations 3,865 11,297 Foreign exchange movement ( 407 ) ( 5,660 ) At December 31, 2021 $ 8,321 $ 150,261 At January 1, 2022 $ 8,321 $ 150,261 Losses/(gains) recognized in consolidated statement of operations 4,144 - ( 42,409 ) Foreign exchange movement ( 115 ) ( 10,553 ) At December 31, 2022 $ 12,350 $ 97,299 |
Summary of Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | Assets and liabilities not measured at fair value on a recurring basis: December 31, 2021 December 31, 2022 Carrying value Fair value Carrying value Fair value Non-current borrowings $ 515,804 $ 859,132 $ 892,700 $ 1,026,204 Other financial liabilities (Non-current) 13,367 13,367 298,244 261,634 Other financial liabilities (Current) 9,748 9,748 36,433 36,433 |
Summary of Categories of Financial Instruments | Categories of financial instruments Financial assets (in thousands) Amortized Amortized 2021 2022 Current Trade receivables $ 63,046 $ 89,942 Other receivables 179,964 157,594 Cash and cash equivalents 1,363,128 734,221 Non-current Other receivables 31,225 21,204 Total $ 1,637,363 $ 1,002,961 Fair value Fair value 2021 2022 Foreign currency derivatives - held at FVTPL $ 410 $ 472 Foreign currency derivatives - held as cash flow hedges 7,600 - Derivative financial assets $ 8,010 $ 472 Financial liabilities (in thousands) Fair value Fair value 2021 2022 Foreign currency derivatives - held at FVTPL $ 35 $ 104 Foreign currency derivatives - held as cash flow hedges 21,083 21,293 Interest rate swap - held as cash flow hedge - non-current - 1,165 Interest rate swap - held as cash flow hedge - current - 644 Total non-current and current derivative financial liabilities $ 21,118 $ 23,206 Present value Present value 2021 2022 Put and call option liabilities - non-current $ 836,609 $ 169,218 Put and call option liabilities - current 8,321 26,029 Total Put and call option liabilities $ 844,930 $ 195,247 |
Summary of Notional Amounts of Outstanding Foreign Currency Derivatives | The notional amounts of the Group’s outstanding foreign currency derivatives at year end are: Notional Notional 2021 2022 Foreign currency derivatives $ 1,616,383 $ 397,247 Interest rate swaps - 200,000 Total $ 1,616,383 $ 597,247 |
Borrowings and embedded deriv_2
Borrowings and embedded derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Borrowings and Embedded Derivatives | 2021 2022 $ 250.0 million 5.00 % convertible note (February 2020 Notes) $ 37,414 $ - $ 400.0 million 3.75 % convertible note (April 2020 Notes) 303,316 318,259 $ 600.0 million 0.00 % convertible note (November 2020 Notes) 175,074 201,104 $ 400.0 million term loan - 373,337 Total $ 515,804 $ 892,700 |
Schedule of Convertible/Non-convertible Borrowings Presented in Consolidated Statement of Financial Position | The convertible/non-convertible borrowings are presented in the Consolidated statement of financial position as follows (in thousands): 2021 2022 At January 1 $ 617,789 $ 515,804 Transaction costs Interest expense 67,638 69,458 Interest paid ( 22,950 ) ( 16,874 ) New Term Loan - 367,873 Current portion of term loan - ( 4,000 ) Conversion of February 2020 Notes ( 146,673 ) - Derecognition of February 2020 Notes ( 39,561 ) Total non-current borrowings $ 515,804 $ 892,700 |
Summary of Assumptions Used in Measuring Fair Value of Financial Instruments | February 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ - Risk free rate 1.12 % - Expected volatility 38.46 % - Remaining life (years) 4.00 - February 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 3,931 ) $ - Risk free rate increases by 1 % ( 1,516 ) - Expected volatility increases by 1 % ( 228 ) - April 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ 4.73 Risk free rate 1.29 % 4.07 % Expected volatility 36.68 % 44.76 % Remaining life (years) 5.33 4.33 April 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 25,113 ) $ ( 6,735 ) Risk free rate increases by 1 % ( 13,104 ) ( 754 ) Expected volatility increases by 1 % ( 2,898 ) ( 734 ) November 2020 Notes assumptions 2021 2022 Embedded derivative Closing share price $ 33.43 $ 4.73 Risk free rate 1.56 % 3.61 % Expected volatility 35.97 % 40.46 % Credit spread (basis points) 350.00 490.00 November 2020 Notes – sensitivity analysis Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 10,044 ) $ ( 146 ) Credit spread increases by 50 basis points ( 5,469 ) ( 8,979 ) Expected volatility increases by 1 % ( 2,451 ) ( 30 ) |
Summary of Change in Fair Value of Convertible Note Embedded Derivatives | Change in fair value of convertible note embedded derivatives Non-cash movements As at December 31, 2021 Early conversion of February 2020 Notes Fair value (gain)/loss Foreign exchange movement As at December 31, 2022 February 2020 Notes embedded derivative $ 90,682 $ - $ ( 90,682 ) $ - $ - April 2020 Notes embedded derivative 492,801 - ( 482,505 ) ( 1 ) 10,295 November 2020 Notes embedded derivative 288,945 - ( 93,841 ) - 195,104 Total $ 872,428 $ - $ ( 667,028 ) $ ( 1 ) $ 205,399 Non-cash movements As at December 31, 2020 Early conversion of February 2020 Notes Fair value (gain)/loss Foreign exchange movement As at December 31, 2021 February 2020 Notes embedded derivative $ 1,060,167 $ ( 484,956 ) $ ( 484,529 ) $ - $ 90,682 April 2020 Notes embedded derivative 1,217,491 - ( 724,690 ) - 492,801 November 2020 Notes embedded derivative 718,562 - ( 429,618 ) 1 288,945 Total $ 2,996,220 $ ( 484,956 ) $ ( 1,638,837 ) $ 1 $ 872,428 Non-cash movements As at December 31, 2019 Initial Recognition Fair value (gain)/loss As at December 31, 2020 February 2020 Notes embedded derivative $ - $ 81,913 $ 978,254 $ 1,060,167 April 2020 Notes embedded derivative - 113,547 1,103,944 1,217,491 November 2020 Notes embedded derivative - 446,040 272,522 718,562 Total $ - $ 641,500 $ 2,354,720 $ 2,996,220 |
Put and call option liabiliti_2
Put and call option liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of put and call option liabilities [abstract] | |
Schedule of Put and Call Option Liabilities | 2021 2022 Chalhoub put option $ 188,261 $ 13,679 Palm Angels put call option and earn-out 150,288 97,299 Alibaba and Richemont put option 498,058 71,919 Alanui put option 8,323 12,350 Total $ 844,930 $ 195,247 |
Schedule of Sensitivity Analysis Used in Put and Call Option Liabilities | Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 (1) $ ( 6,521 ) $ - Expected volatility increases by 1 % (1) ( 826 ) - Credit spread increases by 50 basis points (1) 939 - (1) The Chalhoub valuation figure is no longer calculated under the Monte Carlo simulation, as it is now calculated as what management expect to pay as at the settlement date. Assumption Increase/(decrease) in profit or loss Increase/(decrease) in profit or loss 2021 2022 Share Price increases by $ 1 $ ( 14,899 ) $ ( 15,205 ) Risk free rate increases by 1 % ( 468 ) ( 51 ) Credit spread increases by 50 basis points 6,075 515 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Summary of Provisions | Provisions consist of the following (in thousands): Dilapidations Share-based Provision for withholding taxes Other provisions Total Current liabilities At January 1, 2021 $ - $ 12,105 $ 4,100 $ 10,941 $ 27,146 Additional provision in the year 178 2 - 3,606 3,786 Release of provision in the year - ( 4,427 ) - ( 584 ) ( 5,011 ) Utilized provision in the year ( 308 ) - ( 3,500 ) ( 9,233 ) ( 13,041 ) Transfer from non-current provisions 277 - 1,901 - 2,178 Foreign exchange ( 5 ) - - ( 468 ) ( 473 ) At December 31, 2021 142 7,680 2,501 4,262 14,585 Additional provision in the year 101 - - 5,814 5,915 Release of provision in the year - - ( 1 ) ( 940 ) ( 941 ) Utilized provision in the year ( 16 ) - - ( 2,772 ) ( 2,788 ) Transfer from non-current provisions 954 ( 5,432 ) - - ( 4,478 ) Foreign exchange ( 118 ) - - ( 122 ) ( 240 ) At December 31, 2022 $ 1,063 $ 2,248 $ 2,500 $ 6,242 $ 12,053 Non-current liabilities At January 1, 2021 $ 5,670 $ 115,032 $ 7,400 $ 1,011 $ 129,113 Additional provision in the year 2,125 2,135 - - 4,260 Transfer to current provisions ( 277 ) - ( 1,901 ) - ( 2,178 ) Release of provision in the year ( 284 ) ( 45,987 ) ( 500 ) ( 168 ) ( 46,939 ) Utilized provision in the year ( 4 ) ( 22,516 ) - ( 841 ) ( 23,361 ) Foreign exchange ( 292 ) ( 60 ) - 2 ( 350 ) At December 31, 2021 6,938 48,604 4,999 4 60,545 Additional provision in the year 1,320 - - - 1,320 Transfer to current provisions ( 954 ) 5,432 - - 4,478 Release of provision in the year ( 48 ) ( 49,351 ) - ( 4 ) ( 49,403 ) Utilized provision in the year ( 70 ) ( 4,204 ) - - ( 4,274 ) Foreign exchange ( 375 ) ( 125 ) - - ( 500 ) At December 31, 2022 $ 6,811 $ 356 $ 4,999 $ - $ 12,166 |
Employee benefit obligations _2
Employee benefit obligations and share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about defined benefit plans [abstract] | |
Summary of Other Non-current Liabilities | Other non-current liabilities consist of the following at December 31 (in thousands): 2021 2022 Cash-settled awards liability $ 10,404 $ 86 Employee severance liability 2,544 2,844 Total non-current liabilities $ 12,948 $ 2,930 |
Summary of Equity Settled Share Based Payment Plans | During the year ended December 31, 2022, the Group's four equity-settled share-based payment plans which are described below. Type of arrangement EMI approved share Unapproved share LTIP 2015 plan LTIP 2018 plan Date of first grant November 1, 2011 July 1, 2011 September 9, 2015 September 20, 2018 Number granted 5,505,600 11,332,835 38,174,980 82,250,165 Contractual life 10 years 10 years 10 years 10 years Vesting conditions Varying tranches of options vesting upon defined years of service Varying tranches of options vesting upon defined years of service Varying tranches of options vesting upon defined years of service with certain awards having non-market conditions Varying tranches of options and Restricted Stock Units (RSU) vesting upon defined years of service |
Summary of Movement and Information in Share Options and RSUs outstanding | The movement in share options and RSUs outstanding is summarized in the following table: Share Options (1) RSUs (1) Number Weighted average exercise price Number Weighted average exercise price Outstanding at January 1, 2020 34,291,517 $ 10.18 7,580,830 $ - Granted during the year 8,082,853 11.57 9,333,781 - Exercised during the year ( 7,342,952 ) 8.75 ( 4,095,381 ) - Forfeited during the year ( 3,686,645 ) 9.30 ( 1,097,915 ) - Expired during the year ( 2,375 ) 20.00 - - Outstanding at December 31, 2020 31,342,398 10.96 11,721,315 - Granted during the year 1,940,595 62.22 11,992,577 - Exercised during the year ( 4,019,069 ) 9.37 ( 4,658,441 ) - Forfeited during the year ( 916,907 ) 9.93 ( 1,094,642 ) - Expired during the year - - - - Outstanding at December 31, 2021 28,347,017 14.74 17,960,809 - Granted during the year 9,301,845 20.12 22,278,558 - Exercised during the year ( 391,687 ) 6.50 ( 7,188,717 ) - Forfeited during the year ( 2,111,454 ) 21.27 ( 2,849,161 ) - Expired during the year ( 21,435 ) 18.16 - - Outstanding at December 31, 2022 35,124,286 $ 15.86 30,201,489 $ - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. Weighted average exercise prices and remaining contractual life years were as follows: The following table summarizes information about share options and RSUs outstanding at December 31, 2022: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 17,135,870 5.41 30,201,489 9.09 $ 10.01 to $ 20.00 9,500,674 7.27 - - $ 20.01 to $ 30.00 4,153,465 6.81 - - $ 30.01 to $ 40.00 2,690,613 8.69 - - $ 40.01 to $ 67.99 1,643,664 7.53 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. The following table summarizes information about share options and RSUs outstanding at December 31, 2021: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 16,931,250 6.16 17,960,809 9.94 $ 10.01 to $ 20.00 6,434,003 7.40 - - $ 20.01 to $ 30.00 3,039,174 6.88 - - $ 30.01 to $ 40.00 61,491 9.82 - - $ 40.01 to $ 67.99 1,881,099 8.39 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. The following table summarizes information about share options and RSUs outstanding at December 31, 2020: Share Options (1) RSUs (1) Number Weighted Number Weighted Range of exercise prices $ 0.00 to $ 10.00 20,711,086 6.98 11,721,315 12.71 $ 10.01 to $ 20.00 7,166,645 8.19 - - $ 20.01 to $ 30.00 3,433,404 7.79 - - $ 30.01 to $ 40.00 - - - - $ 40.01 to $ 67.99 31,263 9.89 - - (1) A mounts for the years ended December 31, 2021 and 2020 have been re-presented to separately disclose share options and RSUs. Weighted average fair value of options granted during the year ended December 31, 2022 was $ 5.69 (2021: 19.62 ). |
Summary of Inputs in Black Scholes Model for Share Options Granted | Inputs in the Black Scholes model used for fair valuing share options granted during the year and prior year were as follows: 2020 2021 2022 Black Scholes model Weighted average share price $ 12.44 $ 57.40 $ 5.69 Weighted average exercise price $ 5.38 $ 22.80 $ 20.12 Average expected volatility 40 % 40 % 43 % Expected life 4 years 4 years 4 years Risk free rate 1.05 % 0.51 % 1.80 % Expected dividends $ nil $ nil $ nil |
Summary of 2020 CEO Performance Based Restricted Stock Unit Award | Tranche Performance Period Number of PSUs Eligible To be Earned Stock Price Hurdle 1 1st - 5th anniversary of the grant 5% of Total Number of PSUs $ 75 2 1st - 5th anniversary of the grant 5% of Total Number of PSUs $ 100 3 2nd - 6th anniversary of the grant 10% of Total Number of PSUs $ 125 4 2nd - 6th anniversary of the grant 10% of Total Number of PSUs $ 150 5 3rd - 7th anniversary of the grant 10% of Total Number of PSUs $ 175 6 3rd - 7th anniversary of the grant 20% of Total Number of PSUs $ 200 7 4th - 8th anniversary of the grant 20% of Total Number of PSUs $ 225 8 4th - 8th anniversary of the grant 20% of Total Number of PSUs $ 250 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of Trade and Other Receivables | Trade and other receivables comprised the following at December 31 (in thousands): 2021 2022 Non-current Other receivables $ 31,225 $ 21,204 Non-current other receivables $ 31,225 $ 21,204 Current Trade receivables $ 63,046 $ 89,942 Other current receivables 179,964 157,594 Sales taxes 117,234 199,849 Allowance for expected credit losses ( 5,208 ) ( 7,307 ) Prepayments and accrued income 19,670 52,487 Current trade and other receivables $ 374,706 $ 492,565 |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Summary of Ordinary Shares Issued and Fully Paid | Ordinary shares issued and fully paid as of December 31, 2022 (in thousands, except number of shares): Number of shares Class Par value Share capital Share premium Merger reserve Total 351,972,468 Class A ordinary shares 0.04 $ 14,079 $ 1,640,300 $ 783,529 $ 2,437,908 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 394,830,548 $ 15,793 $ 1,685,809 $ 783,529 $ 2,485,131 Ordinary shares issued and fully paid as of December 31, 2021 (in thousands, except number of shares): Number of shares Class Par value Share capital Share premium Merger reserve Total 337,923,238 Class A ordinary shares 0.04 13,517 $ 1,596,165 $ 783,529 $ 2,393,211 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 380,781,318 15,231 $ 1,641,674 $ 783,529 $ 2,440,434 |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Summary of Other Reserves | Other reserves consists of the following (in thousands): Changes Share Cashflow hedge reserve Merger Time value reserve Other Total other reserves At January 1, 2020 $ ( 8,666 ) $ 86,345 $ ( 2,949 ) $ 396,014 $ — $ ( 101,469 ) $ 369,275 Movement in cash flow hedge reserve - - 13,385 - 2,552 - 15,937 Gain transferred to the cost of inventory - - ( 1,213 ) - - - ( 1,213 ) Shares issued - acquisition of a subsidiary - - - 4,808 - - 4,808 Remeasurement loss on severance plan - - - - - ( 24 ) ( 24 ) Share-based payment - reverse vesting shares - 26,092 - - - - 26,092 Share-based payment - equity-settled - 52,690 - - - - 52,690 At December 31, 2020 ( 8,666 ) 165,127 9,223 400,822 2,552 ( 101,493 ) 467,565 Movement in cash flow hedge reserve - - ( 24,776 ) - ( 2,552 ) - ( 27,328 ) Loss transferred to the cost of inventory - - 2,066 - - - 2,066 Share-based payment - reverse vesting shares - ( 24,486 ) - - - - ( 24,486 ) Share-based payment - equity-settled - 61,282 - - - - 61,282 Non-controlling interest put option - - - - - ( 150,070 ) ( 150,070 ) Farfetch China Holdings Ltd put call option - - - - - ( 744,163 ) ( 744,163 ) Capital contribution from non-controlling interests - - - - - 488,863 488,863 Acquisition of non-controlling interest - - - - - ( 11,613 ) ( 11,613 ) Other - - - - - ( 2,596 ) ( 2,596 ) At December 31, 2021 ( 8,666 ) 201,923 ( 13,487 ) 400,822 - ( 521,072 ) 59,520 Movement in cash flow hedge reserve - - ( 8,711 ) - - - ( 8,711 ) Gain transferred to the cost of inventory - - ( 844 ) - - - ( 844 ) Share-based payment - reverse vesting shares - 34,620 - - - - 34,620 Share-based payment - equity-settled - 88,375 - - - - 88,375 Other - - - - - ( 131 ) ( 131 ) At December 31, 2022 $ ( 8,666 ) $ 324,918 $ ( 23,042 ) $ 400,822 $ - $ ( 521,203 ) $ 172,829 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non Controlling Interests [Abstract] | |
Summary of Effect of Changes in Ownership Interest | The effect of changes in the ownership interest of the Group on the equity attributable to owners of the Group is summarized as follows (in thousands): CuriosityChina Farfetch International Limited (IOM) New Guards Farfetch China Holdings Ltd Total Balance at January 1, 2021 $ 519 $ ( 2,187 ) $ 170,224 $ - $ 168,556 Total comprehensive (loss)/income attributable to non-controlling interests ( 1,657 ) ( 548 ) 16,220 ( 12,635 ) $ 1,380 Step acquisition - - 2,434 - 2,434 Capital contribution from non-controlling interest - - - ( 13,875 ) ( 13,875 ) Non-controlling interest arising on purchase of asset - - 50,453 - 50,453 Acquisition of non-controlling interest - - ( 6,901 ) - ( 6,901 ) Dividends to non-controlling interests - - ( 23,016 ) - ( 23,016 ) Other - - 2,977 - 2,977 Balance at December 31, 2021 ( 1,138 ) ( 2,735 ) 212,391 ( 26,510 ) 182,008 Total comprehensive (loss)/income attributable to non-controlling interests ( 180 ) ( 796 ) 5,959 ( 19,596 ) ( 14,613 ) Non-controlling interest arising on purchase of asset - - 5,493 - 5,493 Dividends to non-controlling interests - - ( 17,764 ) - ( 17,764 ) Other - - 830 1,453 2,283 Balance at December 31, 2022 $ ( 1,318 ) $ ( 3,531 ) $ 206,909 $ ( 44,653 ) $ 157,407 % of non-controlling interests 16 % 20 % 23 % 25 % |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Summary of Basic (Loss)/Earnings Per Share and Diluted Loss Per Share | The calculation of basic (loss)/earnings per share and diluted loss per share is as follows: 2020 2021 2022 In $ thousands, except share and per share data Diluted (loss)/income (Loss)/profit after tax attributable to equity holders of the parent: Used in calculating basic (loss)/earnings per share $ ( 3,333,171 ) $ 1,466,487 $ 359,287 Adjustments: Convertible note interest - 67,638 59,994 Loss on derecognition of convertible loan notes - - 27,251 Gains on items held at fair value and remeasurements - ( 2,041,013 ) ( 1,308,915 ) Loss after tax attributable to equity holders of the parent used in calculating diluted loss per share $ ( 3,333,171 ) $ ( 506,888 ) $ ( 862,383 ) Weighted average number of basic shares 343,829,481 364,696,712 384,986,092 Dilutive securities: Options - 20,257,787 4,306,414 Restricted Stock Units (RSUs) - 8,014,788 3,062,030 Other awards - 1,200,105 467,864 Acquisition related deferred shares 180,369 - February 2020 notes - 14,216,896 3,260,212 April 2020 notes - 24,794,680 24,794,680 November 2020 notes - 18,583,620 18,583,620 Palm Angels liability - - 8,591,251 Chalhoub liability - 3,984,014 1,208,187 Farfetch China Holdings Ltd liability - 16,429,024 16,429,024 Weighted average number of dilutive shares 343,829,481 472,357,995 465,689,374 (Loss)/earnings per share attributable to equity holders of the parent: Basic $ ( 9.69 ) $ 4.02 $ 0.93 Diluted $ ( 9.69 ) $ ( 1.07 ) $ ( 1.85 ) |
Summary of Potential Ordinary Shares Excluded from Diluted Earnings Per Share Calculations | Potential ordinary shares excluded from Diluted earnings per share because their conversion would have an antidilutive effect are as follows (in thousands): 2020 2021 2022 Convertible Notes 63,758 - - Employee options & RSU's 40,890 1,114 8,533 Contingent consideration - 136 152 Put Call options - 3,786 - |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Expense Recognized in Consolidated Statement of Operations | Key management includes members of the Company’s senior management and the board of directors. The disclosure amounts below (in thousands) are based on the expense recognized in the Consolidated statement of operations in the respective year. 2020 2021 2022 Short-term employee benefits $ 1,676 $ 2,456 $ 4,212 Termination benefits 32 36 35 Share-based compensation 26,300 37,742 41,140 $ 28,008 $ 40,234 $ 45,387 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Wannaby Inc. | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the purchase consideration, the assets acquired and goodwill recognized are as follows (in thousands): 2022 Cash consideration $ 25,523 Purchase consideration $ 25,523 |
Summary of Net cash Inflow Arising on Acquisition | 2022 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 485 Cash consideration ( 25,523 ) Net cash outflow $ ( 25,038 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2022 Acquired software $ 11,500 Customer Relationships 2,500 Brand 300 Tangible assets 64 Net working capital ( 1,470 ) Net debt ( 6,959 ) Deferred tax liability ( 2,570 ) Total net identified assets acquired 3,365 Goodwill 22,159 Total net identified assets acquired and goodwill $ 25,524 |
Violet Grey, Inc | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the purchase consideration, the assets acquired and goodwill recognized are as follows (in thousands): 2022 Cash consideration $ 49,418 Purchase consideration $ 49,418 |
Summary of Net cash Inflow Arising on Acquisition | 2022 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 596 Cash consideration ( 49,418 ) Net cash outflow $ ( 48,822 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2022 Acquired software $ 1,155 Brand 28,480 Tangible assets 189 Net working capital ( 3,135 ) Net debt ( 1,222 ) Deferred tax liability ( 6,223 ) Total net identified assets acquired 19,244 Goodwill 30,174 Total net identified assets acquired and goodwill $ 49,418 |
Luxclusif | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the purchase consideration, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 7,682 Deferred payments 135 Total cash consideration $ 7,817 |
Summary of Net cash Inflow Arising on Acquisition | 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 803 Cash consideration ( 7,682 ) Net cash outflow $ ( 6,879 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2021 Development Costs $ 2,205 Customer relationships 1,611 Tangible assets 73 Net working capital 3,461 Net debt ( 2,671 ) Deferred tax liability ( 725 ) Total net identified assets acquired 3,954 Goodwill 3,863 Total net identified assets acquired and goodwill $ 7,817 |
Allure | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the purchase consideration, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 15,858 Ordinary shares issued $ 4,380 Deferred payments 1,465 Total purchase consideration $ 21,703 |
