Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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 $0.04 per share |
Entity Incorporation, State or Country Code | E9 |
Security Exchange Name | NYSE |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Voluntary Filers | No |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Entity File Number | 001-38655 |
Entity Address, Address Line One | The Bower |
Entity Address, Address Line Two | 211 Old Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | EC1V 9NR |
Entity Address, Country | GB |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | James L. Maynard General Counsel & Executive Vice President Group Legal |
Entity Address, Address Line One | Farfetch Limited |
Entity Address, Address Line Two | The Bower |
Entity Address, Address Line Three | 211 Old Street |
Entity Address, City or Town | London |
Entity Address, Postal Zip Code | EC1V 9NR |
Entity Address, Country | GB |
Contact Personnel Email Address | IR@farfetch.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 311,352,064 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 42,858,080 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Statement [Abstract] | ||||
Revenue | $ 1,673,922 | $ 1,021,037 | $ 602,384 | |
Cost of revenue | (902,994) | (561,191) | (303,934) | |
Gross profit | 770,928 | 459,846 | 298,450 | |
Selling, general and administrative expenses | (1,351,483) | (869,609) | (471,766) | |
Impairment losses on tangible assets | (2,991) | 0 | 0 | |
Impairment losses on intangible assets | (36,269) | 0 | 0 | |
Operating loss | [1],[2] | (619,815) | (409,763) | (173,316) |
Gain/(loss) on items held at fair value and remeasurements | [1] | (2,643,573) | 21,721 | 0 |
Share of results of associates | [1] | (74) | 366 | 33 |
Finance income | 24,699 | 34,382 | 38,182 | |
Finance costs | (108,742) | (19,232) | (18,316) | |
Loss before tax | (3,347,505) | (372,526) | (153,417) | |
Income tax (expense)/benefit | 14,434 | (1,162) | (2,158) | |
Loss after tax | (3,333,071) | (373,688) | (155,575) | |
(Loss)/profit after tax attributable to: | ||||
Equity holders of the parent | (3,350,619) | (385,297) | (155,575) | |
Non-controlling interests | 17,548 | 11,609 | 0 | |
Loss after tax | $ (3,333,071) | $ (373,688) | $ (155,575) | |
Loss per share attributable to owners of the parent | ||||
Basic and diluted | $ (9.75) | $ (1.21) | $ (0.59) | |
Weighted-average shares outstanding | ||||
Basic and diluted | 343,829,481 | 318,843,239 | 264,432,214 | |
[1] | In the year ended December 31, 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statements of operations. See Note 2 for further details. | |||
[2] | See Note 2 for further details. |
Consolidated statements of comp
Consolidated statements of comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Comprehensive Income [Abstract] | |||
Loss for the year | $ (3,333,071) | $ (373,688) | $ (155,575) |
Items that may be subsequently reclassified to the consolidated statements of operations or financial position (net of tax): | |||
Exchange differences (loss)/gain on translation of foreign operations | 23,903 | (7,333) | (24,142) |
Gain/(loss) on cash flow hedges recognized in equity | (4,227) | (11,863) | 436 |
Gain on cash flow hedges recognized in equity - time value | 2,552 | ||
Less: Loss on cash flow hedges reclassified and reported in net loss | 17,612 | 8,337 | |
Items that will not be subsequently reclassified to the consolidated statements of operations (net of tax): | |||
Impairment loss on investments | (100) | ||
Remeasurement loss on severance plan | (24) | (58) | |
Other comprehensive (loss)/income for the year, net of tax | 39,816 | (11,017) | (23,706) |
Total comprehensive (loss)/income for the year, net of tax | (3,293,255) | (384,705) | (179,281) |
Total comprehensive (loss)/income attributable to: | |||
Equity holders of the parent | (3,311,135) | (396,314) | (179,281) |
Non-controlling interests | 17,880 | 11,609 | |
Total comprehensive (loss)/income for the year, net of tax | $ (3,293,255) | $ (384,705) | $ (179,281) |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Other receivables | $ 58,081 | $ 12,388 |
Deferred tax assets | 13,556 | 5,324 |
Intangible assets, net | 1,279,328 | 1,362,967 |
Property, plant and equipment, net | 89,082 | 67,999 |
Right-of-use assets | 179,227 | 115,176 |
Investments | 8,278 | 16,229 |
Investments in associates | 2,319 | 2,466 |
Total non-current assets | 1,629,871 | 1,582,549 |
Current assets | ||
Inventories | 145,309 | 128,107 |
Trade and other receivables | 209,946 | 189,897 |
Current tax assets | 2,082 | 1,873 |
Derivative financial assets | 30,242 | 3,024 |
Cash and cash equivalents | 1,573,421 | 322,429 |
Total current assets | 1,961,000 | 645,330 |
Total assets | 3,590,871 | 2,227,879 |
Non-current liabilities | ||
Provisions | 129,113 | 23,704 |
Lease liabilities | 165,275 | 100,833 |
Deferred tax liabilities | 182,463 | 219,789 |
Employee benefit obligations | 26,116 | 16,455 |
Derivative financial liabilities | 2,996,220 | |
Borrowings | 635,237 | |
Put and call option liabilities | 348,937 | 61,268 |
Other financial liabilities | 4,853 | |
Total non-current liabilities | 4,488,214 | 422,049 |
Current liabilities | ||
Trade and other payables | 666,144 | 413,696 |
Provisions | 27,146 | |
Current tax liability | 3,098 | 28,289 |
Lease liabilities | 26,128 | 18,485 |
Employee benefit obligations | 38,286 | |
Derivative financial liabilities | 17,427 | 5,601 |
Put and call option liabilities | 1,118 | |
Other current financial liabilities | 518 | 809 |
Total current liabilities | 778,747 | 467,998 |
Total liabilities | 5,266,961 | 890,047 |
Equity/(deficit) | ||
Share capital | 14,168 | 13,584 |
Share premium | 927,931 | 878,007 |
Merger reserve | 783,529 | 783,529 |
Foreign exchange reserve | (7,271) | (30,842) |
Other reserves | 447,753 | 349,463 |
Accumulated losses | (4,010,756) | (826,135) |
Equity/(deficit) attributable to owners of the parent | (1,844,646) | 1,167,606 |
Non-controlling interests | 168,556 | 170,226 |
Total equity/(deficit) | (1,676,090) | 1,337,832 |
Total equity/(deficit) and liabilities | $ 3,590,871 | $ 2,227,879 |
Consolidated statements of chan
Consolidated statements of changes in equity/(deficit) - USD ($) $ in Thousands | Total | Share Capital | Share Premium | Merger Reserve | Foreign Exchange Reserve | Other Reserves | Accumulated Losses | Equity/(Deficit) Attributable to Owners of the Parent | Non- controlling Interest |
Beginning balance at Dec. 31, 2017 | $ 396,903 | $ 9,298 | $ 677,674 | $ 633 | $ 38,475 | $ (329,177) | $ 396,903 | ||
Changes in equity/(deficit) | |||||||||
(Loss)/income after tax for the year | (155,575) | (155,575) | (155,575) | ||||||
Other comprehensive (loss)/income | (23,706) | (24,142) | 436 | (23,706) | |||||
Total comprehensive (loss)/income for the year, net of tax | (179,281) | (24,142) | 436 | (155,575) | (179,281) | ||||
Capital reorganization | 106,507 | 652 | (677,674) | $ 783,529 | 106,507 | ||||
Issue of share capital, net of transaction costs | 774,344 | 2,044 | 772,300 | 774,344 | |||||
Share based payment – equity settled | 29,958 | 28,563 | 1,395 | 29,958 | |||||
Ending balance at Dec. 31, 2018 | 1,128,431 | 11,994 | 772,300 | 783,529 | (23,509) | 67,474 | (483,357) | 1,128,431 | |
Changes in equity/(deficit) | |||||||||
(Loss)/income after tax for the year | (373,688) | (385,297) | (385,297) | $ 11,609 | |||||
Other comprehensive (loss)/income | (11,017) | (7,333) | (3,684) | (11,017) | |||||
Total comprehensive (loss)/income for the year, net of tax | (384,705) | (7,333) | (3,684) | (385,297) | (396,314) | 11,609 | |||
Loss (Gain) on cashflow hedge transferred to inventory | 142 | 142 | 142 | ||||||
Issue of share capital, net of transaction costs | 500,402 | 1,590 | 105,707 | 393,105 | 500,402 | ||||
Share based payment – equity settled | 123,224 | 76,383 | 46,841 | 123,224 | |||||
Share based payment- reverse vesting shares | (82,646) | (82,646) | (82,646) | ||||||
Transaction with non-controlling interests | (101,311) | (101,311) | (101,311) | ||||||
Non-controlling interest arising from a business combination | 158,617 | 393,853 | 158,617 | ||||||
Non-controlling interest call option | (4,322) | (4,322) | (4,322) | ||||||
Ending balance at Dec. 31, 2019 | 1,337,832 | 13,584 | 878,007 | 783,529 | (30,842) | 349,463 | (826,135) | 1,167,606 | 170,226 |
Changes in equity/(deficit) | |||||||||
(Loss)/income after tax for the year | (3,333,071) | (3,350,619) | (3,350,619) | 17,548 | |||||
Other comprehensive (loss)/income | 39,816 | 23,571 | 15,913 | 39,484 | 332 | ||||
Total comprehensive (loss)/income for the year, net of tax | (3,293,255) | 23,571 | 15,913 | (3,350,619) | (3,311,135) | 17,880 | |||
Loss (Gain) on cashflow hedge transferred to inventory | (1,213) | (1,213) | (1,213) | ||||||
Issue of share capital, net of transaction costs | 55,316 | 584 | 49,924 | 4,808 | 55,316 | ||||
Share based payment – equity settled | 218,688 | 52,690 | 165,998 | 218,688 | |||||
Share based payment- reverse vesting shares | 26,092 | 26,092 | 26,092 | ||||||
Non-controlling interest arising from a business combination | 965 | 4,808 | 965 | ||||||
Dividends paid to non-controlling interests | (20,515) | (20,515) | |||||||
Ending balance at Dec. 31, 2020 | $ (1,676,090) | $ 14,168 | $ 927,931 | $ 783,529 | $ (7,271) | $ 447,753 | $ (4,010,756) | $ (1,844,646) | $ 168,556 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities | ||||
Operating loss | [1],[2] | $ (619,815) | $ (409,763) | $ (173,316) |
Adjustments to reconcile operating loss to net cash provided by operating activities: | ||||
Depreciation | 39,366 | 28,536 | 7,338 | |
Amortization | 177,857 | 85,055 | 16,199 | |
Non-cash employee benefits expense | 168,347 | 138,195 | 53,819 | |
Net loss/(gain) on sale of non-current assets | (144) | 1,028 | ||
Net exchange differences | (842) | 7,621 | ||
Impairment losses on tangible assets | 2,991 | |||
Impairment losses on intangible assets | 36,269 | |||
Impairment of investments | 235 | 5,000 | ||
Changes in working capital | ||||
Increase in receivables | (15,833) | (51,273) | (72,151) | |
Increase in inventories | (16,471) | (29,723) | (10,345) | |
Increase in payables | 280,454 | 113,716 | 56,896 | |
Changes in other assets and liabilities | ||||
(Increase)/decrease in non-current receivables | (1,453) | 3,723 | (1,265) | |
Increase in other liabilities | 59,640 | 11,575 | ||
(Decrease)/increase in provisions | 85,001 | (4,252) | (701) | |
Decrease in derivative financial instruments | (15,052) | (117) | (506) | |
Income taxes paid | (65,221) | (16,328) | (822) | |
Net cash (outflow)/inflow from operating activities | 116,315 | (126,642) | (116,205) | |
Cash flows from investing activities | ||||
Acquisition of subsidiaries, net of cash acquired | (12,016) | (461,691) | ||
Payments for property, plant and equipment | (26,839) | (39,512) | (21,137) | |
Proceeds on disposal of property, plant and equipment | 272 | |||
Payments for intangible assets | (94,105) | (72,985) | (50,978) | |
Interest received | 3,131 | 11,259 | 8,865 | |
Dividends received from associate | 60 | |||
Payments for investments | (2,872) | (20,846) | (288) | |
Net cash outflow from investing activities | (132,641) | (583,503) | (63,538) | |
Cash flows from financing activities | ||||
Proceeds from issue of shares, net of issue costs | 50,000 | 856,979 | ||
Proceeds from exercise of employee share based awards | 62,899 | 8,654 | 2,547 | |
Repayment of the principal elements of lease payments | (19,051) | (19,127) | ||
Proceeds from borrowings, net of issue costs | 1,241,861 | |||
Dividends paid to holders of non-controlling interests | (20,515) | |||
Interest and fees paid on loans | (54,154) | (4,776) | ||
Net cash inflow/(outflow) from financing activities | 1,261,040 | (15,249) | 859,526 | |
Net increase/(decrease) in cash and cash equivalents | 1,244,714 | (725,394) | 679,783 | |
Cash and cash equivalents at the beginning of the year | 322,429 | 1,044,786 | 384,002 | |
Effects of exchange rate changes on cash and cash equivalents | 6,278 | 3,037 | (18,999) | |
Cash and cash equivalents at end of year | $ 1,573,421 | $ 322,429 | $ 1,044,786 | |
[1] | In the year ended December 31, 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statements of operations. See Note 2 for further details. | |||
[2] | See Note 2 for further details. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2020 | |
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 the Company-owned (Browns, New Guards, Stadium Goods) and the branded stores (Off-White, Ambush); and • providing a platform for the development of global luxury fashion brands. Effects of the COVID-19 pandemic The impact of the ongoing COVID-19 pandemic is severe, widespread and continues to evolve. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures, including quarantines, travel bans, business closures and other heightened restrictions suggested or mandated by governmental authorities or otherwise elected by companies as a preventive measure, have adversely affected workforces, customers, consumer sentiment, economies, and financial markets, and, along with decreased consumer spending, have led to an economic downturn in many of our markets. It is impossible to predict all the effects and the ultimate impact of the COVID-19 pandemic, as the situation continues to rapidly evolve. 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. The impact of the COVID-19 pandemic and actions taken in response to it had varying effects on our 2020 operating results. Since the onset of the pandemic, there has been an acceleration in the shift of consumer demand to online, which the Group has partially benefited from. This has resulted in Digital Platform revenue growth. This growth in revenue has been partially offset by the performance in Brand Platform revenue which has been impacted by Brand Platform customers having to close at various times during 2020 as a result of government enforced lockdowns. In light of the COVID-19 pandemic, the Group has considered the impact on the consolidated financial statements and where appropriate any impacts have been reflected in the financial statements. These financial statements were authorized for issue by the board on March 4, 2021. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounting Policies [Abstract] | |
Significant accounting policies | 2. 2.1. 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. 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 have been prepared under the historical cost convention unless otherwise stated. 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. In 2020, we changed the presentation of our operating loss in the consolidated financial statements to reflect losses on items held at fair value and remeasurements and share of results of associates, as non-operating items in the consolidated statements of operations. These items are presented as non-operating for the current and prior years within the consolidated statements of operations to reflect the change in classification. We have made this presentation change in order to improve comparability of our year-over-year operating loss, particularly given the increased volatility of the items with a valuation dependent on our market share prices. As a result of this presentational change, the consolidated statements of cash flows now starts with operating loss rather than loss before tax as previously reported. This change had no impact on our historical loss after tax or on any of our historical consolidated statements of financial position, operations, comprehensive loss changes in equity and cash flows. We determined that these presentational changes had no material impact on the previously reported financial information or on any previously issued financial statements. Effective January 1, 2019, we adopted the requirements of IFRS 16, Leases, (“IFRS 16”). The consolidated financial statements provide comparative information in respect of the period prior to adoption. 