Summary of Net cash Inflow Arising on Acquisition | 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 1,840 Cash consideration ( 15,858 ) Net cash outflow $ ( 14,018 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2021 Development costs $ 5,412 Tangible assets 77 Net working capital 118 Net debt ( 1,609 ) Deferred tax liability ( 1,029 ) Total net identified assets acquired 2,969 Goodwill 18,734 Total net identified assets acquired and goodwill $ 21,703 |
JBUX | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the cash paid, the assets acquired and goodwill are as follows (in thousands): 2021 Cash $ 4,000 Total cash consideration $ 4,000 |
Summary of Net cash Inflow Arising on Acquisition | 2021 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 48 Cash consideration ( 4,000 ) Net cash outflow $ ( 3,952 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2021 Development costs $ 2,282 Tangible assets 2 Net working capital ( 10 ) Net debt ( 17 ) Deferred tax liability ( 331 ) Total net identified assets acquired 1,926 Goodwill 2,074 Total net identified assets acquired and goodwill $ 4,000 |
Alanui | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Assets and Liabilities Recognized upon Acquisition | Details of the purchase consideration and the net assets acquired are as follows (in thousands): 2021 Intangible assets $ 81 Brand name 7,279 Tangible assets 55 Other non-current assets 291 Inventory 830 Net working capital (excluding inventory) ( 1,070 ) Non-current liabilities ( 28 ) Deferred tax liability ( 2,041 ) Total net identified assets acquired $ 5,397 Fair value of previously held equity interest ( 2,963 ) Non-controlling interest ( 2,434 ) Purchase consideration $ - |
Ambush Inc. | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the purchase consideration, the assets acquired, and goodwill are as follows (in thousands): 2020 Cash consideration $ 12,142 Purchase consideration $ 12,142 |
Summary of Net cash Inflow Arising on Acquisition | 2020 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 126 Cash consideration ( 12,142 ) Net cash outflow $ ( 12,016 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | 2020 Intangible assets $ 127 Brand name 4,699 Tangible assets 1,365 Right-of-use assets 858 Other non-current assets 720 Inventory 3,374 Net working capital (excluding inventory) ( 2,175 ) Non-current liabilities ( 5,224 ) Deferred tax liability ( 1,311 ) Total net identified assets acquired 2,433 Goodwill 10,674 Total net identified assets acquired and goodwill 13,107 Non-controlling interest ( 965 ) Net assets acquired $ 12,142 |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Summary of Subsidiaries | Direct Holdings Legal name of subsidiary Country of % equity Principal activities 2021 2022 Farfetch Holdings plc (previously Hulk Finco plc) United Kingdom 100 100 Holding company Indirect Holdings Legal name of subsidiary Country of % equity Principal activities 2021 2022 Alanui S.r.l. Italy 53 53 Retail Allure Systems Corp. Delaware (USA) 100 100 E-commerce services Allure Systems Research France S.A.S. France 100 100 E-commerce services Ambush (Shanghai) Trading Co., Ltd People's Republic of China 70 70 Retail Ambush Inc. Japan 70 70 Retail Ambush Italy S.r.l. Italy 70 70 Retail APA S.r.l. Italy 100 100 Retail Beijing Qizhi Ruisi Information Consulting Co., Ltd People's Republic of China 81 84 E-commerce services Browns (South Molton Street) Limited United Kingdom 100 100 Retail Browns (South Molton Street) LLC Delaware (USA) - 100 Retail County S.r.l. Italy 100 100 Retail F Concierge France S.A.S. France 100 100 Retail Fafaqi (Shanghai) Network Technology Development Co. Ltd People's Republic of China 100 100 E-commerce services Farfetch (Shanghai) E-Commerce Co. Ltd People's Republic of China 75 75 E-commerce services Farfetch Australia Pty Ltd Australia 100 100 Back office support Farfetch Brasil China Exportacao Ltda Brazil 75 75 E-commerce services Farfetch Canada Limited Canada 100 100 Retail Farfetch China (HK Holdings) Limited Hong Kong 75 75 Holding company Farfetch China Holdings Ltd United Kingdom 75 75 Retail Farfetch China Ltd United Kingdom 75 75 Retail Farfetch China US LLC Delaware (USA) 75 75 E-commerce services Farfetch Europe Trading B.V. The Netherlands 100 100 Retail Farfetch HK Holdings Limited Hong Kong 100 100 Holding company Farfetch HK Production Limited Hong Kong 100 100 E-commerce and marketing Farfetch India Private Limited**** India 100 100 Back office support Farfetch International Limited Isle of Man 80 80 Holding company Farfetch Italia S.r.l. Italy 100 100 Back office support Farfetch Japan Co Ltd Japan 100 100 E-commerce and marketing Farfetch Mexico, S.A. de C.V.*** Mexico 100 100 Back office support Farfetch Middle East FZE United Arab Emirates 80 80 Back office support Farfetch Osprey Limited United Kingdom - 100 Holding company Farfetch Platform Solutions Limited United Kingdom 100 100 E-commerce services Farfetch Portugal-Unipessoal Lda Portugal 100 100 Back office support Farfetch RU LLC Russian Federation 100 100 E-commerce services and back office support Farfetch Store of the Future Limited United Kingdom 100 100 Dormant company Farfetch UK FINCO Limited United Kingdom 100 100 Holding company Farfetch UK Limited United Kingdom 100 100 Marketing, providing editorial and merchant services Farfetch US Holdings, Inc. Delaware (USA) 100 100 Holding company Farfetch W3 FZE United Arab Emirates - 100 E-commerce services Farfetch.com Brasil Serviços Ltda** Brazil 100 100 E-commerce, marketing and editorial services Farfetch.com Limited Isle of Man 100 100 Holding company Farfetch.com US, LLC California (USA) 100 100 E-commerce and marketing Fashion Concierge HK Limited Hong Kong 100 100 E-commerce services Fashion Concierge Powered By Farfetch LLC Delaware (USA) 100 100 E-commerce services Fashion Concierge UK Limited United Kingdom 100 100 E-commerce services F.F.B.R. Importacao e Exportação LTDA* Brazil 100 100 Import & Export Agent for Farfetch Heron Preston S.r.l. Italy 80 80 Retail Heron Preston Trademark S.r.l. Italy 51 51 Retail JBUX Limited United Kingdom 100 100 Retail Kicks Lite, LLC New York (USA) 100 100 E-commerce services KPG S.r.l. Italy 75 75 Retail Laso. Co. Ltd Japan 100 - E-commerce services and marketing Luxclusif, Unipessoal Lda. Portugal 100 100 E-commerce services Luxi (Shanghai) Trading Co., Ltd People's Republic of China 100 100 Trading company Luxis Baltic OÜ Estonia 100 100 E-commerce services M.A. Alliance Ltd. Japan 100 100 E-commerce services New Guards Group Holding S.p.A. Italy 100 100 Retail NGG Beauty S.r.l. Italy 100 100 Retail NGG Beta S.r.l. Italy - 100 Retail NGGH++ S.r.l. Italy - 100 Retail OC Italy S.r.l. Italy 100 100 Retail Off White (Shanghai) Trading Co., Ltd People's Republic of China 75 75 Retail Off White Operating Holding, Corp. Delaware (USA) 75 75 Retail Off White Operating London Limited United Kingdom 75 75 Retail Off White Operating Los Angeles, LLC California (USA) 75 - Retail Off White Operating Miami, LLC Florida (USA) 75 - Retail Off-White Operating Milano S.r.l. Italy 75 75 Retail Off-White Operating Paris S.a.r.l. France 75 75 Retail Off White Operating Soho, LLC New York (USA) 75 - Retail Off White Operating Spain SL Spain 75 75 Retail Off-White Operating S.r.l. Italy 75 75 Retail Off-White Operating Switzerland GmbH Switzerland 75 75 Retail Off-White Operating The Netherlands B.V The Netherlands - 75 Retail Off White Operating Vegas, LLC Nevada (USA) 75 - Retail Palm Angels (Shanghai) Trading Co., Ltd People's Republic of China 100 100 Retail Palm Angels S.r.l. Italy 60 60 Retail SG Enterprises Europe B.V. The Netherlands - 100 Retail SGNY1 LLC New York (USA) 100 100 E-commerce services Stadium Enterprises LLC Delaware (USA) 100 100 E-commerce services There Was One S.r.l. Italy 100 100 E-commerce services Unravel Project S.r.l. Italy 61 61 Retail Upteam Corporation Limited Hong Kong 100 100 Holding company Venice Holding Corp. Delaware (USA) 100 100 Holding company Venice Miami LLC Florida (USA) 100 - Retail Venice Retail France SASU France - 100 Retail Venice Retail Italy S.r.l. Italy 100 100 Retail Venice Retail UK Ltd United Kingdom - 100 Retail Venice S.r.l. Italy 100 100 Retail Venice Vegas LLC Nevada (USA) 100 - Retail Violet Grey, Inc. Delaware (USA) - 100 Retail Wannaby Inc. Delaware (USA) - 100 Retail Wannaby UAB Lithuania - 100 Retail * Owned by Farfetch.com Limited ( 99.9 %) and Farfetch UK Limited ( 0.1 %) ** Owned by Farfetch.com Limited ( 99.9995 %) and Farfetch UK Limited ( 0.0005 %) *** Owned by Farfetch.com Limited ( 1 %) and Farfetch UK Limited ( 99 %) **** Owned by Farfetch.com Limited ( 0.1 %) and Farfetch UK Limited ( 99.9 %) |
Employees and directors (Tables
Employees and directors (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Directors And Employees [Abstract] | |
Schedule of Employees and Directors Expenses/(Credits) | Employees and directors expenses/(credits) are as follows (in thousands): 2020 2021 2022 Wages and salaries $ 307,527 $ 344,587 $ 379,006 Social security costs 42,972 56,277 66,375 Other pension costs 4,161 6,393 6,803 Share-based payments (equity-settled) 168,347 219,933 290,268 Share-based payments (cash-settled) 28,041 ( 9,265 ) ( 10,071 ) Share-based payments (employment related taxes) 95,245 ( 14,501 ) ( 35,341 ) Total employees and directors expenses $ 646,293 $ 603,424 $ 697,040 |
Corporate Information - Additio
Corporate Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of corporate information [line items] | |
Percentage of consolidated revenues | 10% |
China | Demand Basis | |
Disclosure of corporate information [line items] | |
Decrease in percentage of revenues | 23% |
Russia | Demand Basis | |
Disclosure of corporate information [line items] | |
Decrease in percentage of revenues | 83% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Significant Accounting Policies [Line Items] | ||
Promotional incentives remittance period after transactions | 2 months | |
Intangible assets with indefinite useful lives | $ 0 | |
Minimum contractual royalty payments period | 11 years | |
Intagible assets amortization period | 11 years | |
Leases of low-value asset leases and short term leases using recognition exemption | The Group has two recognition exemptions: “low value” asset leases and short-term leases (the Group uses this exemption for all leases with a term of twelve months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term | |
Restricted cash | $ 2.5 | $ 2.3 |
Fees in derecognition of financial liabilities, percentage | 10% | |
Bottom of Range | ||
Disclosure of Significant Accounting Policies [Line Items] | ||
Budgets and forecast calculations period | 5 years | |
Top of Range | ||
Disclosure of Significant Accounting Policies [Line Items] | ||
Budgets and forecast calculations period | 7 years | |
Palm Angels | ||
Disclosure of Significant Accounting Policies [Line Items] | ||
Percent of ordinary share acquired | 60% | |
Percentage of asset owned | 60% |
Significant Accounting Polici_5
Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold Improvements | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | Shorter of the life of the lease or useful life |
Fixtures and Fittings | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 3 years |
Fixtures and Fittings | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 10 years |
Motor Vehicles | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 4 years |
Motor Vehicles | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 8 years |
Plant, Machinery and Equipment | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 3 years |
Plant, Machinery and Equipment | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 10 years |
Significant Accounting Polici_6
Significant Accounting Policies - Estimated Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Development Costs | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Brand, Trademarks & Domain Names | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 5 years |
Brand, Trademarks & Domain Names | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 16 years |
Customer Relationships | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Customer Relationships | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 5 years |
Acquired Software | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Acquired Software | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
May 31, 2022 USD ($) | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) | Oct. 27, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Projected cash flows forecast period | 3 years | ||||
Share price | $ / shares | $ 4.73 | ||||
2021 CEO Performance Based Restricted Stock Unit ("PSU") | Jose Neves, the Company' Founder, Chief Executive Officer and Chairman of the Board (the "CEO") | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Number of PSU granted | shares | 8,440,000 | ||||
Performance period | 8 years | ||||
Palm Angels | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Acquisition of percent of ordinary share capital | 60% | ||||
Alibaba and Richemont | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Capital contribution from investors | $ 500 | ||||
Neiman Marcus Group | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Minority investment in exchange for minority shareholding | $ 200 | ||||
February 2020 Notes | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Principal amount | $ 50 | ||||
Senior Convertible Notes | February 2020 Notes | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Principal amount | $ 250 | ||||
Repayments of borrowings | $ 250 | ||||
Senior Convertible Notes | April 2020 Notes | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Principal amount | 400 | ||||
Senior Convertible Notes | November 2020 Notes | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Principal amount | $ 600 | ||||
Farfetch China Holdings Ltd | Alibaba and Richemont | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Percentage if investment | 25% | ||||
Bottom of Range | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Projected cash flows forecast period | 5 years | ||||
Top of Range | |||||
Disclosure Of Accounting Judgments And Estimates [Line Items] | |||||
Projected cash flows forecast period | 7 years |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Type of Good or Service (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | $ 2,316,680 | $ 2,256,608 | $ 1,673,922 |
Digital Platform Services Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 1,419,721 | 1,385,678 | 1,033,156 |
Digital Platform Services Revenue | Third-Party | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 827,224 | 845,941 | 637,568 |
Digital Platform Services Revenue | First-Party | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 592,497 | 539,737 | 395,588 |
Digital Platform Fulfilment Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 321,653 | 332,504 | 213,228 |
Brand Platform Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 477,146 | 467,505 | 390,014 |
In-Store Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | $ 98,160 | $ 70,921 | $ 37,524 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Digital Platform Services Revenue | Principal | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue expected to be recognized term | 30 days | ||
Description of performance obligation | The Group expects to fulfill any remaining performance obligations outstanding as of December 31, 2022 within the next ninety days of the reporting period end. | ||
Digital Platform Fulfilment Revenue | Commercial intermediary | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue expected to be recognized term | 90 days | ||
Group Deferred Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue expected to be recognized term | 30 days | ||
Description of performance obligation | The Group expects to fulfill any remaining performance obligations outstanding at December 31, 2022 within the next ninety days from the reporting period. | ||
Previously deferred amounts recognized as revenue in the year | $ 10.4 | $ 15.3 | $ 8.5 |
Advance From Customers Revenue Recognized | 20.5 | 29.1 | 16 |
Customer advances from performance obligations not satisfied | 29.1 | 16 | 23.8 |
Revenue from performance obligations not satisfied | $ 15.3 | $ 8.5 | $ 7.4 |
Segmental and Geographical In_3
Segmental and Geographical Information - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Customer Segment | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 USD ($) Customer | |
Disclosure Of Operating Segments [Line Items] | |||
Number of reportable operating segments | Segment | 3 | ||
Number of operating segments | Segment | 0 | ||
Concentration risk, number of customers accounted for more than 10% of revenue | Customer | 0 | 0 | 0 |
Percentage of concentration risk | 10% | ||
Revenue | $ 2,316,680,000 | $ 2,256,608,000 | $ 1,673,922,000 |
Non-current assets excluding deferred tax assets and investments | 1,847,815,000 | 1,683,494,000 | |
Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 2,316,680,000 | 2,256,608,000 | 1,673,922,000 |
Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 2,316,680,000 | 2,256,608,000 | 1,673,922,000 |
Cayman Islands | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets and investments | 0 | 0 | |
Cayman Islands | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 63,000 | 81,000 | 37,000 |
Cayman Islands | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 0 | $ 0 |
Segmental and Geographical In_4
Segmental and Geographical Information - Summary of Revenue By Reportable Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 2,316,680 | $ 2,256,608 | $ 1,673,922 |
Cost of revenue | (1,293,505) | (1,240,097) | (902,994) |
Gross profit | 1,023,175 | 1,016,511 | 770,928 |
Less: Demand generation expense | (272,009) | (291,821) | (198,787) |
Order contribution | 751,166 | 724,690 | 572,141 |
Selling, general and administrative expenses (excluding demand generation expense) | (1,461,594) | (1,189,147) | (1,152,696) |
Impairment losses on tangible assets | (19,945) | 0 | (2,991) |
Impairment losses on intangible assets | (116,787) | (11,779) | (36,269) |
Operating loss | (847,160) | (476,236) | (619,815) |
(Losses)/gains on items held at fair value and remeasurements | 1,298,612 | 2,023,743 | (2,643,573) |
Share of results of associates | 68 | (52) | (74) |
Finance income | 38,369 | 12,599 | 24,699 |
Finance costs | (148,557) | (86,441) | (91,294) |
(Loss)/profit before tax | 341,332 | 1,473,613 | (3,330,057) |
Digital Platform | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,741,374 | 1,718,182 | 1,246,384 |
Cost of revenue | (1,014,785) | (987,929) | (686,178) |
Gross profit | 726,589 | 730,253 | 560,206 |
Less: Demand generation expense | (272,009) | (291,821) | (198,787) |
Order contribution | 454,580 | 438,432 | 361,419 |
Digital Platform | Third-party Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 827,224 | 845,941 | 637,568 |
Digital Platform | Platform Services Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,419,721 | 1,385,678 | 1,033,156 |
Digital Platform | First-party Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 592,497 | 539,737 | 395,588 |
Digital Platform | Platform Fulfillment Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 321,653 | 332,504 | 213,228 |
Brand Platform | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 477,146 | 467,505 | 390,014 |
Cost of revenue | (242,663) | (225,989) | (199,208) |
Gross profit | 234,483 | 241,516 | 190,806 |
In-Stores | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 98,160 | 70,921 | 37,524 |
Cost of revenue | (36,057) | (26,179) | (17,608) |
Gross profit | $ 62,103 | $ 44,742 | $ 19,916 |
Segmental and Geographical In_5
Segmental and Geographical Information - Summary of Revenue from External Consumers and Segment Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | $ 2,316,680 | $ 2,256,608 | $ 1,673,922 |
Non-current assets excluding deferred tax assets and investments | 1,847,815 | 1,683,494 | |
Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 2,316,680 | 2,256,608 | 1,673,922 |
Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 2,316,680 | 2,256,608 | 1,673,922 |
United States | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets and investments | 310,889 | 249,529 | |
United States | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 512,196 | 475,684 | 314,596 |
United Kingdom | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets and investments | 319,588 | 354,883 | |
United Kingdom | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 258,271 | 221,264 | 151,875 |
United Kingdom | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,379,104 | 1,363,167 | 1,021,240 |
Italy | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets and investments | 1,077,527 | 917,646 | |
Italy | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 646,936 | 624,585 | 485,882 |
Other Countries | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets and investments | 139,811 | 161,436 | |
Other Countries | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,546,213 | 1,559,660 | 1,207,451 |
Other Countries | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | $ 290,640 | $ 268,856 | $ 166,800 |
Selling, General and Administ_3
Selling, General and Administrative Expenses - Summary of Selling General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selling, general and administrative expense [abstract] | |||
Demand generation expenses | $ 272,009 | $ 291,821 | $ 198,787 |
Technology expenses | 120,024 | 131,408 | 115,227 |
Depreciation and amortization | 332,775 | 251,198 | 217,223 |
Share-based payments | 244,856 | 196,167 | 291,633 |
General and administrative | 729,857 | 591,644 | 504,346 |
Other items | 34,082 | 18,730 | 24,267 |
Selling, general and administrative expenses | $ 1,733,603 | $ 1,480,968 | $ 1,351,483 |
Selling, General and Administ_4
Selling, General and Administrative Expenses - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Selling, general and administrative expense [abstract] | |
Gain on settlement of derivative financial instruments | $ 25.2 |
Selling, General And Administ_5
Selling, General And Administrative Expenses - Schedule of Employees and Directors Expenses/(Credits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Directors And Employees [Abstract] | |||
Wages and salaries | $ 379,006 | $ 344,587 | $ 307,527 |
Social security costs | 66,375 | 56,277 | 42,972 |
Other pension costs | 6,803 | 6,393 | 4,161 |
Share-based payments (equity-settled) | 290,268 | 219,933 | 168,347 |
Share-based payments (cash-settled) | (10,071) | (9,265) | 28,041 |
Share-based payments (employment related taxes) | (35,341) | (14,501) | 95,245 |
Total employees and directors expenses | $ 697,040 | $ 603,424 | $ 646,293 |
Items Held at Fair Value and _3
Items Held at Fair Value and Remeasurements - Summary of (Losses)Gains on Items Held at Fair Value and Remeasurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gains (losses) on change in fair value of derivatives [abstract] | |||
Change on remeasurement of put and call option and contingent consideration liabilities | $ 638,987 | $ 384,122 | $ (288,853) |
Change in fair value of convertible note embedded derivatives | 667,028 | 1,638,837 | (2,354,720) |
Loss on disposal of investment carried at FVTPL | (178) | 0 | 0 |