2.2. 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 statements 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. a) 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. For details of business combinations please see Note 5. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed which are measured at fair value at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (“CGU’s”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Annual impairment testing is performed at every reporting date being December 31. Refer to Note 2.3 (n) for the Group’s policy on the impairment of non-financial assets. b) The Group recognizes an investment in 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 Finance Limited and Alanui S.r.l, 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 other comprehensive income. c) The Group presents assets and liabilities in the statements 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) This section outlines the Group 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) at the end of each reporting period. e) 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, 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 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 statements 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) 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 Company is U.S. dollars. In January 2019, the functional currency of Farfetch UK Limited, the Group’s primary trading entity, changed from pound sterling to U.S dollars. This was a result of a gradual change in the primary economic environment in which Farfetch UK Limited operates driven by the growth of consumers where the Group receives U.S. dollars in settlement. This is combined with an increase in costs influenced by movements in the U.S dollar. The Group’s corporate treasury function continually monitors the Group’s exposure to foreign currency movements. Farfetch UK Limited is exposed to movements in several key currencies including the U.S dollar, euro and pound sterling. Following a review of Farfetch UK Limited’s expected receipts and expenses, the Group determined that U.S dollars had become the dominant currency from January 2019. As a result, this triggered a change in functional currency. h) 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 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 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 statements 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 CGUs which are tested for impairment annually. If the recoverable amount of the cash-generating unit 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 cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Refer to Note 2.3 (n) 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 measure reliably 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 statements of operations for the year in which they are incurred. 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 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 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. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payment made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, 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 standard includes 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) 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 continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing 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 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, calculated according to the weighted average cost method for each category of goods, 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 statements 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 ) 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 Groups financial assets comprise cash and cash equivalents, receivables and derivative financial instruments. Derivative financial instruments are comprised of forward exchange contracts and foreign exchange option contracts, which are measured at fair value through profit or loss, unless they are formally designated and measured as cash flow hedges. Trade receivables are generally 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 taken directly to the consolidated statements of operations. Subsequently, the financial assets are remeasured, and gains and losses are recognized in the consolidated statements of operations. 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) and foreign exchange contracts. 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. Put and call option liabilities and foreign exchange contracts are measured initially at fair value through profit or loss with transaction costs taken directly to the consolidated statements of operations. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognized in the consolidated statements of operations. 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. Such derivatives are classified as a current asset or liability. The group designates certain derivatives as cash flow hedges to hedge particular risks associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions. At inception of the hedge relationship, the Group documents the economic 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. Currently the Group has only designated cash flow hedges. 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. When a hedging instrument matures, any gains or losses held in the cash flow hedge reserve are recycled to the statements of operations or inventory on the balance sheet when the related hedged item is recognized in the statements of operations or inventory on the balance sheet. If a hedge no longer meets the criteria for hedge accounting, or the forecast transaction is no longer likely to occur, the cumulative gain or loss re |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2020 | |
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 in determining 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 (Note 25). 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. 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 is required of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilized. The Group reviews this assessment on an annual basis. Identification of embedded derivative in borrowing arrangements During the year ended December 31, 2020, the Group issued senior convertible notes for amounts of $250.0 million, $400.0 million and $600.0 million. 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. Farfetch UK Limited functional currency change – date of change As disclosed on Note 2.3 (g), in January 2019 the functional currency of Farfetch UK Limited, the Group’s primary trading entity, changed from pound sterling to U.S dollar. Please refer to Note 2.3 (g) for further information. Non-controlling interests NCI is recognized at the time of acquisition when it is considered that the risks and rewards associated with NCI rests with non-controlling shareholders, and not recognized if it is considered that the risks and rewards rest with the Group. 