Fair value remeasurement of previously held equity interest | 0 | 784 | 0 |
Fair value remeasurement of minority investment | (7,225) | 0 | 0 |
(Losses)/gains on items held at fair value and remeasurements | $ 1,298,612 | $ 2,023,743 | $ (2,643,573) |
Finance income and costs - Summ
Finance income and costs - Summary of Finance Income and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Finance Cost [Abstract] | |||
Unrealized exchange gains | $ 25,717 | $ 9,289 | $ 19,729 |
Interest on cash and cash equivalents | 12,652 | 3,310 | 4,970 |
Finance income | 38,369 | 12,599 | 24,699 |
Unrealized exchange losses | (40,867) | (9,135) | (39,940) |
Interest on leases | (9,751) | (9,137) | (6,684) |
Convertible note interest | (59,994) | (67,638) | (41,851) |
Loss on derecognition of convertible loan notes | (27,251) | 0 | 0 |
Interest on Term Loan | (9,464) | 0 | 0 |
Other interest expense | (1,230) | (531) | (2,819) |
Finance costs | (148,557) | (86,441) | (91,294) |
Net finance income/(costs) | $ (110,188) | $ (73,842) | $ (66,595) |
Material gain or loss - Summary
Material gain or loss - Summary of Material Gain or Loss (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit Loss [Line Items] | |||
Research and development costs expensed | $ (10,307) | $ (13,599,000) | $ (22,484,000) |
Amortization - Intangible assets | (278,086) | (201,634,000) | (177,857,000) |
Depreciation - Property, plant and equipment | (16,360,000) | (15,533,000) | (12,094,000) |
Depreciation - Right-of-use assets | (38,329,000) | (34,031,000) | (27,272,000) |
Impairment losses on intangible assets | (116,787,000) | (11,779,000) | (36,269,000) |
Impairment loss recognised in profit or loss, property, plant and equipment | (8,424,000) | 0 | (757,000) |
Impairment losses on right-of-use assets | (11,521,000) | 0 | (2,234,000) |
Transaction related legal and advisory expenses | (29,171,000) | (18,596,000) | (24,598,000) |
Gains/(losses) on items at present value remeasurements | 638,987,000 | 384,122,000 | 288,853,000 |
Gains related to conversion of convertible notes | 0 | 78,467,000 | 0 |
Gain/(loss) on items held at fair value and remeasurements | 1,298,612,000 | 2,023,743,000 | (2,643,573,000) |
Convertible Notes | |||
Profit Loss [Line Items] | |||
Gain/(loss) on items held at fair value and remeasurements | 667,028,000 | 1,560,370,000 | (2,354,720,000) |
Gain Loss Arising From Derecognition | $ (27,251,000) | $ 0 | $ 0 |
Taxation - Income Tax Expense_(
Taxation - Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax: | |||
Corporate tax | $ 21,969 | $ 33,105 | $ 32,430 |
Prior year adjustments | 16,613 | 3,567 | (96) |
Total current tax | 38,582 | 36,672 | 32,334 |
Total deferred tax benefit, net | (42,105) | (33,670) | (46,768) |
Income tax (benefit)/expense | $ (3,523) | $ 3,002 | $ (14,434) |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
(Loss)/profit before tax | $ 341,332 | $ 1,473,613 | $ (3,330,057) |
Tax at the UK tax rate of 19.00% (2021: 19.00%, 2020:19.00%) | 64,853 | 279,986 | (632,711) |
Tax effects of: | |||
Sundry non-taxable income | (2,396) | (45,567) | (9,555) |
Sundry non-taxable expense | 70,871 | 20,493 | 22,262 |
Non-taxable items evaluated at fair value | (246,121) | (311,379) | 548,524 |
Taxes paid overseas and rate difference | (5,765) | (6,260) | 5,816 |
Adjustments in respect of change in tax rates | 9,347 | (937) | 0 |
Adjustments in respect of prior year | 16,613 | 3,567 | (96) |
Unrecognized deferred tax assets | 117,204 | 63,099 | 51,326 |
Difference in tax rate on unrecognized deferred tax assets | (28,129) | 0 | 0 |
Income tax (benefit)/expense | $ (3,523) | $ 3,002 | $ (14,434) |
Taxation - Reconciliation of _2
Taxation - Reconciliation of Effective Tax Rate (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
UK tax rate | 19% | 19% | 19% |
Taxation - Additional Informati
Taxation - Additional Information (Details) € in Millions | 12 Months Ended | 24 Months Ended | |||||||||
Mar. 03, 2021 | Jan. 02, 2018 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 USD ($) | Feb. 05, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Current tax expense | $ 38,582,000 | $ 36,672,000 | $ 32,334,000 | ||||||||
Average annual tax rate | 26.70% | 26.70% | 19.40% | ||||||||
UK Corporation tax rate | 19% | 19% | 19% | 19% | |||||||
Tax presented within other comprehensive (loss)/income | $ 0 | $ 0 | $ 0 | ||||||||
Deferred tax assets relate to inventory write off and exchange difference | 18,000,000 | 12,000,000 | |||||||||
Deferred tax assets relate to tax incentives credits | 1,500,000 | 1,300,000 | $ 1,500,000 | ||||||||
Accumulated unutilized trading tax losses carried forward | $ 1,860,403,000 | 1,487,727,000 | 1,860,403,000 | ||||||||
Total profit offset by brought forward losses | € | € 5 | ||||||||||
Description of tax losses impact on NOL due to CARES Act | (i) removes the 80% limitation on the use of NOLs enacted by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) with respect to NOLs carried to any taxable year beginning before January 1, 2021, and thus, NOLs (whether carried forward or carried back) can generally be used to offset fully taxable income in these taxable years; and (ii) provides for a carryback of any NOL arising in a taxable year beginning after December 31, 2017 and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the NOL arose. | (i) removes the 80% limitation on the use of NOLs enacted by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) with respect to NOLs carried to any taxable year beginning before January 1, 2021, and thus, NOLs (whether carried forward or carried back) can generally be used to offset fully taxable income in these taxable years; and (ii) provides for a carryback of any NOL arising in a taxable year beginning after December 31, 2017 and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the NOL arose. | |||||||||
Unrecognized gross deferred tax asset in future tax deduction on share options | $ 93,300,000 | 872,800,000 | 93,300,000 | ||||||||
Net deferred tax asset | 23,100,000 | 214,700,000 | 23,100,000 | ||||||||
Unrecognized gross deferred tax asset in future tax deductions on goodwill | 5,300,000 | 5,300,000 | 5,300,000 | ||||||||
Unrecognized Gross Deferred Tax Asset In Future Tax Deductions On Interest Expense | $ 66,900,000 | 20,700,000 | 66,900,000 | ||||||||
Unused Tax Losses | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Net operating losses carried forward term | 20 years | 20 years | |||||||||
United Kingdom | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Current tax expense | 36,700,000 | ||||||||||
UK Corporation tax rate | 19% | 19% | |||||||||
Increase in corporate tax rate from fiscal year 2023 | 25% | ||||||||||
United Kingdom | UK Group profits exceeding EUR 5.0m | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Additional percentage of restricted total profit offset by brought forward losses | 50% | 50% | |||||||||
United States | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Accumulated unutilized trading tax losses carried forward | $ 299,400,000 | 276,600,000 | 299,400,000 | ||||||||
Maximum offset percentage of carry forward operating loss | 80% | ||||||||||
Brazil | Unused Tax Losses | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Trading losses carried forward utilization restriction percentage | 30% | 30% | |||||||||
Japan | Unused Tax Losses | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Net operating losses carried forward term | 10 years | 9 years | |||||||||
Trading losses carried forward utilization restriction percentage | 50% | 50% | |||||||||
New Guards and Curiosity China | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Deferred tax liability | $ (232,600,000) | ||||||||||
Deferred tax releases | 117,200,000 | ||||||||||
Deferred tax release | $ 33,000,000 | 33,000,000 | |||||||||
Ambush | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Deferred tax liability | $ (1,311,000) | ||||||||||
2021 Acquisitions | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Deferred tax liability | (2,300,000) | $ (6,500,000) | (2,300,000) | ||||||||
Deferred tax releases | 500,000 | ||||||||||
Deferred tax release | 300,000 | 300,000 | |||||||||
2022 Acquisitions | |||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||||||||||
Deferred tax liability | (8,800,000) | (8,800,000) | |||||||||
Deferred tax release | $ 800,000 | $ 800,000 |
Taxation - Summary of Trading L
Taxation - Summary of Trading Losses (Details) ¥ in Thousands, £ in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 HKD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2021 JPY (¥) | Dec. 31, 2021 HKD ($) |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | $ 1,860,403 | $ 1,487,727 | ||||||||
United Kingdom | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | £ 1,281,857 | 1,545,278 | £ 882,753 | 1,191,629 | ||||||
United States | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 299,389 | 276,649 | ||||||||
Brazil | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 11,815 | R$ 62036 | 13,377 | R$ 74570 | ||||||
Japan | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 3,773 | ¥ 502,644 | 4,560 | ¥ 525,141 | ||||||
Hong Kong | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 148 | $ 1,152 | 1,512 | $ 11,795 | ||||||
Local | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | $ 2,147,078 | $ 1,770,908 |
Taxation - Schedule of Deferred
Taxation - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets | ||
Beginning balance | $ 13,334 | $ 13,556 |
Deferred tax recognized to profit or loss | 11,035 | 0 |
Deferred tax released to profit or loss | (3,922) | 393 |
Foreign exchange | (851) | (913) |
Reclassifications to balance sheet | (30) | 298 |
Deferred tax recognized on acquisitions to balance sheet | 0 | 0 |
Ending balance | 19,566 | 13,334 |
Deferred tax liabilities | ||
Beginning balance | 156,025 | 182,463 |
Deferred tax recognized to profit or loss | 188 | 0 |
Deferred tax released to profit or loss | (35,179) | (33,275) |
Foreign exchange | (172) | (296) |
Reclassifications to balance sheet | (2,308) | 672 |
Deferred tax recognized on acquisitions to balance sheet | 8,794 | 6,461 |
Ending balance | 127,348 | $ 156,025 |
Deferred tax, net liability | $ 107,782 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | $ 1,359,657 | ||
Impairment for year | $ 11,800 | ||
Ending balance | 1,547,830 | 1,359,657 | |
Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,897,767 | 1,605,220 | |
Additions | 515,328 | 250,217 | |
Additions acquired through business combinations | [1] | 93,932 | 45,876 |
Disposals | (14) | ||
Transfers | 0 | ||
Foreign exchange movements | (27,676) | (3,532) | |
Ending balance | 2,479,351 | 1,897,767 | |
Accumulated Amortization and Impairment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (538,110) | (325,892) | |
Amortization for year | (278,086) | (201,634) | |
Impairment for year | (116,787) | (11,779) | |
Disposals | (27) | ||
Transfers | 0 | ||
Foreign exchange movements | 1,462 | 1,222 | |
Ending balance | (931,521) | (538,110) | |
Goodwill | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 382,285 | ||
Ending balance | 402,304 | 382,285 | |
Goodwill | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 382,285 | 356,521 | |
Additions | 0 | 0 | |
Additions acquired through business combinations | [1] | 49,997 | 27,006 |
Disposals | 0 | ||
Transfers | 0 | ||
Foreign exchange movements | (642) | (1,242) | |
Ending balance | 431,640 | 382,285 | |
Goodwill | Accumulated Amortization and Impairment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 0 | 0 | |
Amortization for year | 0 | 0 | |
Impairment for year | (29,336) | 0 | |
Disposals | 0 | ||
Transfers | 0 | ||
Foreign exchange movements | 0 | 0 | |
Ending balance | (29,336) | 0 | |
Brand, Trademarks & Domain Names | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 764,461 | ||
Ending balance | 888,675 | 764,461 | |
Brand, Trademarks & Domain Names | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,124,729 | 988,408 | |
Additions | 374,384 | 131,161 | |
Additions acquired through business combinations | [1] | 28,780 | 7,279 |
Disposals | (3) | ||
Transfers | (5,429) | ||
Foreign exchange movements | (25,810) | (2,116) | |
Ending balance | 1,496,654 | 1,124,729 | |
Brand, Trademarks & Domain Names | Accumulated Amortization and Impairment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (360,268) | (217,015) | |
Amortization for year | (170,439) | (132,592) | |
Impairment for year | (83,442) | (11,779) | |
Disposals | 3 | ||
Transfers | 3,627 | ||
Foreign exchange movements | 2,543 | 1,115 | |
Ending balance | (607,979) | (360,268) | |
Customer Relationships | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 4,754 | ||
Ending balance | 6,447 | 4,754 | |
Customer Relationships | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 8,895 | 6,860 | |
Additions | 320 | 395 | |
Additions acquired through business combinations | [1] | 2,500 | 1,692 |
Disposals | 0 | ||
Transfers | 0 | ||
Foreign exchange movements | (55) | (52) | |
Ending balance | 11,660 | 8,895 | |
Customer Relationships | Accumulated Amortization and Impairment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (4,141) | (3,626) | |
Amortization for year | (917) | (451) | |
Impairment for year | 0 | 0 | |
Disposals | 0 | ||
Transfers | 0 | ||
Foreign exchange movements | (155) | (64) | |
Ending balance | (5,213) | (4,141) | |
Development Costs | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 208,157 | ||
Ending balance | 250,404 | 208,157 | |
Development Costs | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 381,858 | 253,431 | |
Additions | 140,624 | 118,661 | |
Additions acquired through business combinations | [1] | 12,655 | 9,899 |
Disposals | (11) | ||
Transfers | 5,429 | ||
Foreign exchange movements | (1,169) | (122) | |
Ending balance | 539,397 | 381,858 | |
Development Costs | Accumulated Amortization and Impairment | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | (173,701) | (105,251) | |
Amortization for year | (106,730) | (68,591) | |
Impairment for year | (4,009) | 0 | |
Disposals | (30) | ||
Transfers | (3,627) | ||
Foreign exchange movements | (926) | 171 | |
Ending balance | $ (288,993) | $ (173,701) | |
[1] Refer to Note 31, Business combinations . |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) $ in Thousands, € in Millions | 12 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Apr. 05, 2022 USD ($) | Feb. 22, 2022 USD ($) | Feb. 22, 2022 EUR (€) | Feb. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2022 | |
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 1,547,830 | $ 1,359,657 | ||||||
Goodwill | 402,304 | 382,285 | ||||||
Impairment charge | $ 11,800 | |||||||
Impairment expense on tangible and intangible assets | 136,700 | |||||||
Recoverable amounts of smaller CGUs not fully impaired | 6,300 | |||||||
Other impairment recognized | $ 2,700 | |||||||
Growth rate used to extrapolate cash flow projections | 1.90% | 2% | 2% | 2% | ||||
Pre-tax discount rates | 14.50% | |||||||
Projected cash flows forecast period | 3 years | |||||||
Authentic Brands Group LLC | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Committed minimum royalty payments | $ 368,200 | € 329.9 | ||||||
Life of agreement | 11 years | 11 years | ||||||
Bottom of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Pre-tax discount rates | 10.90% | 8.90% | 12.10% | |||||
Projected cash flows forecast period | 5 years | |||||||
Projected cash flows forecast extended period | 5 years | |||||||
Top of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Pre-tax discount rates | 17.40% | 10.90% | 12.93% | |||||
Projected cash flows forecast period | 7 years | |||||||
Projected cash flows forecast extended period | 7 years | |||||||
Brand Platform New Guards | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | $ 171,060 | $ 181,381 | ||||||
Marketplace | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | 226,131 | $ 176,776 | ||||||
Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | $ 38,100 | 38,100 | ||||||
Smaller CGUs Within Group Member | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 98,600 | |||||||
Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 95,900 | |||||||
New Guards | Marketplace | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | 20,700 | |||||||
Violet Grey, Inc | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | $ 30,174 | |||||||
Wannaby Inc. | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | 22,159 | |||||||
Violet Grey and Wannaby Acquisitions | Marketplace | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Goodwill | 52,300 | |||||||
Palm Angels | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Acquisition of percent of ordinary share capital | 60% | |||||||
Right of Use Assets | Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 8,300 | |||||||
Right of Use Assets | Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 1,400 | |||||||
Property, Plant and Equipment | Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 6,800 | |||||||
Property, Plant and Equipment | Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 900 | |||||||
Goodwill | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | 402,304 | $ 382,285 | ||||||
Goodwill | Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 19,000 | |||||||
Goodwill | Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | $ 10,300 | |||||||
Brand, Trademarks & Domain Names | Authentic Brands Group LLC | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | $ 364,100 | |||||||
Non-cash additions | $ 364,100 | |||||||
Date of commercial agreement | Feb. 22, 2022 | Feb. 22, 2022 | ||||||
Brand, Trademarks & Domain Names | Bottom of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Estimated useful lives of intangible assets | 5 years | |||||||
Brand, Trademarks & Domain Names | Top of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Estimated useful lives of intangible assets | 16 years | |||||||
Brand, Trademarks & Domain Names | Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | 1,100 | |||||||
Brand, Trademarks & Domain Names | Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | $ 82,400 | |||||||
Brand, Trademarks & Domain Names | Violet Grey, Inc | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | 28,500 | |||||||
Brand, Trademarks & Domain Names | Wannaby Inc. | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | $ 300 | |||||||
Brand, Trademarks & Domain Names | Off-White | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 311,300 | |||||||
Estimated useful lives of intangible assets | 3 years | |||||||
Brand, Trademarks & Domain Names | Stadium Goods | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 86,000 | |||||||
Estimated useful lives of intangible assets | 11 years | |||||||
Brand, Trademarks & Domain Names | Palm Angels | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 111,000 | |||||||
Estimated useful lives of intangible assets | 8 years 7 months 6 days | |||||||
Brand, Trademarks & Domain Names | Heron Preston | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 17,400 | |||||||
Estimated useful lives of intangible assets | 4 years 7 months 6 days | |||||||
Capitalized Development Costs | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Estimated useful lives of intangible assets | 3 years | |||||||
Capitalized Development Costs | Smaller Intangible Brand Assets | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | $ 900 | |||||||
Development Costs | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Development costs of assets | $ 48,900 | $ 37,800 | ||||||
Development Costs | Browns-Digital CGU | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Impairment expense on tangible and intangible assets | $ 2,900 | |||||||
Development Costs | Violet Grey, Inc | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | $ 1,200 | |||||||
Development Costs | Wannaby Inc. | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | 11,500 | |||||||
Customer Relationships | Bottom of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Estimated useful lives of intangible assets | 3 years | |||||||
Customer Relationships | Top of Range | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Estimated useful lives of intangible assets | 5 years | |||||||
Customer Relationships | Wannaby Inc. | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Additions | $ 2,500 | |||||||
Distribution Rights | Reebook | ||||||||
Disclosure Of Intangible Assets [Line Items] | ||||||||
Intangible assets, net carrying amount | $ 325,000 | |||||||
Estimated useful lives of intangible assets | 10 years |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Goodwill by Cash Generating Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible assets other than goodwill [abstract] | ||
Goodwill | $ 402,304 | $ 382,285 |
Marketplace (FF.com) | ||
Intangible assets other than goodwill [abstract] | ||
Goodwill | 226,131 | 176,776 |
Browns - Platform | ||
Intangible assets other than goodwill [abstract] | ||
Goodwill | 0 | 19,015 |
Curiosity China | ||
Intangible assets other than goodwill [abstract] | ||
Goodwill | 3,039 | 3,039 |
Brand Platform New Guards | ||
Intangible assets other than goodwill [abstract] | ||
Goodwill | 171,060 | 181,381 |
Farfetch Platform Solutions | ||
Intangible assets other than goodwill [abstract] | ||
Goodwill | $ 2,074 | $ 2,074 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Key Assumptions of Change to Recoverable Amount of Each Cash Generating Unit (Details) | Dec. 31, 2022 |
Marketplace (FF.com) | |
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |
Budgeted annual revenue growth (change in pp) | (2.50%) |
Post-tax discount rate (change in pp) | 1.30% |
Budgeted gross profit margin (change in pp) | (2.10%) |
Long term growth rate (change in pp) | (6.40%) |
Curiosity China | |
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |
Budgeted annual revenue growth (change in pp) | (62.00%) |
Post-tax discount rate (change in pp) | 32.10% |
Budgeted gross profit margin (change in pp) | (21.00%) |
Long term growth rate (change in pp) | (272.40%) |
Brand Platform New Guards | |
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |
Budgeted annual revenue growth (change in pp) | (13.70%) |
Post-tax discount rate (change in pp) | 6.30% |
Budgeted gross profit margin (change in pp) | (6.60%) |
Long term growth rate (change in pp) | (13.80%) |
FPS | |
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |
Budgeted annual revenue growth (change in pp) | (39.90%) |
Post-tax discount rate (change in pp) | 41.50% |
Budgeted gross profit margin (change in pp) | (3.70%) |
Long term growth rate (change in pp) | (148.30%) |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | $ 97,063 | |||
Depreciation for year | (16,360) | $ (15,533) | $ (12,094) | |
Impairment for year | (8,424) | 0 | (757) | |
Ending balance | 91,141 | 97,063 | ||
Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 142,883 | 126,299 | ||
Additions | 22,198 | 28,434 | ||
Additions acquired through business combinations | [1] | 253 | 208 | |
Disposals | (875) | (5,301) | ||
Transfers | 0 | 7 | ||
Foreign exchange movements | (8,005) | (6,764) | ||
Ending balance | 156,454 | 142,883 | 126,299 | |
Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | (45,820) | (37,217) | ||
Depreciation for year | (16,360) | (15,533) | ||
Impairment for year | (8,424) | |||