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 asset, as well as the sensitivity of the respective fair values to the underlying significant assumptions. We use a discounted cash flow method of the income approach to measure the fair value of these intangible assets and use specialists to develop certain estimates and assumptions. The significant estimates and assumptions used are in respect to (i) expected future revenue growth rates; (ii) anticipated operating margins; (iii) the useful lives of the acquired brand names; and (iv) the discount rates to be applied to the estimated future cash flows. During the measurement period, which may be up to one year from the date of acquisition, the Group may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Group continues to collect information and reevaluates these estimates and assumptions as deemed reasonable by management. The Group records any adjustments to these estimates and assumptions against goodwill provided they arise within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. We also use our best estimates and assumptions to accurately account for the value of put options over non-controlling interests, when applicable. A There are no reasonable changes in assumptions and estimates that might materially impact the financial statements. For details of business combinations please refer to Impairment of non-financial assets Impairment exists when the carrying value of an asset CGU or group of CGU 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 In 2020, as a result of the COVID-19 pandemic and related impairment triggers, we conducted an impairment test on our intangible assets (Note 16), property plant and equipment (Note 17) and right-of-use assets (Note 18). We identified an impairment requirement on the property, plant and equipment and a right-of-use asset at one of our smaller retail locations, which we considered separate CGUs. Also in 2020, we recognized an impairment charge of $36.3 million on intangible assets and $0.7 million on tangible assets primarily comprised of $30.5 million related to a reduction in the carrying value of intangible brand assets and corporate right-of-use assets associated with New Guards brand portfolio. The remaining $5.8 million impairment charge on intangible assets related to the closure of our direct consumer-facing channels on JD.com and the associated intangible asset held for the Farfetch Level 1 access button. This resulted from our annual considerations of potential impairment of assets, including our intangible assets, whereby indicators of impairment were present. See Note 16 for further details on the assumptions and associated sensitivities. Fair value of financial instruments, including embedded derivatives 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 in establishing 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 as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) For more information, including further details on assumptions and associated sensitivities, please refer to Note 27 Financial instruments and financial risk management. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract] | |
Revenue | 4. Revenue Revenue by type of good or service (in thousands) 2018 2019 2020 Digital Platform Services third-party revenue $ 378,826 $ 496,040 $ 637,568 Digital Platform Services first-party revenue 110,169 205,206 395,588 Digital Platform Services Revenue 488,995 701,246 1,033,156 Digital Platform Fulfilment Revenue 97,794 127,960 213,228 Brand Platform Revenue - 164,210 390,014 In-Store Revenue 15,595 27,621 37,524 Total Revenue $ 602,384 $ 1,021,037 $ 1,673,922 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 statements 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. At December 31, 2020, these deferred amounts were $1.0 million (2019: $1.8 million, 2018: $2.0 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, 2020 within the next ninety days from the reporting period. In 2020, $1.8 million (2019: $2.0 million, 2018: $1.1 million) of revenue deferred in 2019 (2018, 2017) was recognized as revenue. 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 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, 2020, revenue of $5.4 million (2019: $2.7 million, 2018: $0.5 million) has been 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. In 2020 $2.7 million (2019: $0.5 million, 2018: $0.4 million) of revenue deferred in 2019 (2018, 2017) was recognized as revenue. As at the end of the reporting period there were receivables from contracts with customers for the amount of $nil (2019 and 2018: $nil). Further detail can be found in Note 2.3 (e). 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 transferred 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. At December 31, 2020, these deferred amounts were $2.1 million (2019: $2.9 million, 2018: $nil). In-store The Group has a single performance obligation in respect to In-Store Revenue, which is the sale of finished goods. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Business Combinations [Abstract] | |
Business combinations | 5. Business combinations Acquisitions in 2018 There were no business combinations in 2018. Acquisitions in 2019 Stadium Goods On January 4, 2019, Farfetch Limited completed the acquisition of 100% of the outstanding shares of Stadium Goods, the sneaker and streetwear marketplace for total consideration of $230.9 million. The Group expects to benefit from Stadium Goods’ brand, access to supply, and a team who have joined the Group, bringing with them a strong passion for, and knowledge of, luxury streetwear, further enhancing the company’s marketplace and stores offering. The consideration payable by the Group was in the form of cash consideration and Farfetch Limited shares. The consideration payable was split as $150.2 million of cash, and 4,641,554 Class A Ordinary Shares with a value of $80.7 million based on the Farfetch Limited share price as at the acquisition date. The transaction is accounted for as a business combination under IFRS 3 and the purchase price allocation accounting has been finalized. Of the $80.7 million share consideration, $52.1 million includes a service condition for certain members of the Stadium Goods management team remaining with the Group over a four-year period. This does not satisfy the IFRS 3 definition of consideration and will be recognized as an expense in the statements of operations over the four-year service period as a share based payment expense. Therefore, under IFRS 3, the consideration is $178.8 million consisting of $150.2 million cash consideration and $28.6 million share consideration, none of which is contingent on future performance or service conditions. Details of the purchase consideration, the assets acquired and goodwill are as follows (in thousands): 2019 Cash consideration $ 150,200 Ordinary shares issued 28,600 Total purchase consideration $ 178,800 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 1,678 Cash consideration (150,200 ) Net cash outflow $ (148,522 ) The ordinary shares issued are non-cash investing activities. The Group finalized its purchase price allocation in the first quarter 2019. The Group recognized the following assets and liabilities upon acquisition of Stadium Goods (in thousands): 2019 Intangible assets $ 2,049 Brand name 117,300 Tangible assets 319 Right-of-use assets 2,802 Other non-current assets 243 Inventory 541 Net working capital (excluding inventory) (3,642 ) Non-current liabilities (14,465 ) Total net identified assets acquired 105,147 Goodwill 73,653 Net assets acquired $ 178,800 Goodwill consists of expected synergies to be achieved by combining the operations of Stadium Goods 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. No deferred tax has been recognized however on the basis that management did not consider there to be sufficient evidence at the time of the acquisition that suitable taxable profits were expected to arise to support recognition. As the transaction has been treated as an asset purchase for tax purposes, no deferred tax has been recognized in respect of the brand name as there is no difference between the tax base and carrying amount at acquisition as it is expected that the brand name will be deductible for tax purposes. Acquisition-related