Disposals | 875 | 5,101 | ||
Foreign exchange movements | 4,416 | 1,829 | ||
Ending balance | (65,313) | (45,820) | (37,217) | |
Freehold Land | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 18,024 | |||
Ending balance | 20,585 | 18,024 | ||
Freehold Land | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 18,024 | 19,569 | ||
Additions | 3,455 | 0 | ||
Additions acquired through business combinations | [1] | 0 | 0 | |
Disposals | 0 | 0 | ||
Transfers | 0 | 0 | ||
Foreign exchange movements | (894) | (1,545) | ||
Ending balance | 20,585 | 18,024 | 19,569 | |
Freehold Land | Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Depreciation for year | 0 | 0 | ||
Impairment for year | 0 | |||
Disposals | 0 | 0 | ||
Foreign exchange movements | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | |
Leasehold Improvements | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 49,637 | |||
Ending balance | 43,035 | 49,637 | ||
Leasehold Improvements | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 69,265 | 65,448 | ||
Additions | 7,906 | 12,264 | ||
Additions acquired through business combinations | [1] | 6 | 6 | |
Disposals | (3,219) | |||
Transfers | (302) | (2,383) | ||
Foreign exchange movements | (3,081) | (2,851) | ||
Ending balance | 73,794 | 69,265 | 65,448 | |
Leasehold Improvements | Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | (19,628) | (17,027) | ||
Depreciation for year | (6,486) | (6,615) | ||
Impairment for year | (6,949) | |||
Disposals | 0 | 3,095 | ||
Foreign exchange movements | 2,304 | 919 | ||
Ending balance | (30,759) | (19,628) | (17,027) | |
Fixtures and Fittings | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 15,239 | |||
Ending balance | 16,666 | 15,239 | ||
Fixtures and Fittings | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 25,075 | 19,195 | ||
Additions | 6,432 | 8,167 | ||
Additions acquired through business combinations | [1] | 4 | 43 | |
Disposals | (150) | (1,045) | ||
Transfers | 287 | 85 | ||
Foreign exchange movements | (2,001) | (1,370) | ||
Ending balance | 29,647 | 25,075 | 19,195 | |
Fixtures and Fittings | Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | (9,836) | (7,701) | ||
Depreciation for year | (3,943) | (3,589) | ||
Impairment for year | (227) | |||
Disposals | 150 | 1,008 | ||
Foreign exchange movements | 875 | 446 | ||
Ending balance | (12,981) | (9,836) | (7,701) | |
Motor Vehicles | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 150 | |||
Ending balance | 106 | 150 | ||
Motor Vehicles | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 302 | 201 | ||
Additions | 2 | 108 | ||
Additions acquired through business combinations | [1] | 0 | 0 | |
Disposals | (86) | 0 | ||
Transfers | 0 | 0 | ||
Foreign exchange movements | (9) | (7) | ||
Ending balance | 209 | 302 | 201 | |
Motor Vehicles | Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | (152) | (130) | ||
Depreciation for year | (38) | (29) | ||
Impairment for year | 0 | |||
Disposals | 86 | 0 | ||
Foreign exchange movements | 1 | 7 | ||
Ending balance | (103) | (152) | (130) | |
Plant Machinery and Equipment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 14,013 | |||
Ending balance | 10,749 | 14,013 | ||
Plant Machinery and Equipment | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 30,217 | 21,886 | ||
Additions | 4,403 | 7,895 | ||
Additions acquired through business combinations | [1] | 243 | 159 | |
Disposals | (639) | (1,037) | ||
Transfers | 15 | 2,305 | ||
Foreign exchange movements | (2,020) | (991) | ||
Ending balance | 32,219 | 30,217 | 21,886 | |
Plant Machinery and Equipment | Accumulated Amortization and Impairment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | (16,204) | (12,359) | ||
Depreciation for year | (5,893) | (5,300) | ||
Impairment for year | (1,248) | |||
Disposals | 639 | 998 | ||
Foreign exchange movements | 1,236 | 457 | ||
Ending balance | $ (21,470) | $ (16,204) | $ (12,359) | |
[1] Note 31, Business combinations for details |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment losses on property, plant and equipment | $ 8,424,000 | $ 0 | $ 757,000 |
Impairment of Assets Due to COVID-19 | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment losses on property, plant and equipment | 0 | ||
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Construction in progress | $ 4,400,000 | $ 9,200,000 |
Right-of-use Assets and Lease_3
Right-of-use Assets and Lease Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Potential future undiscounted lease payments | $ 54,600,000 | $ 48,200,000 | |
Principal elements of lease payments | 33,938,000 | 26,251,000 | $ 19,051,000 |
Charges recognized in relation to short-term and low value leases | 7,500,000 | 6,700,000 | $ 6,400,000 |
Right of Use Assets | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Impairment charge | $ 11,500,000 | $ 0 | |
Bottom of Range | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Lease contracts term | 3 years | ||
Top of Range | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Lease contracts term | 12 years |
Right-of-use Assets and Lease_4
Right-of-use Assets and Lease Liabilities - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning balance | $ 195,549 | $ 179,227 | |
Additions | 45,455 | 43,231 | |
Remeasurements | 4,749 | 15,243 | |
Depreciation charge for the year | (38,329) | (34,031) | $ (27,272) |
Impairment charge for the year | (11,521) | 0 | |
Foreign exchange | (9,503) | (8,121) | |
Transfers | 1,240 | ||
Ending balance | 187,640 | 195,549 | 179,227 |
Property, plant and equipment [member] | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning balance | 195,089 | 178,738 | |
Additions | 44,788 | 42,931 | |
Remeasurements | 4,631 | 15,242 | |
Depreciation charge for the year | (38,014) | (33,727) | |
Impairment charge for the year | (11,521) | 0 | |
Foreign exchange | (9,493) | (8,095) | |
Transfers | 1,240 | ||
Ending balance | 186,720 | 195,089 | 178,738 |
Vehicles | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning balance | 460 | 489 | |
Additions | 667 | 300 | |
Remeasurements | 118 | 1 | |
Depreciation charge for the year | (315) | (304) | |
Impairment charge for the year | 0 | 0 | |
Foreign exchange | (10) | (26) | |
Transfers | 0 | ||
Ending balance | $ 920 | $ 460 | $ 489 |
Right-of-use Assets and Lease_5
Right-of-use Assets and Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Current lease liabilities | $ 36,996 | $ 33,594 |
Non-current lease liabilities | 178,247 | 180,915 |
Total lease liabilities | $ 215,243 | $ 214,509 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 12 Months Ended | |||
May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Investments in associates | $ 138,000 | $ 69,000 | ||
Associates | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Impairment of investment | $ 0 | |||
NMG Parent LLC | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Total consideration transferred | $ 200,000,000 | |||
Farfetch Finance Limited | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Name of associate | Farfetch Finance Limited | |||
The Diem Association | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Investments in associates | $ 8,400,000 | $ 10,000,000 | $ 10,000,000 | |
Investments in associates derecognized | 10,000,000 | |||
Losses on disposals of investments | $ 1,600,000 | |||
Cash received from investments in associates | $ 1,500,000 | |||
Percentage of share residual in cash | 5.35% | |||
Alanui | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Name of associate | Alanui |
Investments - Summary of Invest
Investments - Summary of Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value [Line Items] | ||
At January 1 | $ 17,937 | $ 8,278 |
Additions | 218,365 | 9,827 |
Impairment | (100) | (168) |
Disposal | (10,000) | |
Fair Value Remeasurement | (7,225) | |
At December 31 | 218,977 | 17,937 |
Investments - held at fair value through other comprehensive income (FVTOCI) | Other Investments | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value [Line Items] | ||
At January 1 | 5,150 | 5,278 |
Additions | 6,531 | 40 |
Impairment | (100) | (168) |
Disposal | 0 | |
Fair Value Remeasurement | 0 | |
At December 31 | 11,581 | 5,150 |
Investments - held at fair value through other comprehensive income (FVTOCI) | NMG Parent LLC | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value [Line Items] | ||
At January 1 | 0 | 0 |
Additions | 200,000 | 0 |
Impairment | 0 | 0 |
Disposal | 0 | |
Fair Value Remeasurement | 0 | |
At December 31 | 200,000 | 0 |
Investments - held at fair value through profit or loss (FVTPL) | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value [Line Items] | ||
At January 1 | 12,787 | 3,000 |
Additions | 11,834 | 9,787 |
Impairment | 0 | |
Disposal | (10,000) | |
Fair Value Remeasurement | (7,225) | |
At December 31 | 7,396 | $ 12,787 |
Investments - held at fair value through profit or loss (FVTPL) | Other Investments | ||
Disclosure Of Fair Value Of Investments In Equity Instruments Designated As Measured At Fair Value [Line Items] | ||
Impairment | $ 0 |
Investments - Summary of Group'
Investments - Summary of Group's Shareholdings in Associates Entities and Principal Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Significant Investments In Associates [Line Items] | |||
Share of profit (loss) after tax | $ 68 | $ (52) | $ (74) |
Associates [member] | |||
Disclosure Of Significant Investments In Associates [Line Items] | |||
Beginning balance | 69 | 2,319 | |
Step acquisition | (2,198) | ||
Share of profit (loss) after tax | 68 | (52) | |
Other | 1 | ||
Ending balance | $ 138 | $ 69 | $ 2,319 |
Summary of Short-term Investmen
Summary of Short-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short Term Investment [Abstract] | ||
Short-term investments | $ 0 | $ 99,971 |
Short-term investments - Additi
Short-term investments - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Short Term Investment [Abstract] | |
Proceeds on disposal of short-term investment | $ 100 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | ||
Finished goods | $ 380,216 | $ 278,345 |
Obsolete stock provision | (34,247) | (22,681) |
Total inventories | $ 345,969 | $ 255,664 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Classes of current inventories [abstract] | |||
Cost of inventories recognised as expense | $ 590.7 | $ 516.2 | $ 411.7 |
Provision for inventory write down | $ 34.2 | $ 22.7 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current | ||
Other receivables | $ 21,204 | $ 31,225 |
Non-current other receivables | 21,204 | 31,225 |
Current | ||
Trade receivables | 89,942 | 63,046 |
Other current receivables | 157,594 | 179,964 |
Sales taxes | 199,849 | 117,234 |
Allowance for expected credit losses | (7,307) | (5,208) |
Prepayments and accrued income | 52,487 | 19,670 |
Current trade and other receivables | $ 492,565 | $ 374,706 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables [abstract] | ||
Restricted cash | $ 2.5 | $ 2.3 |
Expected credit losses | $ 1.8 | $ 0.9 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash held in banks | $ 114,099 | $ 141,130 | ||
Money market funds | 474,699 | 810,453 | ||
Short-term deposits | 80,141 | 353,539 | ||
Amounts held by payment service providers | 65,282 | 58,006 | ||
Cash and cash equivalents | $ 734,221 | $ 1,363,128 | $ 1,573,421 | $ 322,429 |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Risk | Dec. 31, 2022 USD ($) GBP (£) | Dec. 31, 2022 USD ($) EUR (€) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) GBP (£) | Dec. 31, 2021 USD ($) EUR (€) | Dec. 31, 2020 USD ($) | Oct. 20, 2022 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Notional amount | $ 597,247 | $ 597,247 | $ 597,247 | $ 597,247 | $ 597,247 | $ 597,247 | $ 597,247 | $ 1,616,383 | $ 1,616,383 | $ 1,616,383 | $ 400,000 | ||
Number of risk identified | Risk | 3 | ||||||||||||
Trade payables | 310,964 | 310,964 | 310,964 | $ 310,964 | 310,964 | 310,964 | 310,964 | 342,938 | 342,938 | 342,938 | |||
Other payables | 20,233 | 20,233 | 20,233 | 20,233 | 20,233 | 20,233 | 20,233 | 22,208 | 22,208 | 22,208 | |||
Social security and other taxes | 46,204 | 46,204 | 46,204 | 46,204 | 46,204 | 46,204 | 46,204 | 69,053 | 69,053 | 69,053 | |||
Current put-call option liabilities | 13,700 | 13,700 | 13,700 | 13,700 | 13,700 | 13,700 | 13,700 | ||||||
Restricted cash | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,300 | 2,300 | 2,300 | |||
Total equity | $ 905,621 | 905,621 | $ 905,621 | $ 905,621 | $ 905,621 | $ 905,621 | $ 905,621 | 270,616 | $ 270,616 | $ 270,616 | $ (1,658,642) | $ 1,337,832 | |
Gains/losses on cash flow hedges arising during the period | (900) | ||||||||||||
Share price | $ / shares | $ 4.73 | ||||||||||||
Increase in determined multiple applied to underlying EBITDA. | 0.50% | ||||||||||||
Decrease in determined multiple applied to underlying EBITDA. | 0.50% | ||||||||||||
Increase in fair value of investment | 24,600 | ||||||||||||
Decrease in Fair Value of Investment | 37,900 | ||||||||||||
Exchange Rate Risk | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Description of sources of hedge ineffectiveness that emerged in hedging relationship | The key sources of risk that could result in ineffectiveness include credit risk, a change in the economic relationship between the hedged item and the hedging instrument, a potential change in timing in relation to the hedged item, the currency basis risk, exchange rate volatility and a substantial reduction in the market liquidity for the hedging instrument. | ||||||||||||
Description of how entity establishes hedge ratio | Under the Group’s hedging policy for exchange rate risk, the critical terms of the foreign currency derivatives must align with the hedged items. The contracts are denominated in the same currency as the highly probable future sales and purchases, which are expected to occur within a maximum 18-month period. This determines the hedge relationship to be 1:1. | ||||||||||||
Interest Rate Risk | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Description of sources of hedge ineffectiveness that emerged in hedging relationship | The key sources of risk that could result in ineffectiveness include credit risk, a change in the economic relationship between the hedged item and the hedging instrument, a potential change in timing in relation to the hedged item, basis risk and a substantial reduction in the market liquidity for the hedging instrument. | ||||||||||||
Description of how entity establishes hedge ratio | Under the Group’s hedging policy for interest rate risk, the critical terms of the interest rate swaps must align with the hedged items. The contracts are denominated in the same currency as the highly probable future interest payments, with the same floating rate and are expected to occur within a maximum 36-month period. This determines the hedge relationship to be 1:1. | ||||||||||||
Hedge Items | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gains/losses on cash flow hedges arising during the period | (50,700) | ||||||||||||
Hedge Items | Inventory | Cash Flow Hedge | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gains/losses on cash flow hedges arising during the period | 800 | $ (2,100) | |||||||||||
Hedge Items | Cost of revenue | Cash Flow Hedge | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gains/losses on cash flow hedges arising during the period | 9,900 | ||||||||||||
Gains/losses on cash flow hedges arising during the period | (1,400) | ||||||||||||
Hedge Items | Selling, General and Administrative Expenses | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gain arising on foreign exchange hedges | 23,400 | ||||||||||||
Hedge Items | Selling, General and Administrative Expenses | Cash Flow Hedge | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gains/losses on cash flow hedges arising during the period | (74,100) | 13,400 | |||||||||||
Hedge Items | Finance Costs | Cash Flow Hedge | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Gains/losses on cash flow hedges arising during the period | $ (200) | $ 0 | |||||||||||
Trade and Other Receivables | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Expected credit loss rate | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | |||
Alibaba and Richemont | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Non-current put-call option liabilities | $ 71,900 | $ 71,900 | $ 71,900 | $ 71,900 | $ 71,900 | $ 71,900 | $ 71,900 | $ 498,000 | $ 498,000 | $ 498,000 | |||
Non-current put-call option liabilities expected to mature | 2026 | ||||||||||||
Palm Angels | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Non-current put-call option liabilities | $ 97,300 | 97,300 | 97,300 | 97,300 | $ 97,300 | $ 97,300 | 97,300 | 150,300 | 150,300 | 150,300 | |||
Non-current put-call option liabilities expected to mature | 2026 | ||||||||||||
Chalhoub | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Non-current put-call option liabilities | 188,300 | $ 188,300 | $ 188,300 | ||||||||||
Forward Exchange Contracts | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Average exchange rate | 1.28 | 1.05 | 1.37 | 1.13 | |||||||||
Interest Rate Swap Contracts | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Notional amount | $ 200,000 | 200,000 | 200,000 | 200,000 | $ 200,000 | $ 200,000 | 200,000 | 0 | $ 0 | $ 0 | |||
Carrying value | $ 0 | $ 0 | $ 0 | ||||||||||
Carrying value of liability | 1,800 | 1,800 | 1,800 | 1,800 | 1,800 | 1,800 | 1,800 | ||||||
Term Loan | |||||||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||||||
Notional amount | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Summary of Analyses Group's Financial Liabilities into Groupings of Remaining Period from Reporting Date to Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Instruments [Line Items] | ||
Put and call option liabilities | $ 26,029 | $ 8,321 |
Put and call option liabilities | 169,218 | 836,609 |
Total non-current | 298,244 | 13,367 |
Liquidity Risk | Less Than One Year | ||
Disclosure Of Financial Instruments [Line Items] | ||
Trade and other payables | 377,401 | 365,146 |
Put and call option liabilities | 26,029 | 8,321 |
Put and call option liabilities | 26,029 | 8,321 |
Current borrowings | 4,000 | 0 |
Total current | 407,430 | 373,467 |
Liquidity Risk | Later than one year [member] | ||
Disclosure Of Financial Instruments [Line Items] | ||
Put and call option liabilities | 169,218 | 836,609 |
Secured borrowings | 892,700 | 515,804 |
Total non-current | $ 1,061,918 | $ 1,352,413 |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Summary of Non-derivative Financial Liabilities and Gross and Net Settled Derivative Financial Instruments Into Relevant Maturity Groupings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | $ 169,218 | $ 836,609 |
$400 Million Term Loan | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Term loan | 4,000 | |
$400 Million Term Loan | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Term loan | 8,000 | |
$400 Million Term Loan | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Term loan | 388,000 | |
$400 Million Term Loan | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Term loan | 0 | |
Liquidity Risk | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 26,029 | 8,321 |
Guaranteed minimum royalty payments | 31,360 | |
Contingent consideration | 4,000 | 8,822 |
Obligations under leases | 45,994 | 54,216 |
Trade and other payables | 377,401 | 434,199 |
Net settled derivatives, Outflow | 0 | 1,219 |
Gross settled derivatives, Inflow | (375,759) | (1,570,026) |
Gross settled derivatives, Outflow | 397,263 | 1,590,865 |
Liquidity Risk | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 71,919 | 188,261 |
Guaranteed minimum royalty payments | 66,398 | |
Contingent consideration | 0 | 9,064 |
Obligations under leases | 78,413 | 73,685 |
Trade and other payables | 0 | 0 |
Net settled derivatives, Outflow | 0 | 0 |
Gross settled derivatives, Inflow | 0 | 0 |
Gross settled derivatives, Outflow | 0 | 0 |
Liquidity Risk | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 97,270 | 656,640 |
Guaranteed minimum royalty payments | 66,141 | |
Contingent consideration | 0 | 0 |
Obligations under leases | 55,569 | 51,124 |
Trade and other payables | 0 | 0 |
Net settled derivatives, Outflow | 0 | 0 |
Gross settled derivatives, Inflow | 0 | 0 |
Gross settled derivatives, Outflow | 0 | 0 |
Liquidity Risk | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 0 | 0 |
Guaranteed minimum royalty payments | 161,226 | |
Contingent consideration | 0 | 0 |
Obligations under leases | 87,093 | 90,801 |
Trade and other payables | 0 | 0 |
Net settled derivatives, Outflow | 0 | 0 |
Gross settled derivatives, Inflow | 0 | 0 |
Gross settled derivatives, Outflow | 0 | 0 |
Liquidity Risk | Convertible Bonds - $250 Million | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | |
Liquidity Risk | Convertible Bonds - $250 Million | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | |
Liquidity Risk | Convertible Bonds - $250 Million | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 50,000 | |
Liquidity Risk | Convertible Bonds - $250 Million | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | |
Liquidity Risk | Convertible Bonds - $400 Million | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 0 |
Liquidity Risk | Convertible Bonds - $400 Million | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 0 |
Liquidity Risk | Convertible Bonds - $400 Million | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 400,000 | 0 |
Liquidity Risk | Convertible Bonds - $400 Million | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 400,000 |
Liquidity Risk | Convertible Bonds - $600 Million | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 0 |
Liquidity Risk | Convertible Bonds - $600 Million | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 0 |
Liquidity Risk | Convertible Bonds - $600 Million | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 0 | 0 |
Liquidity Risk | Convertible Bonds - $600 Million | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | $ 600,000 | $ 600,000 |
Financial Instruments and Fin_6
Financial Instruments and Financial Risk Management - Schedule of Capital Structure (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 20, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Instruments [Line Items] | |||||
Less: cash and cash equivalents | $ (734,221) | $ (1,363,128) | $ (1,573,421) | $ (322,429) | |
Net debt | $ 369,100 | ||||
Total equity | 905,621 | 270,616 | $ (1,658,642) | $ 1,337,832 | |
Capital Risk Management | |||||
Disclosure Of Financial Instruments [Line Items] | |||||
Secured borrowings | 1,318,507 | 1,602,741 | |||
Less: cash and cash equivalents | (734,221) | (1,363,128) | |||
Net debt | 584,286 | 239,613 | |||
Total equity | 905,621 | 270,616 | |||
Total | $ 1,489,907 | $ 510,229 |
Financial Instruments and Fin_7
Financial Instruments and Financial Risk Management - Summary of Movements in Financing Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | $ 1,602,741 | $ 3,805,412 |
Cash movement | 308,549 | (58,338) |
Additions | 44,633 | 41,343 |
Early conversion of February 2020 Notes | (39,561) | (631,629) |
Reclassification of term loan from non current to current | 0 | |
Foreign exchange movement | (13,349) | (8,110) |
Finance costs | 79,209 | 76,775 |
Fair value changes & other | (664,880) | (1,622,712) |