costs of $4.0 million were recorded in the year ended December 31, 2019, and comprised $2.5 million, which are included in selling, general and administrative expenses, and $1.5 million, which are included in the merger relief reserve. Toplife On May 28, 2019, Farfetch (Shanghai) E-commerce Co., Ltd, a wholly owned subsidiary of Farfetch Limited, acquired 100% of the business of Toplife, a luxury e-commerce platform, from JD Group. The transaction is being treated as a business combination under IFRS 3. The primary reason for the acquisition was for the Group to leverage the JD App Level 1 Access Button (Farfetch has replaced the Toplife JD Store with level 1 access being a prominent position on JD App’s homepage) to further enhance the Farfetch Marketplace. Details of the purchase consideration, the assets acquired, and goodwill are as follows (in thousands): 2019 Cash consideration $ 48,503 Total purchase consideration $ 48,503 No cash or cash equivalents were acquired. The Group has performed its purchase price allocation which was finalized in the second quarter of 2020. Details of the purchase price allocation is below (in thousands): 2019 Tangible assets $ 17 Inventory 131 Current liabilities (1,605 ) Level 1 access button 9,058 Total net identified assets acquired 7,601 Goodwill 40,902 Net assets acquired $ 48,503 Goodwill consists of expected synergies to be achieved by combining the operations of Toplife 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 Level 1 access button is amortized over four years. Acquisition-related costs totaled $0.7 million and are included in selling, general and administrative expenses. These costs were recorded in the year ending December 31, 2019. In November 2020, the Group fully impaired the Level 1 access button due to the closure of our direct consumer-facing channels on JD.com. At that time, the carrying amount of the intangible asset was $5.8 million (see Note 16). CuriosityChina On April 3, 2019, Farfetch China (HK Holdings) Limited, a wholly owned subsidiary of Farfetch Limited, completed the acquisition of 78% of the outstanding shares of CuriosityChina with total cash consideration of $9.0 million. The Group benefits from CuriosityChina's expertise in the China market, including its customer base and technological capabilities. Upon initial acquisition the Group had an obligation to acquire the remaining 22% of outstanding shares that it did not initially acquire. On acquisition, the present value of the obligation amounted to $4.3 million and was accounted for separately from the business combination as a call option liability. In connection to the purchase obligation, the Group recognized a $0.9 million present value revaluation loss in the consolidated statements of operations for the year ended December 31, 2020 and present value revaluation loss of $1.6 million for the year ended December 31, 2019. In connection with the additional acquisition in 2020, 3% of the outstanding shares in CuriosityChina were transferred to Farfetch China (HK Holdings) Limited on May 8, 2020, taking the non-controlling interest from 22% to 19% as of that date. The aggregate carrying value related the remaining non-controlling interest in CuriosityChina, recognized on the consolidated statements of financial position and classified within put and call option liabilities and trade and other payables as at December 31, 2020, is $6.9 million (2019: $5.9 million). The transaction has been accounted for as a business combination under IFRS 3. Details of the total purchase consideration, the net assets acquired and goodwill are as follows (in thousands): 2019 Cash consideration $ 9,000 Total purchase consideration $ 9,000 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 409 Cash consideration (9,000 ) Net cash outflow $ (8,591 ) The Group finalized its purchase price allocation in the fourth quarter of 2019. The Group recognized the following assets and liabilities upon acquisition of CuriosityChina (in thousands): 2019 Tangible assets $ 78 Current assets 1,879 Current liabilities (1,005 ) Customer relationships 3,878 Backlog 202 Technology 2,059 Deferred tax liability (921 ) Total net identified assets acquired 6,170 Goodwill 3,039 Total net identified assets acquired and goodwill 9,209 Non-controlling interest (209 ) Net assets acquired $ 9,000 Goodwill consists of expected synergies to be achieved by combining the operations of CuriosityChina 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. Acquisition-related costs totaled $0.4 million and are included in selling, general and administrative expenses. These costs were recorded in the year ending December 31, 2019. New Guards On August 2, 2019, Farfetch Italia S.R.L., a wholly owned subsidiary of Farfetch Limited, completed the acquisition of 100% of the outstanding shares of New Guards and took control of New Guards on the same date. The acquisition complements the Group's strategy to be the global technology platform for the luxury fashion industry. The consideration payable by the Group was in the form of cash and Farfetch Limited shares. The total consideration payable was $704.1 million, split as $358.9 million of cash, and 17,710,526 Class A Ordinary Shares with a value of $345.2 million based on the Farfetch Limited share price as at the acquisition date. With respect to the share consideration, 3,554,855 of the shares reflected an estimate at the acquisition date of the shares expected to be issued based on Farfetch Limited's volume adjusted average share price for the ten-day period ended September 18, 2019 and was classified as a liability. In the third quarter of 2020, as part of the post-acquisition working capital adjustments included in the purchase agreement, the Group transferred an additional consideration of 181,870 Class A Ordinary Shares with a value of $4.8 million. This resulted in an additional $4.8 million of goodwill being recognized as a result of the additional consideration transferred. The transaction was accounted for as a business combination under IFRS 3 and the Group finalized its purchase price allocation in the third quarter of 2020. Details of the total purchase consideration, the assets acquired, and goodwill are as follows (in thousands): 2019 Cash consideration $ 358,910 Ordinary shares issued 280,705 Ordinary shares to be issued 69,284 Total purchase consideration $ 708,899 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 102,835 Cash consideration (358,910 ) Net cash outflow $ (256,075 ) The ordinary shares issued are non-cash investing activities. The ordinary shares to be issued reflected the Group's best estimate of the shares it expected to issue as at the acquisition date as noted above. These shares were issued on September 23, 2019 with a $21.5 million charge recognized in the consolidated statements of operations on issue reflecting the fair value remeasurement of the shares on the date they were issued. The Group recognized the following assets and liabilities upon acquisition of New Guards (in thousands): 2019 Intangible assets $ 1,382 Brand name 830,150 Tangible assets 2,714 Right-of-use assets 10,727 Deferred tax assets 3,451 Other non-current assets 2,694 Inventory 36,757 Net working capital (excluding inventory) 32,027 Non-current liabilities (13,698 ) Deferred tax liabilities (231,729 ) Total net identified assets acquired 674,475 Goodwill 192,831 Total net identified assets acquired and goodwill 867,306 Non-controlling interest (158,407 ) Net assets acquired $ 708,899 Goodwill consists of expected synergies to be achieved by combining the operations of New Guards with the Group, as well as other intangible assets that do not qualify for separate recognition under IFRS 3. Goodwill is not expected to be deductible for tax purposes. Acquisition-related costs totaled $4.1 million and comprised $2.1 million, which are included in selling, general and administrative expenses, and $2.0 million, which are included in the merger relief reserve. These costs were recorded in the year ending December 31, 2019. Revenue and profit contribution of acquisitions made in 2019 The results of operations for each of the 2019 acquisitions have been included in the Group’s consolidated statements of operations since the date of acquisition. Actual and pro forma revenue and results of operations for the acquisitions of Stadium Goods, CuriosityChina and Toplife have not been presented because they do not have a material impact to the consolidated revenue and results of operations, either individually or in aggregate. Revenue and results of operations for the acquisition of New Guards for the period between the acquisition date and December 31, 2019, were $183.0 million and $23.1 million respectively. Pro forma revenue and results of operations for the acquisition of New Guards as though the acquisition date had been the beginning of 2019 is impracticable because of the lack of financial information at the end of the reporting periods as the acquired entity’s reporting periods were misaligned with Farfetch's reporting periods. Acquisition in 2020 Ambush On February 5, 2020, New Guards Group Holdings S.p.A., 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 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 (amended) 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) (2,17 5 ) Non-current liabilities (5,224 ) Deferred tax liability (1,311 ) Total net identified assets acquired 2,43 3 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 statements 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 Group’s consolidated revenue and results of operations. The results are included within our New Guards subsidiary. |
Segmental and geographical info
Segmental and geographical information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Operating Segments [Abstract] | |
Segmental and geographical information | 6. Segmental and geographical information Segmental information The Group’s Chief Operating Decision Maker, 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 Group has identified three reportable operating segments: (A) Digital Platform - comprised of the Farfetch Marketplace, FPS, BrownsFashion.com, StadiumGoods.com, Farfetch Store of the Future, and any other online sales channel operated by the Group, including the respective websites of the brands in the New Guards portfolio. R evenues are derived mostly from transactions between sellers and consumers conducted on our dematerialized 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 derived from wholesale sales of goods. (C) In-Store - comprised of Group-operated stores including Browns, Stadium Goods 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. 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. No single consumer accounted for more than 10% of Group revenues (2019: none, 2018: none). The results of our three reportable operating segments are as follows (in thousands): 2018 2019 2020 Digital Platform Services third-party revenue $ 378,826 $ 496,040 $ 637,568 Services first-party revenue 110,169 205,206 395,588 Services Revenue 488,995 701,246 1,033,156 Fulfilment Revenue 97,794 127,960 213,228 Revenue 586,789 829,206 1,246,384 Less: Cost of revenue (295,083 ) (457,293 ) (686,178 ) Gross profit 291,706 371,913 560,206 Less: Demand generation expense (97,295 ) (151,350 ) (198,787 ) Order contribution $ 194,411 $ 220,563 $ 361,419 2018 2019 2020 Brand Platform Revenue $ - $ 164,210 $ 390,014 Less: Cost of revenue - (89,203 ) (199,208 ) Gross profit or order contribution $ - $ 75,007 $ 190,806 2018 2019 2020 In-Stores: Revenue $ 15,595 $ 27,621 $ 37,524 Less: Cost of revenue (8,851 ) (14,695 ) (17,608 ) Gross profit or order contribution $ 6,744 $ 12,926 $ 19,916 2018 2019 2020 Group: Revenue $ 602,384 $ 1,021,037 $ 1,673,922 Less: Cost of revenue (303,934 ) (561,191 ) (902,994 ) Gross profit 298,450 459,846 770,928 Less: Demand generation expense (97,295 ) (151,350 ) (198,787 ) Order contribution $ 201,155 $ 308,496 $ 572,141 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. In the year ended December 31, 2020, the Cayman Islands generated revenue from external consumers of $37,000 (2019: $16,000, 2018: $8,000) on a demand basis and $nil (2019: $nil, 2018: $nil) on a supply basis, and is included within Other Countries in the revenue from external consumers tables below. As at December 31, 2020, the Cayman Islands had $nil non-current assets excluding deferred tax assets (2019: $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): 2018 2019 2020 Revenue from external consumers (demand basis) United States $ 134,320 $ 210,482 $ 314,596 United Kingdom 63,372 78,628 151,875 Other Countries 404,692 731,927 1,207,451 Revenue $ 602,384 $ 1,021,037 $ 1,673,922 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): 2018 2019 2020 Revenue from external consumers (supply basis) United Kingdom $ 556,238 $ 728,321 $ 1,021,240 Italy - 180,988 485,882 Other Countries 46,146 111,728 166,800 Revenue $ 602,384 $ 1,021,037 $ 1,673,922 The Group’s non-current assets other than deferred tax assets, broken down by geographic location of the assets, are detailed below (in thousands): 2019 2020 Non-current assets excluding deferred tax assets Italy $ 983,479 $ 915,553 United Kingdom 210,393 338,015 United States 232,169 225,137 Other Countries 151,184 137,610 Total $ 1,577,225 $ 1,616,315 |
Employees and directors
Employees and directors | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Directors And Employees [Abstract] | |
Employees and directors | 7. Employees and directors Included within employees and directors expenses are (in thousands): 2018 2019 2020 Wages and salaries $ 140,298 $ 206,092 $ 307,527 Social security costs 24,976 36,314 42,972 Other pension costs 1,391 2,569 4,161 Share based payments (equity settled) 34,668 150,333 168,347 Share based payments (cash settled) 10,355 10,675 28,041 Share based payments (employment related taxes) 8,796 (2,586 ) 95,245 Total employees and directors expenses $ 220,484 $ 403,397 $ 646,293 These amounts are included within the selling, general and administrative expenses in the consolidated statements of operations. |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2020 | |
Expense By Nature [Abstract] | |
Disclosure Of Operating Expenses Explanatory | 8. Operating expenses Included within selling, general and administrative expenses are (in thousands): 2018 2019 2020 Demand generation expenses $ 97,295 $ 151,350 $ 198,787 Technology expenses 68,224 84,207 115,227 Depreciation and amortization 23,537 113,591 217,223 Share based payments 53,819 158,422 291,633 General and administrative 228,891 345,665 504,346 Other items - 16,374 24,267 Selling, general and administrative expenses $ 471,766 $ 869,609 $ 1,351,483 Demand generation expense consists primarily of fees that we pay our various media and affiliate partners. Other items in the current year and prior year are mostly comprised of transaction-related legal and advisory expenses. |
Items held at fair value and re
Items held at fair value and remeasurements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Equity [Abstract] | |