Ending balance | 1,317,342 | 1,602,741 |
Borrowings - Leases | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 214,509 | 191,403 |
Cash movement | (43,689) | (35,388) |
Additions | 44,633 | 41,343 |
Early conversion of February 2020 Notes | 0 | 0 |
Reclassification of term loan from non current to current | 0 | |
Foreign exchange movement | (13,349) | (8,111) |
Finance costs | 9,751 | 9,137 |
Fair value changes & other | 3,388 | 16,125 |
Ending balance | 215,243 | 214,509 |
Non-Current Borrowings - Convertible Notes | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 515,804 | 617,789 |
Cash movement | (16,875) | (22,950) |
Additions | 0 | 0 |
Early conversion of February 2020 Notes | (39,561) | (146,673) |
Reclassification of term loan from non current to current | 0 | |
Foreign exchange movement | 1 | 0 |
Finance costs | 59,994 | 67,638 |
Fair value changes & other | 0 | 0 |
Ending balance | 519,363 | 515,804 |
Borrowings-Related Derivative Financial Instruments | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 872,428 | 2,996,220 |
Cash movement | 0 | 0 |
Additions | 0 | 0 |
Early conversion of February 2020 Notes | 0 | (484,956) |
Reclassification of term loan from non current to current | 0 | |
Foreign exchange movement | 1 | 1 |
Finance costs | 0 | 0 |
Fair value changes & other | (667,028) | (1,638,837) |
Ending balance | 205,399 | 872,428 |
Non-Current Borrowings - Term Loan | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 0 | |
Cash movement | 369,113 | |
Additions | 0 | |
Early conversion of February 2020 Notes | 0 | |
Reclassification of term loan from non current to current | (4,000) | |
Foreign exchange movement | 0 | |
Finance costs | 9,464 | |
Fair value changes & other | (1,240) | |
Ending balance | 373,337 | 0 |
Current Borrowings - Term Loan | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 0 | |
Cash movement | 0 | |
Additions | 0 | |
Early conversion of February 2020 Notes | 0 | |
Reclassification of term loan from non current to current | 4,000 | |
Foreign exchange movement | 0 | |
Finance costs | 0 | |
Fair value changes & other | 0 | |
Ending balance | $ 4,000 | $ 0 |
Financial Instruments and Fin_8
Financial Instruments and Financial Risk Management - Schedule of Foreign Exchange Rate Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
10% Appreciation | U.S. dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | $ (20,161) | $ (7,684) |
Increase/ (decrease) in reserves | (50,299) | (55,374) |
10% Appreciation | United Kingdom, Pounds | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | 9,642 | 2,906 |
Increase/ (decrease) in reserves | 46,477 | 80,726 |
10% Appreciation | Euro Member Countries, Euro | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | 735 | 2,987 |
Increase/ (decrease) in reserves | 735 | 31,134 |
10% Depreciation | U.S. dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | 24,641 | 9,392 |
Increase/ (decrease) in reserves | 61,476 | 67,679 |
10% Depreciation | United Kingdom, Pounds | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | (7,889) | (3,552) |
Increase/ (decrease) in reserves | (38,027) | (67,223) |
10% Depreciation | Euro Member Countries, Euro | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | (601) | (1,858) |
Increase/ (decrease) in reserves | $ (601) | $ (24,887) |
Financial Instruments and Fin_9
Financial Instruments and Financial Risk Management - Schedule of Interest Rate Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
100 Basis Points Increase | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase/ (decrease) in profit or loss | $ (2,000) | $ 0 |
Increase/ (decrease) in reserves | 1,099 | 0 |
100 Basis Points Decrease | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase/ (decrease) in profit or loss | 2,000 | 0 |
Increase/ (decrease) in reserves | $ (4,908) | $ 0 |
Financial Instruments and Fi_10
Financial Instruments and Financial Risk Management - Summary of Assets and Liabilities Measured at Fair Value and Present Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Short-term investments | $ 0 | $ 99,971 |
Investments | 218,977 | 17,937 |
Derivative financial instruments | 472 | 8,010 |
Assets | 3,675,916 | 3,826,514 |
Derivative financial instruments | 23,206 | 21,118 |
Embedded derivatives | 22,041 | 21,118 |
Embedded derivatives (non-current) | 206,564 | 872,428 |
Liabilities | 2,770,295 | 3,555,898 |
Recurring Basis | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Short-term investments | 0 | 99,971 |
Investments | 218,977 | 17,937 |
Derivative financial instruments | 472 | 8,010 |
Assets | 219,449 | 125,918 |
Derivative financial instruments | 23,206 | 21,118 |
Liabilities | 423,852 | 1,738,476 |
Recurring Basis | February 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives | 0 | 90,682 |
Recurring Basis | April 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 10,295 | 492,801 |
Recurring Basis | November 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 195,104 | 288,945 |
Recurring Basis | Chalhoub | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 13,679 | 188,261 |
Recurring Basis | Alibaba and Richemont | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 71,919 | 498,058 |
Recurring Basis | Alanui | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 12,350 | 8,323 |
Recurring Basis | Palm Angels | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 97,299 | 150,288 |
Recurring Basis | Level 1 | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Short-term investments | 0 | 99,971 |
Investments | 1,136 | 0 |
Derivative financial instruments | 0 | 0 |
Assets | 1,136 | 99,971 |
Derivative financial instruments | 0 | 0 |
Liabilities | 0 | 0 |
Recurring Basis | Level 1 | February 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives | 0 | 0 |
Recurring Basis | Level 1 | April 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 0 | 0 |
Recurring Basis | Level 1 | November 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 0 | 0 |
Recurring Basis | Level 1 | Chalhoub | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 0 | 0 |
Recurring Basis | Level 1 | Alibaba and Richemont | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 0 | 0 |
Recurring Basis | Level 1 | Alanui | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 0 | 0 |
Recurring Basis | Level 1 | Palm Angels | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 0 | 0 |
Recurring Basis | Level 2 | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Short-term investments | 0 | 0 |
Investments | 0 | 0 |
Derivative financial instruments | 472 | 8,010 |
Assets | 472 | 8,010 |
Derivative financial instruments | 23,206 | 21,118 |
Liabilities | 314,203 | 1,579,865 |
Recurring Basis | Level 2 | February 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives | 0 | 90,682 |
Recurring Basis | Level 2 | April 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 10,295 | 492,801 |
Recurring Basis | Level 2 | November 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 195,104 | 288,945 |
Recurring Basis | Level 2 | Chalhoub | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 13,679 | 188,261 |
Recurring Basis | Level 2 | Alibaba and Richemont | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 71,919 | 498,058 |
Recurring Basis | Level 2 | Alanui | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 0 | 0 |
Recurring Basis | Level 2 | Palm Angels | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 0 | 0 |
Recurring Basis | Level 3 | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Short-term investments | 0 | 0 |
Investments | 217,841 | 17,937 |
Derivative financial instruments | 0 | 0 |
Assets | 217,841 | 17,937 |
Derivative financial instruments | 0 | 0 |
Liabilities | 109,649 | 158,611 |
Recurring Basis | Level 3 | February 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives | 0 | 0 |
Recurring Basis | Level 3 | April 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 0 | 0 |
Recurring Basis | Level 3 | November 2020 Notes | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Embedded derivatives (non-current) | 0 | 0 |
Recurring Basis | Level 3 | Chalhoub | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 0 | 0 |
Recurring Basis | Level 3 | Alibaba and Richemont | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | 0 | 0 |
Recurring Basis | Level 3 | Alanui | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (current) | 12,350 | 8,323 |
Recurring Basis | Level 3 | Palm Angels | ||
Disclosure of Fair Value Measurement of Assets and Liabilities [Line Items] | ||
Put and call option liability (non-current) | $ 97,299 | $ 150,288 |
Financial Instruments and Fi_11
Financial Instruments and Financial Risk Management - Summary of Reconciliation of Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of liabilities [line items] | |||
Beginning balance | $ 836,609 | ||
Losses/(gains) recognized in consolidated statement of operations | 1,298,612 | $ 2,023,743 | $ (2,643,573) |
Foreign exchange movement | (12,194) | (20,017) | 23,903 |
Ending balance | 169,218 | 836,609 | |
Level 3 | Alanui | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Beginning balance | 8,321 | 0 | |
Initial recognition | 4,863 | ||
Losses/(gains) recognized in consolidated statement of operations | 4,144 | 3,865 | |
Foreign exchange movement | (115) | (407) | |
Ending balance | 12,350 | 8,321 | 0 |
Level 3 | Palm Angels | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Beginning balance | 150,261 | 0 | |
Initial recognition | 144,624 | ||
Losses/(gains) recognized in consolidated statement of operations | (42,409) | 11,297 | |
Foreign exchange movement | (10,553) | (5,660) | |
Ending balance | $ 97,299 | $ 150,261 | $ 0 |
Financial Instruments and Fi_12
Financial Instruments and Financial Risk Management - Summary of Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets and Liabilities Not Measured at Fair Value Abstract | ||
Carrying value of noncurrent borrowings | $ 892,700 | $ 515,804 |
Fair value of non-current borrowings | 1,026,204 | 859,132 |
Carrying value of other financial liabilities (Non-current) | 298,244 | 13,367 |
Fair value of other financial liabilities (Non-current) | 261,634 | 13,367 |
Carrying value of other financial liabilities (Current) | 36,433 | 9,748 |
Fair value of other financial liabilities (Current) | $ 36,433 | $ 9,748 |
Financial Instruments and Fi_13
Financial Instruments and Financial Risk Management - Summary of Categories of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Instruments [Line Items] | ||||
Trade receivables | $ 89,942 | $ 63,046 | ||
Other current receivables | 157,594 | 179,964 | ||
Cash and cash equivalents | 734,221 | 1,363,128 | $ 1,573,421 | $ 322,429 |
Other receivables, noncurrent | 21,204 | 31,225 | ||
Derivative financial assets | 472 | 8,010 | ||
Interest rate swap - held as cash flow hedge - current | 644 | 0 | ||
Interest rate swap - held as cash flow hedge - non-current | 1,165 | 0 | ||
Total non-current and current derivative financial liabilities | 23,206 | 21,118 | ||
Put and call option liabilities - non-current | 169,218 | 836,609 | ||
Put and call option liabilities - current | 26,029 | 8,321 | ||
Foreign Currency Derivatives | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Foreign currency derivatives - held at FVTPL | 472 | 410 | ||
Foreign currency derivatives - held as cash flow hedges | 0 | 7,600 | ||
Foreign currency derivatives - held as cash flow hedges | 21,293 | 21,083 | ||
Foreign Currency Derivatives | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Foreign currency derivatives - held at FVTPL | 104 | 35 | ||
Financial assets at amortised cost, category [member] | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Trade receivables | 89,942 | 63,046 | ||
Other current receivables | 157,594 | 179,964 | ||
Cash and cash equivalents | 734,221 | 1,363,128 | ||
Other receivables, noncurrent | 21,204 | 31,225 | ||
Total financial assets | 1,002,961 | 1,637,363 | ||
Put and Call Option Liabilities | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Put and call option liabilities - non-current | 169,218 | 836,609 | ||
Put and call option liabilities - current | 26,029 | 8,321 | ||
Total Put and call option liabilities | $ 195,247 | $ 844,930 |
Financial Instruments and Fi_14
Financial Instruments and Financial Risk Management - Summary of Notional Amounts of Outstanding Foreign Currency Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 20, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Instruments [Line Items] | |||
Notional | $ 597,247 | $ 400,000 | $ 1,616,383 |
Foreign Currency Derivatives | |||
Disclosure Of Financial Instruments [Line Items] | |||
Notional | 397,247 | 1,616,383 | |
Interest Rate Swap [Member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Notional | $ 200,000 | $ 0 |
Borrowings and Embedded Deriv_3
Borrowings and Embedded Derivatives - Summary of Borrowings and Embedded Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 892,700 | $ 515,804 |
February 2020 Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 0 | 37,414 |
April 2020 Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 318,259 | 303,316 |
November 2020 Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 201,104 | 175,074 |
Term Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 373,337 | $ 0 |
Borrowings and Embedded Deriv_4
Borrowings and Embedded Derivatives - Summary of Borrowings and Embedded Derivatives (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Oct. 20, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 597,247 | $ 400,000 | $ 1,616,383 |
February 2020 Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 250,000 | ||
Coupon percentage on convertible note | 5% | ||
April 2020 Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 400,000 | ||
Coupon percentage on convertible note | 3.75% | ||
November 2020 Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 600,000 | ||
Coupon percentage on convertible note | 0% | ||
Term Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 400,000 |
Borrowings and Embedded Deriv_5
Borrowings and Embedded Derivatives - Additional Information (Details) | 12 Months Ended | ||||||||||
Oct. 27, 2022 USD ($) shares | Oct. 01, 2021 USD ($) shares | Aug. 06, 2021 USD ($) shares | May 17, 2021 USD ($) shares | Nov. 17, 2020 USD ($) TradingDay $ / shares shares | Apr. 30, 2020 USD ($) $ / shares shares | Feb. 05, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Oct. 20, 2022 USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Total term loan facility principal amount | $ 597,247,000 | $ 1,616,383,000 | $ 400,000,000 | ||||||||
Total term loan facility net amount | $ 369,100,000 | ||||||||||
Proceeds from issue of notes | $ 1,240,400,000 | ||||||||||
Debt issuance costs | 9,600,000 | ||||||||||
Carrying value of noncurrent borrowings | 892,700,000 | 515,804,000 | |||||||||
Derivative financial liabilities | 23,206,000 | 21,118,000 | |||||||||
Fair value gain (loss) on remeasurement | $ 667,000,000 | $ 1,638,800,000 | |||||||||
Decrease in fair value of conversion options | $ / shares | $ (4.73) | $ (33.43) | |||||||||
Gain (loss) on remeasurement of embedded derivatives. | $ 78,500,000 | ||||||||||
Term Loan Facility | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Total term loan facility principal amount | $ 400,000,000 | ||||||||||
Term loan facility percentage of original issue discount | 6.50% | ||||||||||
Amortized quarterly interest rate | 0.25% | ||||||||||
Principal amount | 400,000,000 | ||||||||||
Total borrowing costs incurred | 6,100,000 | ||||||||||
Effective interest rate | 0% | ||||||||||
Term Loan Facility | Secured Overnight Financing Rate SOFR | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Quarterly interest rate | 6.25% | ||||||||||
Effective interest rate | 0.50% | ||||||||||
Term Loan Facility | Base Rate | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Quarterly interest rate | 5.25% | ||||||||||
February 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Total term loan facility principal amount | 250,000,000 | ||||||||||
Principal amount | $ 50,000,000 | ||||||||||
Cash payment for repayment of debt | 32,500,000 | ||||||||||
Gain(loss) on derecognition of embedded derivative or borrowings | 6,300,000 | ||||||||||
Increase in equity | 34,300,000 | ||||||||||
Number of shares issued on conversion | shares | 6,122,250 | 7,013,405 | 3,190,345 | ||||||||
Principal amount of conversion of notes | $ 75,000,000 | $ 85,900,000 | $ 39,100,000 | ||||||||
Gain or loss on recognized on conversion of shares | 0 | 0 | 0 | ||||||||
Carrying value of noncurrent borrowings | 55,200,000 | 63,100,000 | 28,400,000 | ||||||||
Fair value of non-current derivative financial liabilities | 152,800,000 | 241,600,000 | 90,600,000 | ||||||||
Increase to share capital | 200,000 | 300,000 | 100,000 | ||||||||
Increase to share premium | 207,700,000 | 304,400,000 | 118,900,000 | ||||||||
Gain (loss) on remeasurement of embedded derivatives. | 90,700,000 | 484,500,000 | 978,300,000 | ||||||||
February 2020 Notes | Borrowings | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Gain(loss) on derecognition of embedded derivative or borrowings | $ 27,300,000 | ||||||||||
April 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Total term loan facility principal amount | 400,000,000 | ||||||||||
Gain (loss) on remeasurement of embedded derivatives. | 482,500,000 | 724,700,000 | $ (1,104,000,000) | ||||||||
November 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Total term loan facility principal amount | $ 600,000,000 | ||||||||||
Private Placement of Convertible Notes | February 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Principal amount | $ 250,000,000 | ||||||||||
Interest rate of notes | 5% | ||||||||||
Unsecured notes, frequency of payment terms | quarterly | ||||||||||
Principal amount of initial conversion of notes | $ 1,000 | ||||||||||
Notes initially convertible into shares of common stock | shares | 81.63 | ||||||||||
Initial conversion price | $ / shares | $ 12.25 | ||||||||||
Percentage of premium on repurchase on change of control | 50% | ||||||||||
Redemption price percentage of notes by issuer | 165% | ||||||||||
Derivative financial liabilities | $ 81,900,000 | ||||||||||
Effective interest rate | 13.20% | ||||||||||
Private Placement of Convertible Notes | February 2020 Notes | Derivative Financial Liability | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 800,000 | ||||||||||
Private Placement of Convertible Notes | February 2020 Notes | Debt Issuance Costs Amortized to Finance Costs | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 1,700,000 | ||||||||||
Private Placement of Convertible Notes | April 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Principal amount | $ 400,000,000 | ||||||||||
Interest rate of notes | 3.75% | ||||||||||
Unsecured notes, frequency of payment terms | bi-annually | ||||||||||
Principal amount of initial conversion of notes | $ 1,000 | ||||||||||
Notes initially convertible into shares of common stock | shares | 61.99 | ||||||||||
Initial conversion price | $ / shares | $ 16.13 | ||||||||||
Exceed ceiling percentage of conversion price | 130% | ||||||||||
Redemption price percentage of notes by issuer | 130% | ||||||||||
Derivative financial liabilities | $ 113,500,000 | ||||||||||
Effective interest rate | 9.70% | ||||||||||
Private Placement of Convertible Notes | April 2020 Notes | Derivative Financial Liability | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 3,000,000 | ||||||||||
Private Placement of Convertible Notes | April 2020 Notes | Debt Issuance Costs Amortized to Finance Costs | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 7,600,000 | ||||||||||
Alibaba Group and Richemont of Convertible Notes | November 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Principal amount | $ 600,000,000 | ||||||||||
Interest rate of notes | 0% | ||||||||||
Principal amount of initial conversion of notes | $ 1,000 | ||||||||||
Notes initially convertible into shares of common stock | shares | 30.97 | ||||||||||
Initial conversion price | $ / shares | $ 32.29 | ||||||||||
Number of non-consecutive trading days | TradingDay | 20 | ||||||||||
Number of consecutive trading days | TradingDay | 30 | ||||||||||
Redemption price percentage of notes by issuer | 100% | ||||||||||
Derivative financial liabilities | $ 446,000,000 | ||||||||||
Effective interest rate | 14.90% | ||||||||||
Gain (loss) on remeasurement of embedded derivatives. | $ 93,800,000 | $ 429,600,000 | $ 272,400,000 | ||||||||
Alibaba Group and Richemont of Convertible Notes | November 2020 Notes | Top of Range | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Percentage of last reported sales price of conversion price | 200% | ||||||||||
Alibaba Group and Richemont of Convertible Notes | November 2020 Notes | Bottom of Range | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Percentage of last reported sales price of conversion price | 130% | ||||||||||
Percentage of notes held by issuer | 5% | ||||||||||
Alibaba Group and Richemont of Convertible Notes | November 2020 Notes | Derivative Financial Liability | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 12,200,000 | ||||||||||
Alibaba Group and Richemont of Convertible Notes | November 2020 Notes | Debt Issuance Costs Amortized to Finance Costs | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Debt issuance costs | $ 4,200,000 | ||||||||||
Class A Ordinary Shares | February 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Number of shares issued for repayment of debt | shares | 4,611,848 | ||||||||||
Private Investors | Conversion of February 2020 Notes | |||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||||||||
Convertible senior notes conversion amount | 75,000,000 | 85,900,000 | 39,100,000 | ||||||||
Total convertible senior notes | $ 125,000,000 | 125,000,000 | $ 125,000,000 | ||||||||
Equated percentage of overall convertible notes holding | 60% | 31% | |||||||||
Fair value of convertible senior notes converted. | $ 152,800,000 | 241,600,000 | $ 90,600,000 | ||||||||
Gain on revaluation of convertible notes converted | $ 6,700,000 | $ 30,100,000 | $ 41,700,000 |
Borrowings and Embedded Deriv_6
Borrowings and Embedded Derivatives - Schedule of Convertible/Non-convertible Borrowings Presented in Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Financial Liabilities [Line Items] | ||
Total non-current borrowings | $ 892,700 | $ 515,804 |
Convertible/Non-convertible Borrowings | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Principal amount | 515,804 | 617,789 |
Interest expense | 69,458 | 67,638 |
Interest paid | (16,874) | (22,950) |
New Term Loan | 367,873 | 0 |
Current portion of term loan | (4,000) | 0 |
Conversion of February 2020 Notes | 0 | 146,673 |
Derecognition of February 2020 Notes | (39,561) | |
Total non-current borrowings | $ 892,700 | $ 515,804 |
Borrowings and Embedded Deriv_7
Borrowings and Embedded Derivatives - Summary of Assumptions Used in Measuring Fair Value of Financial Instruments (Details) | Dec. 31, 2022 USD ($) yr UsdShares | Dec. 31, 2021 UsdShares yr USD ($) |
February 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | UsdShares | 0 | 33.43 |
February 2020 Notes | Risk Free Rate | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 0 | 1.12 |
February 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 0 | 38.46 |