Items held at fair value and remeasurements | 9. Items held at fair value and remeasurements Included within gains/(losses) on items held at fair value and remeasurements are (in thousands): 2018 2019 2020 Change on remeasurement of put and call option liabilities $ - $ 43,247 $ (288,853 ) Change in fair value of convertible note embedded derivatives - - (2,354,720 ) Change in fair value of acquisition related consideration - (21,526 ) - Gains/(losses) on items held at fair value and remeasurements $ - $ 21,721 $ (2,643,573 ) Change in present value of put and call option liabilities in the year ended December 31, 2020, relates to the present valuation of liabilities arising as a result of the acquisition of CuriosityChina ($0.9 million present value remeasurement loss (2019: $1.6 million present value remeasurement loss)) and the partnership with Chalhoub ($287.9 million present value remeasurement loss (2019: $44.8 million present value remeasurement gain)). The valuation of CuriosityChina and Chalhoub is based on the Monte-Carlo model. The change in fair value of convertible note embedded derivatives relates to the revaluation of our derivative on the $250.0 million convertible senior notes issued in February 2020 in a private placement to private investors, the revaluation of our derivative on the $400.0 million convertible senior notes issued in April 2020 to qualified institutional investors and the revaluation of our derivative on the $600.0 million convertible senior notes issued in November 2020 to Alibaba and Richemont. For the $250.0 million convertible senior notes issued in February 2020 and the $400.0 million convertible senior notes issued in May 2020 the valuation is based on the Black-Scholes model. For the $600.0 million convertible senior notes issued in November 2020, the valuation is based on the Binomial model. In the Monte-Carlo, Black-Scholes and Binomial models, the share-price is the significant variable. Between December 31, 2019, and December 31, 2020, our share price increased from $10.35 to $63.81. The other assumptions in the Black-Scholes and Binomial models are the risk-free rate and volatility (for further details refer to Note 27). |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2020 | |
Net Finance Cost [Abstract] | |
Finance income and costs | 10 . Finance income and costs Included within finance income and costs are (in thousands): 2018 2019 2020 Unrealized exchange gains $ 26,922 $ 22,856 $ 19,729 Interest on cash and cash equivalents 11,260 11,526 4,970 Finance income 38,182 34,382 24,699 Unrealized exchange losses (17,779 ) (10,977 ) (39,940 ) Interest on leases - (3,472 ) (6,684 ) Convertible note interest - - (59,299 ) Other interest expense (537 ) (4,783 ) (2,819 ) Finance costs (18,316 ) (19,232 ) (108,742 ) Net finance income/(costs) $ 19,866 $ 15,150 $ (84,043 ) |
Material Loss
Material Loss | 12 Months Ended |
Dec. 31, 2020 | |
Profit Loss [Abstract] | |
Material Loss | 1 1 . Material 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 2018 2019 2020 Leases (2018: operating leases) 18 $ 19,244 $ 9,449 $ 6,400 Research and development costs expensed 12,455 15,777 22,484 Loss/(gain) on disposal of non-current assets 1,028 (144 ) - Amortization - Intangible assets 16 16,199 85,055 177,857 Depreciation - Property, plant and equipment 17 7,338 8,972 12,094 Depreciation - Right-of-use assets 18 - 19,564 27,272 Impairment losses on intangible assets 16 - - 36,269 Impairment losses on property, plant and equipment 17 - - 757 Impairment losses on right-of-use assets 18 - - 2,234 Transaction related legal and advisory expenses - 15,374 24,598 Change on remeasurement of put and call option liabilities 9 - (43,247 ) 288,853 Change in fair value of convertible note embedded derivatives 9 - - 2,354,720 Change in fair value of acquisition related consideration 9 - 21,526 - Loss on impairment of investments carried at fair value 5,000 235 Following the adoption of IFRS 16 by the Group from January 1, 2019, lease contracts are accounted for by recognizing a right-of-use asset with a depreciation charge, and a corresponding lease liability with lease interest charged as finance cost and lease payment as cash outflow, as described in Note 2.3k. Therefore, the leases disclosed in the table above as an expense in profit or loss, arise from payments associated with short-term leases and leases of low-value assets, recognized in profit and loss on a straight-line basis. Short-term leases are leases with a lease term of twelve months or less, while low-value assets comprise IT-equipment and small items of office furniture. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Major Components Of Tax Expense Income [Abstract] | |
Taxation | 1 2 . a) Income tax expense/(benefit) (in thousands) 2018 2019 2020 Current tax: Corporate tax $ 2,208 $ 15,676 $ 32,430 Prior year adjustments (50 ) (1,652 ) (96 ) Total current tax 2,158 14,024 32,334 Total deferred tax - (12,862 ) (46,768 ) Income tax expense/(benefit) $ 2,158 $ 1,162 $ (14,434 ) b) Reconciliation of income tax expense to tax payable The tax on the Group’s loss 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): 2018 2019 2020 Loss before tax $ (153,417 ) $ (372,526 ) $ (3,347,505 ) Tax at the UK tax rate of 19.00% (2019: 19.00%, 2018: 19.00%) (29,149 ) (70,780 ) (636,026 ) Tax effects of: Sundry permanent differences 4,349 1,895 9,349 Items evaluated at fair value - - 548,524 Interest expenses - - 8,134 Impairment of assets - - 3,238 Entertaining 37 29 120 Loss utilisation (334 ) (1,126 ) (209 ) Share based payment 3,195 8,123 11,051 R&D and Investment Tax Credit - (1,826 ) (3,335 ) Release of deferred tax liabilities on acquisition - (12,853 ) (39,126 ) Deferred tax on timing differences - (9 ) (7,642 ) Taxes paid overseas and rate difference (599 ) 3,853 5,816 Prior year adjustments (50 ) (1,652 ) (96 ) Unrecognized deferred tax asset arising from timing differences relating to: Share based payment (7,522 ) 13,305 17,487 Non-current assets and accrued bonus 361 1,409 628 Losses carried forward 31,870 60,794 67,653 Income tax expense/(benefit) $ 2,158 $ 1,162 $ (14,434 ) A change to the main UK corporation tax rate, announced in the Budget on March 11, 2020, was substantively enacted on March 2020. The rate applicable from 1 April 2020 now remains at 19%, rather than the previously enacted reduction to 17%, therefore, the Group has used a tax rate of 19% for the 2020 financial year. The tax on items presented within other comprehensive (loss)/income is $nil (2019 and 2018: $nil). |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Loss per share | 1 3 . Loss per share Basic loss 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, and the incremental shares issuable upon the assumed vesting of unvested share awards. The calculation of loss per share is as follows (in thousands): 2018 2019 2020 In $ thousands, except share and per share data Basic and diluted Loss attributable to equity holders of the parent $ (155,575 ) $ (385,297 ) $ (3,350,619 ) Shares used in calculation Weighted-average shares outstanding 264,432,214 318,843,239 343,829,481 Basic and diluted loss per share attributable to owners of the parent $ (0.59 ) $ (1.21 ) $ (9.75 ) Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows (in thousands): 2018 2019 2020 Convertible Notes - - 63,758 Employee options 14,649 9,105 40,890 Warrants 125 - - In the year ended December 31, 2019, all warrants above were exercised. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Classes Of Inventories [Abstract] | |
Inventories | 1 4 . Inventories Details of inventories consist of the following at December 31 (in thousands): 2019 2020 Finished goods $ 141,389 $ 167,225 Obsolete stock provision (13,282 ) (21,916 ) Total inventories $ 128,107 $ 145,309 The total cost of inventory recognized as an expense in the consolidated statements of operations was $411.7 million for the year ended December 31, 2020 (2019: $232.6 million, 2018: $87.4 million). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Receivables [Abstract] | |