February 2020 Notes | Remaining Life (Years) | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | yr | 0 | 4 |
April 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | $ | 4.73 | 33.43 |
April 2020 Notes | Risk Free Rate | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 4.07 | 1.29 |
April 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 44.76 | 36.68 |
April 2020 Notes | Remaining Life (Years) | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | yr | 4.33 | 5.33 |
November 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | $ | 4.73 | 33.43 |
November 2020 Notes | Risk Free Rate | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 3.61 | 1.56 |
November 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 40.46 | 35.97 |
November 2020 Notes | Credit Spread | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Assumptions used in measuring the fair value of financial instruments | 490 | 350 |
Borrowings and Embedded Deriv_8
Borrowings and Embedded Derivatives - Summary of Sensitivity Analysis Used in Measuring Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
February 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | $ 0 | $ (3,931) |
February 2020 Notes | Risk Free Rate | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | 0 | (1,516) |
February 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | 0 | (228) |
April 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | (6,735) | (25,113) |
April 2020 Notes | Risk Free Rate | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | (754) | (13,104) |
April 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | (734) | (2,898) |
November 2020 Notes | Closing Share Price | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | (146) | (10,044) |
November 2020 Notes | Expected Volatility | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | (30) | (2,451) |
November 2020 Notes | Credit Spread | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | ||
Increase/(decrease) in profit or loss | $ (8,979) | $ (5,469) |
Borrowings and Embedded Deriv_9
Borrowings and Embedded Derivatives - Summary of Sensitivity Analysis Used in Measuring Fair Value of Financial Instruments (Parenthetical ) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
February 2020 Notes | Closing Share Price | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Amount increase in share price | $ 1 |
February 2020 Notes | Risk Free Rate | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Percentage of increase in fair value measurement input | 1% |
February 2020 Notes | Expected Volatility | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Percentage of increase in fair value measurement input | 1% |
April 2020 Notes | Closing Share Price | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Amount increase in share price | $ 1 |
April 2020 Notes | Risk Free Rate | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Percentage of increase in fair value measurement input | 1% |
November 2020 Notes | Closing Share Price | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Amount increase in share price | $ 1 |
November 2020 Notes | Expected Volatility | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Percentage of increase in fair value measurement input | 1% |
November 2020 Notes | Credit Spread | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Liabilities [Line Items] | |
Percentage of increase in fair value measurement input | 0.50% |
Borrowings and Embedded Deri_10
Borrowings and Embedded Derivatives - Summary of Change in Fair Value of Convertible Note Embedded Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Beginning balance | $ 872,428 | $ 2,996,220 | $ 0 |
Early conversion of February 2020 Notes | 0 | (484,956) | |
Initial Recognition | 641,500 | ||
Fair Value (Gain)/Loss | (667,028) | (1,638,837) | 2,354,720 |
Foreign exchange movement | (1) | 1 | |
Ending balance | 205,399 | 872,428 | 2,996,220 |
February 2020 Notes Embedded Derivative | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Beginning balance | 90,682 | 1,060,167 | 0 |
Early conversion of February 2020 Notes | 0 | (484,956) | |
Initial Recognition | 81,913 | ||
Fair Value (Gain)/Loss | (90,682) | (484,529) | 978,254 |
Foreign exchange movement | 0 | 0 | |
Ending balance | 0 | 90,682 | 1,060,167 |
April 2020 Notes Embedded Derivative | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Beginning balance | 492,801 | 1,217,491 | 0 |
Early conversion of February 2020 Notes | 0 | 0 | |
Initial Recognition | 113,547 | ||
Fair Value (Gain)/Loss | (482,505) | (724,690) | 1,103,944 |
Foreign exchange movement | (1) | 0 | |
Ending balance | 10,295 | 492,801 | 1,217,491 |
November 2020 Notes Embedded Derivative | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Beginning balance | 288,945 | 718,562 | 0 |
Early conversion of February 2020 Notes | 0 | 0 | |
Initial Recognition | 446,040 | ||
Fair Value (Gain)/Loss | (93,841) | (429,618) | 272,522 |
Foreign exchange movement | 0 | 1 | |
Ending balance | $ 195,104 | $ 288,945 | $ 718,562 |
Put and Call Option Liabiliti_3
Put and Call Option Liabilities - Schedule of Put and Call Option Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of put and call option liabilities [line items] | ||
Put and call option liabilities | $ 195,247 | $ 844,930 |
Chalhoub | ||
Disclosure of put and call option liabilities [line items] | ||
Put and call option liabilities | 13,679 | 188,261 |
Palm Angels | ||
Disclosure of put and call option liabilities [line items] | ||
Put and call option liabilities | 97,299 | 150,288 |
Alibaba and Richemont | ||
Disclosure of put and call option liabilities [line items] | ||
Put and call option liabilities | 71,919 | 498,058 |
Alanui | ||
Disclosure of put and call option liabilities [line items] | ||
Put and call option liabilities | $ 12,350 | $ 8,323 |
Put and Call Option Liabiliti_4
Put and Call Option Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of put and call option liabilities [line items] | |||
Put and call option liabilities | $ 169,218 | $ 836,609 | |
Share price | $ 4.73 | ||
Chalhoub | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | $ 174,600 | 156,100 | $ (287,900) |
Palm Angels | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | $ (11,300) | ||
Percentage of asset acquisition | 60% | ||
Percentage of share capital, that does not own | 40% | ||
Gain (loss) on remeasurement of contingent consideration | $ (2,800) | ||
Strategic Arrangement with Alibaba and Richemont | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | 426,100 | 246,100 | |
Alanui | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | (4,100) | ||
Alanui S R L | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | $ (3,900) | ||
Curiosity China | |||
Disclosure of put and call option liabilities [line items] | |||
Gain (loss) on remeasurement of put and call option liabilities | (900) | ||
Put and Call Option Liabilities | Chalhoub | |||
Disclosure of put and call option liabilities [line items] | |||
Shareholding percentage related to put and call option | 20% | ||
Increase/Decrease in present value of put and call option liability | $ 174,600 | 156,100 | $ 288,900 |
Put and Call Option Liabilities | Palm Angels | |||
Disclosure of put and call option liabilities [line items] | |||
Shareholding percentage related to put and call option | 40% | ||
Increase/Decrease in present value of put and call option liability | $ 42,400 | 11,400 | |
Put and call option liabilities | 144,600 | ||
Put and Call Option Liabilities | Strategic Arrangement with Alibaba and Richemont | |||
Disclosure of put and call option liabilities [line items] | |||
Increase/Decrease in present value of put and call option liability | $ 426,100 | 246,100 | |
Put and call option liabilities | $ 744,200 | ||
Description of put-call option | allows each holder to either purchase a further 12.5% of Farfetch China after the third year of operations, and an additional option to potentially convert or require the conversion of the investment in Farfetch China to shares in Farfetch Limited, under specific conditions. | ||
Further percentage that allows put-call option holder to purchase | 12.50% | ||
Revenue | Put and Call Option Liabilities | Palm Angels | |||
Disclosure of put and call option liabilities [line items] | |||
Shareholding percentage related to put and call option | 10% | ||
Related fair value remeasurement loss | $ 8,600 |
Put and Call Option Liabiliti_5
Put and Call Option Liabilities - Summary of Sensitivity Analysis Used in Put and Call Option Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Chalhoub | Closing Share Price | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | $ 0 | $ (6,521) |
Chalhoub | Expected Volatility | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | 0 | (826) |
Chalhoub | Credit Spread | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | 0 | 939 |
Strategic Arrangement with Alibaba and Richemont | Closing Share Price | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | (15,205) | (14,899) |
Strategic Arrangement with Alibaba and Richemont | Risk Free Rate | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | (51) | (468) |
Strategic Arrangement with Alibaba and Richemont | Credit Spread | ||
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | ||
Increase/(decrease) in profit or loss | $ 515 | $ 6,075 |
Put and Call Option Liabiliti_6
Put and Call Option Liabilities - Summary of Sensitivity Analysis Used in Put and Call Option Liabilities (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Closing Share Price | Chalhoub | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Amount increase in share price | $ 1 |
Closing Share Price | Strategic Arrangement with Alibaba and Richemont | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Amount increase in share price | $ 1 |
Risk Free Rate | Strategic Arrangement with Alibaba and Richemont | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Percentage of increase in fair value measurement input | 1% |
Expected Volatility | Chalhoub | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Percentage of increase in fair value measurement input | 1% |
Credit Spread | Chalhoub | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Percentage of increase in fair value measurement input | 0.50% |
Credit Spread | Strategic Arrangement with Alibaba and Richemont | |
Disclosure of significant unobservable inputs used in put and call options liabilities [line items] | |
Percentage of increase in fair value measurement input | 0.50% |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | $ 14,585 | $ 27,146 |
Additional provision in the year | 5,915 | 3,786 |
Release of provision in the year | (941) | (5,011) |
Utilized provision in the year | (2,788) | (13,041) |
Transfer from non-current provisions | (4,478) | 2,178 |
Foreign exchange | (240) | (473) |
Provisions, Ending balance | 12,053 | 14,585 |
Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 60,545 | 129,113 |
Additional provision in the year | 1,320 | 4,260 |
Transfer to current provisions | 4,478 | (2,178) |
Release of provision in the year | (49,403) | (46,939) |
Utilized provision in the year | (4,274) | (23,361) |
Foreign exchange | (500) | (350) |
Provisions, Ending balance | 12,166 | 60,545 |
Dilapidations Provision | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 142 | 0 |
Additional provision in the year | 101 | 178 |
Release of provision in the year | 0 | 0 |
Utilized provision in the year | (16) | (308) |
Transfer from non-current provisions | 954 | 277 |
Foreign exchange | (118) | (5) |
Provisions, Ending balance | 1,063 | 142 |
Dilapidations Provision | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 6,938 | 5,670 |
Additional provision in the year | 1,320 | 2,125 |
Transfer to current provisions | (954) | (277) |
Release of provision in the year | (48) | (284) |
Utilized provision in the year | (70) | (4) |
Foreign exchange | (375) | (292) |
Provisions, Ending balance | 6,811 | 6,938 |
Share Based Payments Employment Taxes Provision | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 56,300 | |
Provisions, Ending balance | 2,600 | 56,300 |
Share Based Payments Employment Taxes Provision | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 7,680 | 12,105 |
Additional provision in the year | 0 | 2 |
Release of provision in the year | 0 | (4,427) |
Utilized provision in the year | 0 | 0 |
Transfer from non-current provisions | (5,432) | 0 |
Foreign exchange | 0 | 0 |
Provisions, Ending balance | 2,248 | 7,680 |
Share Based Payments Employment Taxes Provision | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 48,604 | 115,032 |
Additional provision in the year | 0 | 2,135 |
Transfer to current provisions | 5,432 | 0 |
Release of provision in the year | (49,351) | (45,987) |
Utilized provision in the year | (4,204) | (22,516) |
Foreign exchange | (125) | (60) |
Provisions, Ending balance | 356 | 48,604 |
Provision for Witholding Taxes | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 2,501 | 4,100 |
Additional provision in the year | 0 | 0 |
Release of provision in the year | (1) | 0 |
Utilized provision in the year | 0 | (3,500) |
Transfer from non-current provisions | 0 | 1,901 |
Foreign exchange | 0 | 0 |
Provisions, Ending balance | 2,500 | 2,501 |
Provision for Witholding Taxes | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 4,999 | 7,400 |
Additional provision in the year | 0 | 0 |
Transfer to current provisions | 0 | (1,901) |
Release of provision in the year | 0 | (500) |
Utilized provision in the year | 0 | 0 |
Foreign exchange | 0 | 0 |
Provisions, Ending balance | 4,999 | 4,999 |
Other Provisions | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 4,262 | 10,941 |
Additional provision in the year | 5,814 | 3,606 |
Release of provision in the year | (940) | (584) |
Utilized provision in the year | (2,772) | (9,233) |
Transfer from non-current provisions | 0 | 0 |
Foreign exchange | (122) | (468) |
Provisions, Ending balance | 6,242 | 4,262 |
Other Provisions | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 4 | 1,011 |
Additional provision in the year | 0 | 0 |
Transfer to current provisions | 0 | 0 |
Release of provision in the year | (4) | (168) |
Utilized provision in the year | 0 | (841) |
Foreign exchange | 0 | 2 |
Provisions, Ending balance | $ 0 | $ 4 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Provisions [Line Items] | ||
Cost to restore leasehold property liability | $ 7.9 | $ 7.1 |
Average term leases | 8 years | |
Average remaining length of contracts | 5 years | |
Utilization life of provision | 7 years 7 months 28 days | 8 years 1 month 9 days |
Share Based Payments Employment Taxes Provision | ||
Disclosure Of Other Provisions [Line Items] | ||
Liabilities from share-based payment transactions | $ 2.6 | $ 56.3 |
Transferred from provisions to trade and other payables | $ 4.2 | $ 22.5 |
Employee Benefit Obligations _3
Employee Benefit Obligations and Share-Based Payments - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Non Current Liabilities [Line Items] | ||
Non-current liabilities | $ 2,930 | $ 12,948 |
Employee severance liability | 2,844 | 2,544 |
Cash Settled | ||
Disclosure Of Other Non Current Liabilities [Line Items] | ||
Non-current liabilities | $ 86 | $ 10,404 |
Employee Benefit Obligations _4
Employee Benefit Obligations and Share-Based Payments - Equity and Cash Settled - Additional Information (Details) | 12 Months Ended | |||
May 24, 2021 Tranche PSU | Dec. 31, 2022 USD ($) shares OptionPlan $ / shares | Dec. 31, 2021 USD ($) shares OptionPlan $ / shares | Dec. 31, 2020 USD ($) shares $ / shares | |
Disclosure Of Employers Tax Liability [Line Items] | ||||
Current employee benefit obligations | $ 2,400,000 | $ 8,300,000 | ||
Weighted average share price at the date of exercise options exercised | $ / shares | $ 12.37 | $ 43.36 | $ 34.66 | |
Equity - settled share based payments | $ 244,856,000 | $ 196,167,000 | $ 291,633,000 | |
Number of share appreciation rights granted | shares | 9,301,845 | 1,940,595 | 8,082,853 | |
Weighted average fair value of options granted | $ 5.69 | $ 19.62 | ||
Weighted average fair value of RSUs granted | $ 10.53 | $ 54.32 | ||
Number of options exercisable | shares | 25,692,435 | 18,293,805 | ||
Grant date fair value | $ 99,000,000 | |||
Selling, General and Administrative Expenses | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Equity - settled share based payments | 25,200,000 | $ 15,100,000 | ||
Employers Tax Liability on Share Based Payments | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Current employee benefit obligations | 3,600,000 | 7,700,000 | ||
Cash Settled Share Based Payments | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Current employee benefit obligations | $ 100,000 | $ 500,000 | ||
Vesting period | less than one year | |||
Equity Settled | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Number of share option plans | OptionPlan | 4 | 4 | ||
Equity - settled share based payments | $ 290,300,000 | $ 219,900,000 | $ 170,100,000 | |
Cash Settled | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Number of share option plans | OptionPlan | 1 | |||
2018 Plan | Jose Neves, the Company’s Founder, Chief Executive Officer and Chairman of the Board (the “CEO”) | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Number of PSU granted | PSU | 8,440,000 | |||
Performance period | 8 years | |||
Number of tranche | Tranche | 8 | |||
Average closing price period | 90 days | |||
Share Appreciation Rights | ||||
Disclosure Of Employers Tax Liability [Line Items] | ||||
Intrinsic value of liabilities from share-based payment transactions | $ 100,000 | $ 10,500,000 | ||
Number of share appreciation rights granted | shares | 100,000 | 49,000 | ||
Cash settled share based payment transaction expense | $ 10,100,000 | $ 9,300,000 | $ 28,000,000 | |
Revaluation gain (loss) | 10,000,000 | 1,200,000 | ||
Intrinsic value | 200,000 | 12,700,000 | ||
Aggregate intrinsic value for options fully vested | $ (500,000) | $ 9,400,000 |
Employee Benefit Obligations _5
Employee Benefit Obligations and Share-Based Payments - Summary of Equity Based Payment Plans (Details) | 12 Months Ended |
Dec. 31, 2022 EquityInstrument | |
EMI Approved Share Option Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Date of first grant | November 1, 2011 |
Number granted | 5,505,600 |
Contractual life | 10 years |
Vesting conditions | Varying tranches of options vesting upon defined years of service |
Unapproved Share Option Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Date of first grant | July 1, 2011 |
Number granted | 11,332,835 |
Contractual life | 10 years |
Vesting conditions | Varying tranches of options vesting upon defined years of service |
LTIP 2015 Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Date of first grant | September 9, 2015 |
Number granted | 38,174,980 |
Contractual life | 10 years |
Vesting conditions | Varying tranches of options vesting upon defined years of service with certain awards having non-market conditions |
LTIP 2018 Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Date of first grant | September 20, 2018 |
Number granted | 82,250,165 |
Contractual life | 10 years |
Vesting conditions | Varying tranches of options and Restricted Stock Units (RSU) vesting upon defined years of service |
Employee Benefit Obligations _6
Employee Benefit Obligations and Share-Based Payments - Summary of Movements in Share Options and RSUs outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding at beginning of year | 28,347,017 | 31,342,398 | 34,291,517 |
Number of share options granted during the year | 9,301,845 | 1,940,595 | 8,082,853 |
Number of share options exercised during the year | (391,687) | (4,019,069) | (7,342,952) |
Number of share options forfeited during the year | (2,111,454) | (916,907) | (3,686,645) |
Number of share options expired during the year | (21,435) | 0 | (2,375) |
Number of share options outstanding at end of year | 35,124,286 | 28,347,017 | 31,342,398 |
Weighted average exercise price outstanding at beginning of year | $ / shares | $ 14.74 | $ 10.96 | $ 10.18 |
Weighted average exercise price granted during the year | $ / shares | 20.12 | 62.22 | 11.57 |
Weighted average exercise price exercised during the year | $ / shares | 6.50 | 9.37 | 8.75 |
Weighted average exercise price forfeited during the year | $ / shares | 21.27 | 9.93 | 9.30 |
Weighted average exercise price expired during the year | $ / shares | 18.16 | 0 | 20 |
Weighted average exercise price at end of year | $ / shares | $ 15.86 | $ 14.74 | $ 10.96 |
Number of RSUs outstanding at beginning of year | 0 | ||
Number of RSUs expired during the year | 0 | 0 | 0 |
Number of RSUs outstanding at end of year | 0 | ||
Weighted average exercise price outstanding at beginning of year | $ / shares | $ 0 | $ 0 | $ 0 |
Weighted average exercise price granted during the year | $ / shares | 0 | 0 | 0 |
Weighted average exercise price exercised during the year | $ / shares | 0 | 0 | 0 |
Weighted average exercise price forfeited during the year | $ / shares | 0 | 0 | 0 |
Weighted average exercise price of other equity instruments expired in share-based payment arrangement | $ / shares | 0 | 0 | 0 |
Weighted average exercise price at end of year | $ / shares | $ 0 | $ 0 | $ 0 |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of RSUs outstanding at beginning of year | 17,960,809 | 11,721,315 | 7,580,830 |
Number of RSUs granted during the year | 22,278,558 | 11,992,577 | 9,333,781 |
Number of RSUs exercised during the year | 7,188,717 | 4,658,441 | 4,095,381 |
Number of RSUs forfeited during the year | 2,849,161 | 1,094,642 | 1,097,915 |
Number of RSUs outstanding at end of year | 30,201,489 | 17,960,809 | 11,721,315 |
Employee Benefit Obligations _7
Employee Benefit Obligations and Share-Based Payments - Summary of Information about Share Options and RSU's Outstanding (Details) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 35,124,286 | 28,347,017 | 31,342,398 | 34,291,517 |
Number of RSUs | 0 | |||
RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 30,201,489 | 17,960,809 | 11,721,315 | 7,580,830 |
$0.00 to $10.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 17,135,870 | 16,931,250 | 20,711,086 | |
Weighted average remaining contractual life years of share options | 5 years 4 months 28 days | 6 years 1 month 28 days | 6 years 11 months 23 days | |
$0.00 to $10.00 | RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 30,201,489 | 17,960,809 | 11,721,315 | |
Weighted average remaining contractual life years of RSUs | 9 years 1 month 2 days | 9 years 11 months 8 days | 12 years 8 months 15 days | |
$10.01 to $20.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 9,500,674 | 6,434,003 | 7,166,645 | |
Weighted average remaining contractual life years of share options | 7 years 3 months 7 days | 7 years 4 months 24 days | 8 years 2 months 8 days | |
$10.01 to $20.00 | RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 0 | 0 | 0 | |
Weighted average remaining contractual life years of RSUs | 0 years | 0 years | 0 years | |
$20.01 to $30.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 4,153,465 | 3,039,174 | 3,433,404 | |
Weighted average remaining contractual life years of share options | 6 years 9 months 21 days | 6 years 10 months 17 days | 7 years 9 months 14 days | |
$20.01 to $30.00 | RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 0 | 0 | ||
Weighted average remaining contractual life years of RSUs | 0 years | 0 years | ||
$30.01 to $40.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 2,690,613 | 61,491 | 0 | |
Weighted average remaining contractual life years of share options | 8 years 8 months 8 days | 9 years 9 months 25 days | 0 years | |
$30.01 to $40.00 | RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 0 | 0 | 0 | |
Weighted average remaining contractual life years of RSUs | 0 years | 0 years | 0 years | |
$40.01to $67.99 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of share options | 1,643,664 | 1,881,099 | 31,263 | |
Weighted average remaining contractual life years of share options | 7 years 6 months 10 days | 8 years 4 months 20 days | 9 years 10 months 20 days | |
$40.01to $67.99 | RSUs | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of RSUs | 0 | 0 | ||
Weighted average remaining contractual life years of RSUs | 0 years | 0 years | 0 years |
Employee Benefit Obligations _8
Employee Benefit Obligations and Share-Based Payments - Summary of Information about Share Options and RSU's Outstanding (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
$0.00 to $10.00 | Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | $ 0 | $ 0 | $ 0 |
$0.00 to $10.00 | Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 10 | 10 | 10 |
$10.01 to $20.00 | Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 10.01 | 30.01 | 10.01 |
$10.01 to $20.00 | Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 20 | 40 | 20 |
$20.01 to $30.00 | Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 20.01 | 20.01 | 20.01 |
$20.01 to $30.00 | Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 30 | 30 | 30 |
$30.01 to $40.00 | Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 30.01 | 10.01 | 30.01 |
$30.01 to $40.00 | Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 40 | 20 | 40 |
$40.01to $67.99 | Bottom of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | 40.01 | 40.01 | 40.01 |
$40.01to $67.99 | Top of Range | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Exercise price of options and RSU's outstanding at year end | $ 67.99 | $ 67.99 | $ 67.99 |
Employee Benefit Obligations _9
Employee Benefit Obligations and Share-Based Payments - Summary of Inputs in Black Scholes Model for Share Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) yr $ / shares | Dec. 31, 2021 USD ($) yr $ / shares | Dec. 31, 2020 USD ($) yr $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Weighted average share price | $ 5.69 | $ 57.40 | $ 12.44 |
Weighted average exercise price | $ 20.12 | $ 22.80 | $ 5.38 |
Average expected volatility | 43% | 40% | 40% |
Expected life | yr | 4 | 4 | 4 |
Risk free rate | 1.80% | 0.51% | 1.05% |
Expected dividends | $ | $ 0 | $ 0 | $ 0 |
Employee Benefit Obligations_10
Employee Benefit Obligations and Share-Based Payments - Summary of 2020 CEO Performance Based Restricted Stock Unit Award (Details) | 12 Months Ended |
Dec. 31, 2022 Tranche $ / shares | |
Tranche 1 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 1 |
Performance Period | 1st - 5th anniversary of the grant |
Number of PSUs Eligible To be Earned | 5% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 75 |
Tranche 2 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 2 |
Performance Period | 1st - 5th anniversary of the grant |
Number of PSUs Eligible To be Earned | 5% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 100 |
Tranche 3 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 3 |
Performance Period | 2nd - 6th anniversary of the grant |
Number of PSUs Eligible To be Earned | 10% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 125 |
Tranche 4 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 4 |
Performance Period | 2nd - 6th anniversary of the grant |
Number of PSUs Eligible To be Earned | 10% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 150 |
Tranche 5 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 5 |
Performance Period | 3rd - 7th anniversary of the grant |
Number of PSUs Eligible To be Earned | 10% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 175 |
Tranche 6 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 6 |
Performance Period | 3rd - 7th anniversary of the grant |
Number of PSUs Eligible To be Earned | 20% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 200 |
Tranche 7 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 7 |
Performance Period | 4th - 8th anniversary of the grant |
Number of PSUs Eligible To be Earned | 20% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 225 |
Tranche 8 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Number of tranche | Tranche | 8 |
Performance Period | 4th - 8th anniversary of the grant |
Number of PSUs Eligible To be Earned | 20% of Total Number of PSUs |
Stock Price Hurdle | $ / shares | $ 250 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables | $ 310,964 | $ 342,938 |
Other payables | 20,233 | 22,208 |
Social security and other taxes | 46,204 | 69,053 |
Deferred revenue | 50,408 | 60,486 |
Accruals | 313,039 | 311,721 |
Trade and other payables | $ 740,848 | $ 806,406 |
Share Capital and Share Premi_3
Share Capital and Share Premium - Summary of Ordinary Shares Issued and Fully Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of shares | 394,830,548 | 380,781,318 |
Share capital | $ 15,793 | $ 15,231 |
Share premium | 1,685,809 | 1,641,674 |
Merger reserve | 783,529 | 783,529 |
Total | $ 2,485,131 | $ 2,440,434 |
Class A Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of shares | 351,972,468 | 337,923,238 |
Par value | $ 0.04 | $ 0.04 |
Share capital | $ 14,079 | $ 13,517 |
Share premium | 1,640,300 | 1,596,165 |
Merger reserve | 783,529 | 783,529 |
Total | $ 2,437,908 | $ 2,393,211 |
Class B Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of shares | 42,858,080 | 42,858,080 |
Par value | $ 0.04 | $ 0.04 |
Share capital | $ 1,714 | $ 1,714 |
Share premium | 45,509 | 45,509 |
Merger reserve | 0 | 0 |
Total | $ 47,223 | $ 47,223 |
Share Capital and Share Premi_4
Share Capital and Share Premium - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Oct. 27, 2022 USD ($) shares | Sep. 01, 2022 shares | Oct. 01, 2021 USD ($) shares | Aug. 06, 2021 USD ($) shares | May 17, 2021 USD ($) shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Description of ordinary shares conversion basis | Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. | ||||||
Number of ordinary shares issued or issuable | 4,611,848 | ||||||
Shares issued in respect of exercise of share options | 8,302,871 | 8,328,356 | |||||
February 2020 Notes | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Principal amount | $ | $ 50 | ||||||
Number of shares issued on conversion | 6,122,250 | 7,013,405 | 3,190,345 | ||||
Aggregate principal amount of term loans outstanding | $ | $ 50 | ||||||
Class A Ordinary Shares | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Ordinary shares voting rights | one vote per share | ||||||
Numbers of shares issued | 14,049,230 | 26,571,174 | |||||
Par value | $ / shares | $ 0.04 | $ 0.04 | |||||
Shares issued in respect of exercise of share options | 654,311 | ||||||
Shares issued in respect of business combinations | 1,916,818 | ||||||
Class A Ordinary Shares | Palm Angels | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of ordinary shares issued or issuable | 480,200 | ||||||
Class A Ordinary Shares | February 2020 Notes | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Principal amount | $ | $ 75 | $ 85.9 | $ 39.1 | ||||
Number of shares issued on conversion | 6,122,250 | 7,013,405 | 3,190,345 | ||||
Aggregate principal amount of term loans outstanding | $ | $ 75 | $ 85.9 | $ 39.1 | ||||
Class B Ordinary Shares | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Ordinary shares voting rights | twenty votes per share | ||||||
Par value | $ / shares | $ 0.04 | $ 0.04 |
Other Reserves - Summary of Oth
Other Reserves - Summary of Other Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | $ 270,616 | $ (1,658,642) | $ 1,337,832 |
Share-based payment – equity-settled | 246,764 | 221,113 | 218,688 |
Ending balance | 905,621 | 270,616 | (1,658,642) |
Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 59,520 | 467,565 | 369,275 |
Movement in cash flow hedge reserve | (8,711) | (27,328) | 15,937 |
(Gain) Loss transferred to the cost of inventory | (844) | 2,066 | (1,213) |
Shares issued - acquisition of a subsidiary | 4,808 | ||
Remeasurement loss on severance plan | (24) | ||
Share based payments - reverse vesting shares | 34,620 | (24,486) | 26,092 |
Share-based payment – equity-settled | 88,375 | 61,282 | 52,690 |
Non-controlling interest put option | (150,070) | ||
Capital contribution from non-controlling interests | 488,863 | ||
Acquisition of non-controlling interest | (11,613) | ||
Other | (131) | (2,596) | |
Ending balance | 172,829 | 59,520 | 467,565 |
Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | (744,163) | ||
Changes in Ownership | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (8,666) | (8,666) | (8,666) |
Movement in cash flow hedge reserve | 0 | 0 | 0 |
(Gain) Loss transferred to the cost of inventory | 0 | 0 | 0 |
Shares issued - acquisition of a subsidiary | 0 | ||
Remeasurement loss on severance plan | 0 | ||
Share based payments - reverse vesting shares | 0 | 0 | 0 |
Share-based payment – equity-settled | 0 | 0 | 0 |
Non-controlling interest put option | 0 | ||
Capital contribution from non-controlling interests | 0 | ||
Acquisition of non-controlling interest | 0 | ||
Other | 0 | 0 | |
Ending balance | (8,666) | (8,666) | (8,666) |
Changes in Ownership | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | 0 | ||
Share Based Payments | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 201,923 | 165,127 | 86,345 |
Movement in cash flow hedge reserve | 0 | 0 | 0 |
(Gain) Loss transferred to the cost of inventory | 0 | 0 | 0 |
Shares issued - acquisition of a subsidiary | 0 | ||
Remeasurement loss on severance plan | 0 | ||
Share based payments - reverse vesting shares | 34,620 | (24,486) | 26,092 |
Share-based payment – equity-settled | 88,375 | 61,282 | 52,690 |
Non-controlling interest put option | 0 | ||
Capital contribution from non-controlling interests | 0 | ||
Acquisition of non-controlling interest | 0 | ||
Other | 0 | 0 | |
Ending balance | 324,918 | 201,923 | 165,127 |
Share Based Payments | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | 0 | ||
Cashflow Hedge Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (13,487) | 9,223 | (2,949) |
Movement in cash flow hedge reserve | (8,711) | (24,776) | 13,385 |
(Gain) Loss transferred to the cost of inventory | (844) | 2,066 | (1,213) |
Shares issued - acquisition of a subsidiary | 0 | ||
Remeasurement loss on severance plan | 0 | ||
Share based payments - reverse vesting shares | 0 | 0 | 0 |
Share-based payment – equity-settled | 0 | 0 | 0 |
Non-controlling interest put option | 0 | ||
Capital contribution from non-controlling interests | 0 | ||
Acquisition of non-controlling interest | 0 | ||
Other | 0 | 0 | |
Ending balance | (23,042) | (13,487) | 9,223 |
Cashflow Hedge Reserve | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | 0 | ||
Merger Relief Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 400,822 | 400,822 | 396,014 |
Movement in cash flow hedge reserve | 0 | 0 | 0 |
(Gain) Loss transferred to the cost of inventory | 0 | 0 | 0 |
Shares issued - acquisition of a subsidiary | 4,808 | ||
Remeasurement loss on severance plan | 0 | ||
Share based payments - reverse vesting shares | 0 | 0 | 0 |
Share-based payment – equity-settled | 0 | 0 | 0 |
Non-controlling interest put option | 0 | ||
Capital contribution from non-controlling interests | 0 | ||
Acquisition of non-controlling interest | 0 | ||
Other | 0 | 0 | |
Ending balance | 400,822 | 400,822 | 400,822 |
Merger Relief Reserve | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | 0 | ||
Time Value Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 0 | 2,552 | 0 |
Movement in cash flow hedge reserve | 0 | (2,552) | 2,552 |
(Gain) Loss transferred to the cost of inventory | 0 | 0 | 0 |
Shares issued - acquisition of a subsidiary | 0 | ||
Remeasurement loss on severance plan | 0 | ||
Share based payments - reverse vesting shares | 0 | 0 | 0 |
Share-based payment – equity-settled | 0 | 0 | 0 |
Non-controlling interest put option | 0 | ||
Capital contribution from non-controlling interests | 0 | ||
Acquisition of non-controlling interest | 0 | ||
Other | 0 | 0 | |
Ending balance | 0 | 0 | 2,552 |
Time Value Reserve | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | 0 | ||
Other | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (521,072) | (101,493) | (101,469) |
Movement in cash flow hedge reserve | 0 | 0 | 0 |
(Gain) Loss transferred to the cost of inventory | 0 | 0 | 0 |
Shares issued - acquisition of a subsidiary | 0 | ||
Remeasurement loss on severance plan | (24) | ||
Share based payments - reverse vesting shares | 0 | 0 | 0 |
Share-based payment – equity-settled | 0 | 0 | 0 |
Non-controlling interest put option | (150,070) | ||
Capital contribution from non-controlling interests | 488,863 | ||
Acquisition of non-controlling interest | (11,613) | ||
Other | (131) | (2,596) | |
Ending balance | $ (521,203) | (521,072) | $ (101,493) |
Other | Other Reserves | Farfetch China Holdings Ltd | |||
Disclosure Of Other Reserves [Line Items] | |||
Non-controlling interest put option | $ (744,163) |
Other Reserves - Additional Inf
Other Reserves - Additional Information (Details) | Dec. 31, 2022 |
Palm Angels | Other Reserves | |
Disclosure Of Other Reserves [Line Items] | |
Percentage of voting equity interests remaining | 40% |
Non-controlling interests - Sum
Non-controlling interests - Summary of Effect of Changes in Ownership Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Balance | $ 182,008 | $ 168,556 | |
Total comprehensive income/(loss) attributable to non-controlling interests | (14,613) | 1,380 | $ 17,880 |
Step acquisition | 2,434 | ||
Capital contribution from non-controlling interest | (13,875) | ||
Non-controlling interest arising on purchase of asset | 5,493 | 50,453 | |
Acquisition of non-controlling interest | (18,514) | 965 | |
Dividends to non-controlling interests | (17,764) | (23,016) | (20,515) |
Other | 2,283 | 2,977 | |
Balance | 157,407 | 182,008 | 168,556 |
Non- controlling Interest | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Step acquisition | 2,434 | ||
Acquisition of non-controlling interest | (6,901) | 965 | |
Dividends to non-controlling interests | (17,764) | (23,016) | (20,515) |
Curiosity China | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Balance | (1,138) | 519 | |
Total comprehensive income/(loss) attributable to non-controlling interests | (180) | (1,657) | |
Step acquisition | 0 | ||
Capital contribution from non-controlling interest | 0 | ||
Non-controlling interest arising on purchase of asset | 0 | 0 | |
Dividends to non-controlling interests | 0 | 0 | |
Other | 0 | 0 | |
Balance | $ (1,318) | (1,138) | 519 |
% of non-controlling interests | 16% | ||
Curiosity China | Non- controlling Interest | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Acquisition of non-controlling interest | 0 | ||
Farfetch International Limited | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Balance | $ (2,735) | (2,187) | |
Total comprehensive income/(loss) attributable to non-controlling interests | (796) | (548) | |
Step acquisition | 0 | ||
Capital contribution from non-controlling interest | 0 | ||
Non-controlling interest arising on purchase of asset | 0 | 0 | |
Dividends to non-controlling interests | 0 | 0 | |
Other | 0 | 0 | |
Balance | $ (3,531) | (2,735) | (2,187) |
% of non-controlling interests | 20% | ||
Farfetch International Limited | Non- controlling Interest | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Acquisition of non-controlling interest | 0 | ||
New Guards | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Balance | $ 212,391 | 170,224 | |
Total comprehensive income/(loss) attributable to non-controlling interests | 5,959 | 16,220 | |
Step acquisition | 2,434 | ||
Capital contribution from non-controlling interest | 0 | ||
Non-controlling interest arising on purchase of asset | 5,493 | 50,453 | |
Dividends to non-controlling interests | (17,764) | (23,016) | |
Other | 830 | 2,977 | |
Balance | $ 206,909 | 212,391 | 170,224 |
% of non-controlling interests | 23% | ||
New Guards | Non- controlling Interest | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Acquisition of non-controlling interest | (6,901) | ||
Farfetch China Holdings Ltd | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Balance | $ (26,510) | 0 | |
Total comprehensive income/(loss) attributable to non-controlling interests | (19,596) | (12,635) | |
Step acquisition | 0 | ||
Capital contribution from non-controlling interest | (13,875) | ||
Non-controlling interest arising on purchase of asset | 0 | 0 | |
Dividends to non-controlling interests | 0 | 0 | |
Other | 1,453 | 0 | |
Balance | $ (44,653) | (26,510) | $ 0 |
% of non-controlling interests | 25% | ||
Farfetch China Holdings Ltd | Non- controlling Interest | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Acquisition of non-controlling interest | $ 0 |
Non-controlling interests - Add
Non-controlling interests - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Non-controlling interest arising on purchase of asset | $ 5,493 | $ 74,240 | ||
Non-controlling interests | 157,407 | 182,008 | $ 168,556 | |
Proceeds from noncontrolling interests from settlement of first portion of contingent consideration | 5,500 | |||
Acquisition of non-controlling interest | (18,514) | 965 | ||
Dividends paid to minority interests | 17,764 | 23,016 | 20,515 | |
Farfetch China Holdings Ltd | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Non-controlling interests | (44,653) | (26,510) | 0 | |
Dividends paid to minority interests | 0 | 0 | ||
Farfetch China Holdings Ltd | Alibaba | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Percentage if investment | 12.50% | |||
Farfetch China Holdings Ltd | Richemont | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Percentage if investment | 12.50% | |||
Farfetch China Holdings Ltd | Alibaba and Richemont | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Capital contribution from non-controlling interest | $ 500,000 | |||
Acquisition-related costs | 25,000 | |||
Non-controlling interests | $ 13,900 | |||
New Guards | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Non-controlling interests | 206,909 | 212,391 | $ 170,224 | |
Dividends paid to minority interests | $ 17,764 | $ 23,016 | ||
New Guards | Palm Angels | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Percentage if investment | 60% | |||
Non-controlling interest arising on purchase of asset | $ 50,500 | |||
New Guards | Venice S.r.l. | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Acquisition of non-controlling interest | $ 6,900 | |||
Remaining ownership percentage invested | 31% |
Loss Per Share - Summary of Bas
Loss Per Share - Summary of Basic (Loss)/Earnings Per Share and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Used in calculating basic (loss)/earnings per share | $ 359,287 | $ 1,466,487 | $ (3,333,171) |
Convertible note interest | 59,994 | 67,638 | 0 |
Loss on derecognition of convertible loan notes | 27,251 | 0 | 0 |
Gain on items held at fair value and remeasurements | (1,308,915) | (2,041,013) | 0 |
Loss after tax attributable to equity holders of the parent used in calculating diluted loss per share | $ (862,383) | $ (506,888) | $ (3,333,171) |
Weighted average number of basic shares | 384,986,092 | 364,696,712 | 343,829,481 |
Weighted average number of dilutive shares | 465,689,374 | 472,357,995 | 343,829,481 |
Basic | $ 0.93 | $ 4.02 | $ (9.69) |
Diluted | $ (1.85) | $ (1.07) | $ (9.69) |
Options | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 4,306,414 | 20,257,787 | 0 |
Restricted Stock Units (RSUs) | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 3,062,030 | 8,014,788 | 0 |
Other Awards | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 467,864 | 1,200,105 | 0 |
Acquisition Related Deferred Shares | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 0 | 180,369 | |
February 2020 Notes | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 3,260,212 | 14,216,896 | 0 |
May 2020 Notes | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 24,794,680 | 24,794,680 | 0 |
November 2020 Notes | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 18,583,620 | 18,583,620 | 0 |
Palm Angels | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 8,591,251 | 0 | 0 |
Chalhoub | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 1,208,187 | 3,984,014 | 0 |
Farfetch China Holdings Ltd | |||
(Loss)/profit after tax attributable to equity holders of the parent: | |||
Weighted average number of dilutive shares | 16,429,024 | 16,429,024 | 0 |
Loss Per Share - Summary of Pot
Loss Per Share - Summary of Potential Ordinary Shares Excluded from Diluted Earnings Per Share Calculations (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Notes | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 0 | 0 | 63,758 |
Employee Options & RSU's | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 8,533 | 1,114 | 40,890 |
Contingent Consideration | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 152 | 136 | 0 |
Put Call options | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 0 | 3,786 | 0 |
Related party disclosures - Add
Related party disclosures - Additional Information (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Mar. 16, 2021 | Mar. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Jose Neves, The Founder | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Receivable from related party | $ 100,000 | ||||
Payable to related party | $ 100,000 | ||||
Platforme International Limited | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Commission generated | 200,000 | 100,000 | |||
Purchases | 0 | ||||
Receivable from related party | $ 100,000 | ||||
Payable to related party | $ 200,000 | ||||
Alanui S R L | |||||
Disclosure Of Transactions Between Related Parties [Line Items] | |||||
Receivable from related party | $ 500,000 | ||||
Payable to related party | 400,000 | ||||
Ownership interest | 53% | ||||
Sales to related party | $ 200,000 | $ 1,100,000 |
Related party disclosures - Sum
Related party disclosures - Summary of Expense Recognized in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 4,212 | $ 2,456 | $ 1,676 |
Termination benefits | 35 | 36 | 32 |
Share-based compensation | 41,140 | 37,742 | 26,300 |
Key management personnel compensation | $ 45,387 | $ 40,234 | $ 28,008 |
Contracted Commitments, Conti_2
Contracted Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2022 USD ($) | Jul. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of contingent liabilities [line items] | ||||||||
Income tax (expense)/benefit | $ (3,523) | $ 3,002 | $ (14,434) | |||||
Legal Proceedings Contingent Liability | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Income tax (expense)/benefit | $ 17,500 | € 15.6 | ||||||
Payment of taxes, penalties and interest | $ 12,000 | € 11.8 | ||||||
Amount remaining provision retained in respect of further enquiries | $ 4,200 | € 3.9 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | 12 Months Ended | ||||||||||
Apr. 05, 2022 USD ($) | Feb. 01, 2022 USD ($) | Dec. 06, 2021 USD ($) Subsidiary | Feb. 05, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 27, 2022 shares | Dec. 20, 2021 USD ($) | Sep. 14, 2021 USD ($) | Mar. 16, 2021 | |
Disclosure Of Business Combinations [Line Items] | |||||||||||
Share-based payment- reverse vesting shares | $ 40,506,000 | $ 30,191,000 | $ 26,092,000 | ||||||||
Number of ordinary shares issued or issuable | shares | 4,611,848 | ||||||||||
Deferred tax | 19,566,000 | 13,334,000 | 13,556,000 | ||||||||
Goodwill | 402,304,000 | 382,285,000 | |||||||||
Merger Reserve | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Share-based payment- reverse vesting shares | $ 0 | $ 0 | $ 0 | ||||||||
Bottom of Range | Customer Relationships | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Amortization period of intangible assets | 3 years | ||||||||||
Top of Range | Customer Relationships | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Amortization period of intangible assets | 5 years | ||||||||||
Selling, General and Administrative Expenses | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Acquisition-related costs | $ 800,000 | ||||||||||
Wannaby Inc. | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Upfront payments received | $ 25,500,000 | ||||||||||
Share-based payment- reverse vesting shares | $ (5,000,000) | ||||||||||
Cash | 25,523,000 | ||||||||||
Acquisition-related costs | 1,100,000 | ||||||||||
Goodwill | $ 22,159,000 | ||||||||||
Violet Grey, Inc | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Share-based payment- reverse vesting shares | $ (1,300,000) | ||||||||||
Cash | 49,418,000 | ||||||||||
Value of ordinary shares issued or issuable | 5,000,000 | ||||||||||
Goodwill | $ 30,174,000 | ||||||||||
Violet Grey, Inc | Bottom of Range | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Amortization period of developed costs acquired software | 3 years | ||||||||||
Amortization period of developed costs brand | 5 years | ||||||||||
Violet Grey, Inc | Top of Range | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Amortization period of developed costs acquired software | 10 years | ||||||||||
Amortization period of developed costs brand | 16 years | ||||||||||
Luxclusif | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Number of fully owned subsidiaries | Subsidiary | 4 | ||||||||||
Total consideration transferred | $ 26,800,000 | ||||||||||
Cash | 7,800,000 | ||||||||||
Deferred cash | 5,900,000 | ||||||||||
Value of ordinary shares issued or issuable | 13,100,000 | ||||||||||
Amortization period of developed costs | 3 years | ||||||||||
Amortization period of customer relationships | 5 years | ||||||||||
Deferred payments | 135,000 | ||||||||||
Goodwill | $ 3,863,000 | ||||||||||
Luxclusif | Selling, General and Administrative Expenses | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Acquisition-related costs | $ 1,500,000 | ||||||||||
Allure US | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Allure | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Total consideration transferred | $ 21,703,000 | ||||||||||
Cash | 15,858,000 | ||||||||||
Value of ordinary shares issued or issuable | 4,380,000 | ||||||||||
Amortization period of developed costs | 3 years | ||||||||||
Acquisition-related costs | $ 600,000 | ||||||||||
Deferred payments | 1,465,000 | ||||||||||
Contingent consideration | 0 | ||||||||||
Goodwill | $ 18,734,000 | ||||||||||
JBUX | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Total consideration transferred | $ 4,000,000 | ||||||||||
Cash | $ 4,000,000 | ||||||||||
Acquisition-related costs | 700,000 | ||||||||||
Goodwill | $ 2,074,000 | ||||||||||
JBUX Previous Owners | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 100% | ||||||||||
Alanui | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 53% | ||||||||||
Ambush Inc. | |||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||
Percent of ordinary share acquired | 70% | ||||||||||
Total consideration transferred | $ 12,142,000 | ||||||||||
Cash | 12,142,000 | ||||||||||
Acquisition-related costs | 700,000 | ||||||||||
Goodwill | $ 10,674,000 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Consideration, Net Assets Acquired and Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 01, 2022 | Dec. 20, 2021 | Dec. 06, 2021 | Sep. 14, 2021 | Feb. 05, 2020 |
Wannaby Inc. | ||||||
Purchase consideration | ||||||
Total cash or purchase consideration | $ 25,523 | |||||
Cash | $ 25,523 | |||||
Violet Grey, Inc | ||||||
Purchase consideration | ||||||
Total cash or purchase consideration | $ 49,418 | |||||
Cash | 49,418 | |||||
Ordinary shares issued | $ 5,000 | |||||
Luxclusif | ||||||
Purchase consideration | ||||||
Cash | $ 7,682 | |||||
Deferred payments | 135 | |||||
Total cash or purchase consideration | 7,817 | |||||
Cash | 7,800 | |||||
Ordinary shares issued | 13,100 | |||||
Total cash or purchase consideration | $ 26,800 | |||||
Allure | ||||||
Purchase consideration | ||||||
Deferred payments | $ 1,465 | |||||
Cash | 15,858 | |||||
Ordinary shares issued | 4,380 | |||||
Total cash or purchase consideration | $ 21,703 | |||||
JBUX | ||||||
Purchase consideration | ||||||
Cash | $ 4,000 | |||||
Total cash or purchase consideration | $ 4,000 | |||||
Ambush Inc. | ||||||
Purchase consideration | ||||||
Cash | $ 12,142 | |||||
Total cash or purchase consideration | $ 12,142 |
Business Combinations - Summa_2
Business Combinations - Summary of Net cash Outflow Arising on Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Feb. 01, 2022 | Dec. 20, 2021 | Dec. 06, 2021 | Sep. 14, 2021 | Feb. 05, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from investing activities | ||||||||
Net cash outflow | $ (73,860) | $ (27,295) | $ (12,016) | |||||
Wannaby Inc. | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | 485 | |||||||
Cash consideration | (25,523) | |||||||
Net cash outflow | $ (25,038) | |||||||
Luxclusif | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | $ 803 | |||||||
Cash consideration | (7,682) | |||||||
Net cash outflow | $ (6,879) | |||||||
Allure | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | $ 1,840 | |||||||
Cash consideration | (15,858) | |||||||
Net cash outflow | $ (14,018) | |||||||
JBUX | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | $ 48 | |||||||
Cash consideration | (4,000) | |||||||
Net cash outflow | $ (3,952) | |||||||
Ambush Inc. | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | $ 126 | |||||||
Cash consideration | (12,142) | |||||||
Net cash outflow | $ (12,016) | |||||||
Violet Grey, Inc | ||||||||
Cash flows from investing activities | ||||||||
Cash and cash equivalent balances acquired | $ 596 | |||||||
Cash consideration | (49,418) | |||||||
Net cash outflow | $ (48,822) |
Business Combinations - Summa_3
Business Combinations - Summary of Assets and Liabilities Recognized upon Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 01, 2022 | Dec. 31, 2021 | Dec. 20, 2021 | Dec. 06, 2021 | Sep. 14, 2021 | Mar. 16, 2021 | Feb. 05, 2020 |
Disclosure Of Business Combinations [Line Items] | ||||||||
Goodwill | $ 402,304 | $ 382,285 | ||||||
Wannaby Inc. | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Acquired software | 11,500 | |||||||
Customer relationships | 2,500 | |||||||
Brand name | 300 | |||||||
Tangible assets | 64 | |||||||
Net working capital | (1,470) | |||||||
Net debt | (6,959) | |||||||
Deferred tax liability | (2,570) | |||||||
Total net identified assets acquired | 3,365 | |||||||
Goodwill | 22,159 | |||||||
Total net identified assets acquired and goodwill | 25,524 | |||||||
Luxclusif | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Customer relationships | $ 1,611 | |||||||
Tangible assets | 73 | |||||||
Net working capital | 3,461 | |||||||
Net debt | (2,671) | |||||||
Deferred tax liability | (725) | |||||||
Development Costs | 2,205 | |||||||
Total net identified assets acquired | 3,954 | |||||||
Goodwill | 3,863 | |||||||
Total net identified assets acquired and goodwill | 7,817 | |||||||
Total cash or purchase consideration | $ 26,800 | |||||||
Allure | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Tangible assets | $ 77 | |||||||
Net working capital | 118 | |||||||
Net debt | (1,609) | |||||||
Deferred tax liability | (1,029) | |||||||
Development Costs | 5,412 | |||||||
Total net identified assets acquired | 2,969 | |||||||
Goodwill | 18,734 | |||||||
Total net identified assets acquired and goodwill | 21,703 | |||||||
Total cash or purchase consideration | $ 21,703 | |||||||
JBUX | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Tangible assets | $ 2 | |||||||
Net working capital | (10) | |||||||
Net debt | (17) | |||||||
Deferred tax liability | (331) | |||||||
Development Costs | 2,282 | |||||||
Total net identified assets acquired | 1,926 | |||||||
Goodwill | 2,074 | |||||||
Total net identified assets acquired and goodwill | 4,000 | |||||||
Total cash or purchase consideration | $ 4,000 | |||||||
Alanui | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Brand name | $ 7,279 | |||||||
Tangible assets | 55 | |||||||
Net working capital | (1,070) | |||||||
Deferred tax liability | (2,041) | |||||||
Intangible assets | 81 | |||||||
Other non-current assets | 291 | |||||||
Inventory | 830 | |||||||
Non-current liabilities | (28) | |||||||
Total net identified assets acquired | 5,397 | |||||||
Fair value of previously held equity interest | (2,963) | |||||||
Non-controlling interest | $ (2,434) | |||||||
Ambush Inc. | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Brand name | $ 4,699 | |||||||
Tangible assets | 1,365 | |||||||
Net working capital | (2,175) | |||||||
Deferred tax liability | (1,311) | |||||||
Intangible assets | 127 | |||||||
Right-of-use assets | 858 | |||||||
Other non-current assets | 720 | |||||||
Inventory | 3,374 | |||||||
Non-current liabilities | (5,224) | |||||||
Total net identified assets acquired | 2,433 | |||||||
Goodwill | 10,674 | |||||||
Total net identified assets acquired and goodwill | 13,107 | |||||||
Non-controlling interest | (965) | |||||||
Total cash or purchase consideration | 12,142 | |||||||
Net assets acquired | $ 12,142 | |||||||
Violet Grey, Inc | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Acquired software | $ 1,155 | |||||||
Brand name | 28,480 | |||||||
Tangible assets | 189 | |||||||
Net working capital | (3,135) | |||||||
Net debt | (1,222) | |||||||
Deferred tax liability | (6,223) | |||||||
Total net identified assets acquired | 19,244 | |||||||
Goodwill | 30,174 | |||||||
Total net identified assets acquired and goodwill | $ 49,418 | |||||||
Curiosity China | ||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||
Goodwill | $ 3,039 | $ 3,039 |
Group Information - Summary of
Group Information - Summary of Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Estonia | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Parent [member] | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch UK Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Marketing, providing editorial and merchant services | |
Farfetch.com US LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | California (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce and marketing | |
Allure Systems Research France S.A.S. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | France | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch HK Holdings Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Hong Kong | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch-Portugal Unipessoal Lda | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Portugal | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Back office support | |
Ambush (Shanghai) Trading Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 70% | 70% |
Description of Principal Activities of Subsidiaries | Retail | |
Browns (South Molton Street) Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch Japan Co Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Japan | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce and marketing | |
Farfetch China (HK Holdings) Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Hong Kong | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch (Shanghai) E-Commerce Co. Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch HK Production Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Hong Kong | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce and marketing | |
Farfetch Store of the Future Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Dormant company | |
Fashion Concierge UK Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
F.F.B.R. Importacao e Exportação LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Import & Export Agent for Farfetch | |
Fafaqi Shanghai Network Technology Development Co Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch Brasil China Exportacao Ltda | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch International Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Isle of Man | |
Proportion of ownership interests held by the Group | 80% | 80% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch Canada Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Fashion Concierge Powered By Farfetch, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch India Private Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | India | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Back office support | |
Farfetch China US LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch Middle East FZE | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Arab Emirates | |
Proportion of ownership interests held by the Group | 80% | 80% |
Description of Principal Activities of Subsidiaries | Back office support | |
Farfetch Osprey Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch Italia S.R.L. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Back office support | |
Farfetch Australia Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Back office support | |
Farfetch US Holdings, INC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch W3 FZE | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Arab Emirates | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Fashion Concierge HK Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Hong Kong | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Stadium Enterprises LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
SGNY1 LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | New York (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch México, S.A de C.V | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Mexico | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Back office support | |
Kicks Lite LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | New York (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch RU LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Russian Federation | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services and back office support | |
Beijing Qizhi Ruisi Information Consulting Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 84% | 81% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch Platform Solutions Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Farfetch UK FINCO Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
New Guards Group Holding S.p.A | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
County S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Off-White Operating S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Venice S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch.com Brasil Serviços LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce, marketing and editorial services | |
Unravel Project S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 61% | 61% |
Description of Principal Activities of Subsidiaries | Retail | |
FarfetchComLimitedMember | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Isle of Man | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Heron Preston S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 80% | 80% |
Description of Principal Activities of Subsidiaries | Retail | |
Alanui S R L | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 53% | 53% |
Description of Principal Activities of Subsidiaries | Retail | |
APA S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Heron Preston Trademark S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 51% | 51% |
Description of Principal Activities of Subsidiaries | Retail | |
KPG S.R.L. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off-White Operating Milano S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating Holding, Corp. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating Soho, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | New York (USA) | |
Proportion of ownership interests held by the Group | 0% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating Miami, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Florida (USA) | |
Proportion of ownership interests held by the Group | 0% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Laso. Co. Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Japan | |
Proportion of ownership interests held by the Group | 0% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services and marketing | |
Off White Operating Vegas, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Nevada (USA) | |
Proportion of ownership interests held by the Group | 0% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating Los Angeles, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | California (USA) | |
Proportion of ownership interests held by the Group | 0% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating London Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch Europe Trading BV | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | The Netherlands | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch China Holdings Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch China Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Ambush Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Japan | |
Proportion of ownership interests held by the Group | 70% | 70% |
Description of Principal Activities of Subsidiaries | Retail | |
OC Italy S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Ambush Italy S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 70% | 70% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White (Shanghai) Trading Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
NGG Beauty Srl | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
NGG Beta S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
NGGH++ S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Allure Systems Corp | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
F Concierge France S.A.S. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | France | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
JBUX Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Luxclusif Unipessoal Lda | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Portugal | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Off-White Operating Paris S.a.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | France | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Luxi (Shanghai) Trading Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Trading company | |
Off White Operating Spain SL | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Spain | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
M.A. Alliance Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Japan | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Off-White Operating Switzerland GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Switzerland | |
Proportion of ownership interests held by the Group | 75% | 75% |
Description of Principal Activities of Subsidiaries | Retail | |
Upteam Corporation Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Hong Kong | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Palm Angels (Shanghai) Trading Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | People's Republic of China | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Palm Angels S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 60% | 60% |
Description of Principal Activities of Subsidiaries | Retail | |
There Was One S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Venice Holding Corp. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 100% |
Description of Principal Activities of Subsidiaries | Holding company | |
Venice Miami LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Florida (USA) | |
Proportion of ownership interests held by the Group | 0% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Venice Retail France SASU | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | France | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Venice Vegas LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Nevada (USA) | |
Proportion of ownership interests held by the Group | 0% | 100% |
Description of Principal Activities of Subsidiaries | Retail | |
Violet Grey, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Browns (South Molton Street) LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Wannaby Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Delaware (USA) | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Wannaby UAB | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Lithuania | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
SG Enterprises Europe B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | The Netherlands | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Off-White Operating The Netherlands B.V | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | The Netherlands | |
Proportion of ownership interests held by the Group | 75% | 0% |
Description of Principal Activities of Subsidiaries | Retail | |
Venice Retail UK Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interests held by the Group | 100% | 0% |
Description of Principal Activities of Subsidiaries | Retail |
Group Information - Summary o_2
Group Information - Summary of Subsidiaries (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
F.F.B.R. Importacao e Exportação LTDA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
F.F.B.R. Importacao e Exportação LTDA | Parent | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 99.90% | |
F.F.B.R. Importacao e Exportação LTDA | Farfetch UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 0.10% | |
Farfetch.com Brasil Serviços LTDA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Farfetch.com Brasil Serviços LTDA | Parent | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 99.9995% | |
Farfetch.com Brasil Serviços LTDA | Farfetch UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 0.0005% | |
Farfetch México, S.A de C.V | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Farfetch México, S.A de C.V | Parent | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 1% | |
Farfetch México, S.A de C.V | Farfetch UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 99% | |
Farfetch India Private Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Farfetch India Private Limited | Parent | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0.10% | |
Farfetch India Private Limited | Farfetch UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 99.90% |