Trade and other receivables | 15. Details of trade and other receivables consist of the following at December 31 (in thousands): 2019 2020 Current Trade receivables $ 41,484 $ 49,833 Other current receivables 120,450 123,492 Sales taxes 16,868 26,642 Allowance for expected credit losses (910 ) (4,062 ) Prepayments and accrued income 12,005 14,041 Current trade and other receivables 189,897 209,946 Non-current Other receivables 12,388 58,081 Non-current other receivables $ 12,388 $ 58,081 The carrying amount of other receivables approximates their fair value. The maximum credit risk at the reporting date is considered to be equivalent to the carrying value of other receivables. Other current receivables as at December 31, 2020 totaled $123.5 million (2019: $120.5 million) and comprised primarily of advances to boutique partners, first-party product suppliers and other suppliers. Non-current other receivables increased to $58.1 million in the year ended December 31, 2020 (2019: $12.4 million) primarily due to an increase in share-based withholding tax ($43.7 million). The balance is also mainly comprised of deposits for office leases and services, and operations related deposits, which the Group cannot readily convert to cash within the next twelve months. The Company has assessed its expected credit loss (“ECL”) estimate in line with the requirements of IFRS 9 – Financial instruments. 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, 2020, the charge relating to expected credit losses included within the sales, general and administration in the consolidated statements of operations is $4.3 million (2019: $0.7 million). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets And Goodwill [Abstract] | |
Intangible assets | 1 6 . Intangible assets Intangible assets consist of the following at (in thousands): Goodwill Brand, trademarks & domain names Customer relationships Development costs Total Cost At January 1, 2019 $ 36,043 $ 6,846 $ 2,239 $ 85,479 $ 130,607 Additions - 1,899 - 76,140 78,039 Additions acquired through business combinations (1) 305,526 956,508 3,878 2,261 1,268,173 Foreign exchange movements (502 ) 64 (107 ) 53 (492 ) At December 31, 2019 341,067 965,317 6,010 163,933 1,476,327 Additions - 14,000 - 89,282 103,282 Additions acquired through business combinations (1) 15,474 4,826 - - 20,300 Foreign exchange movements (20 ) 4,265 850 216 5,311 At December 31, 2020 356,521 988,408 6,860 253,431 1,605,220 Accumulated amortization At January 1, 2019 - (1,940 ) (1,526 ) (23,796 ) (27,262 ) Amortization for year - (55,044 ) (260 ) (29,751 ) (85,055 ) Transfers - 12 - - 12 Foreign exchange movements - (42 ) - (1,013 ) (1,055 ) At December 31, 2019 - (57,014 ) (1,786 ) (54,560 ) (113,360 ) Amortization for year - (125,325 ) (34 ) (52,498 ) (177,857 ) Impairment for year - (36,269 ) - - (36,269 ) Foreign exchange movements - 1,593 (1,806 ) 1,807 1,594 At December 31, 2020 - (217,015 ) (3,626 ) (105,251 ) (325,892 ) Net book value At December 31, 2019 341,067 908,303 4,224 109,373 1,362,967 At December 31, 2020 $ 356,521 $ 771,393 $ 3,234 $ 148,180 $ 1,279,328 (1) Included within development costs is $36.6 million (2019: $36.8 million) of assets that are under the course of construction. Amortization of this will commence once they are available for use, as intended by the Group’s management. As of December 31, 2020, Brands, Trademarks and domain names primarily include: Off-White brand with a net carrying amount of $516.1 million and a remaining life of 5.6 years, Stadium Goods brand with a net carrying amount of $101.7 million and a remaining life of 13.0 years, Marcelo Burlon County of Milan brand with a net carrying amount of $63.6 million and a remaining life of 14.6 years, Palm Angels brand with a net carrying amount of $31.2 million and a remaining life of 5.6 years, and Heron Preston brand with a net carrying amount of $25.1 million and a remaining life of 6.6 years. Development costs relate to development expenses that meet the criteria under IAS 38 - Intangible Assets for capitalization, 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. The impairment charge of $36.3 million on intangible assets in 2020 is primarily comprised of $30.5 million related to a reduction in forecasted sales, which decreased the value-in-use of one of the smaller intangible brand assets within New Guards portfolio, and is associated with the Brand Platform reportable operating segment Goodwill reflects the amount of consideration in excess of the fair value of net assets of 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 group of CGUs. For details regarding additions to goodwill refer to Note 5. The goodwill amounts for each CGU or group of CGU consists of the following at December 31 (in thousands): 2019 2020 CGU Marketplace (FF.com) $ 130,993 $ 153,086 Browns - Platform 19,015 19,015 CuriosityChina 3,039 3,039 Brand Platform - New Guards 188,020 181,381 Total Goodwill $ 341,067 $ 356,521 In finalizing the purchase price allocation of the New Guards acquisition, we determined a portion of the goodwill ($17.7 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 Ambush acquisition, we allocated $4.4 million of the goodwill to the Marketplace CGU and $6.3 million to the Brand Platform. 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 operating margins; and (iii) 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 are based on revenue growth forecasts. 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 nine 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. The Group extrapolates the cash flows in the fifth or ninth year based on an estimated growth rate of 2% (2019: 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 9.6% to 11.2% (2019: 7.7% to 11.7%). 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. At the end of March 2020, the Group recognized that the COVID-19 pandemic constituted a triggering event in accordance with IAS 36 – Impairment of Assets – and had therefore performed an impairment assessment of its goodwill and other intangible assets, and based on current forecast information at the time, there were no impairments identified. Management has performed sensitivities on key assumptions and based upon these believe that there are no indicators of impairment. The recoverable amount of each CGU would equal its carrying amount if the key assumptions were to change as follows: Marketplace (FF.com) Browns – Platform CuriosityChina Brand Platform – New Guards Budgeted annual revenue growth (change in pp) (8 ) (9 ) (3 ) (25 ) Pre-tax discount rate (change in pp) 21 3 2 14 Long term growth rate (change in pp) (12 ) (8 ) (3 ) (35 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, plant and equipment | 1 7 . Property, plant and equipment Property, plant and equipment consist of the following (in thousands): Freehold land Leasehold improvements Fixtures and fittings Motor vehicles Plant, machinery and equipment Totals Cost At January 1, 2019 $ - $ 35,064 $ 7,776 $ 109 $ 9,396 $ 52,345 Additions 17,948 10,633 3,424 117 9,809 41,931 Disposals - (322 ) (35 ) (30 ) (22 ) (409 ) Transfers - (2,109 ) 1,824 - (2,100 ) (2,385 ) Foreign exchange movements (130 ) (131 ) (21 ) (3 ) (139 ) (424 ) At December 31, 2019 17,818 43,135 12,968 193 16,944 91,058 Additions - 18,039 4,799 - 4,228 27,066 Additions acquired through business combinations (1) - 1,052 - - 313 1,365 Disposals - - (80 ) - (212 ) (292 ) Transfers - (174 ) 513 - (533 ) (194 ) Foreign exchange movements 1,751 3,396 995 8 1,146 7,296 At December 31, 2020 19,569 65,448 19,195 201 21,886 126,299 Accumulated depreciation At January 1, 2019 - (7,162 ) (2,782 ) (94 ) (4,779 ) (14,817 ) Depreciation for year - (3,994 ) (1,995 ) (23 ) (2,960 ) (8,972 ) Disposals - 219 31 16 16 282 Transfers - 579 - - - 579 Foreign exchange movements - (159 ) 86 1 (59 ) (131 ) At December 31, 2019 - (10,517 ) (4,660 ) (100 ) (7,782 ) (23,059 ) Depreciation for year - (5,175 ) (2,605 ) (22 ) (4,293 ) (12,094 ) Impairment for year - (620 ) (135 ) - (2 ) (757 ) Disposals - - 83 - 189 272 Transfers - 77 (14 ) - 150 212 Foreign exchange movements - (792 ) (369 ) (8 ) (621 ) (1,791 ) At December 31, 2020 - (17,027 ) (7,701 ) (130 ) (12,359 ) (37,217 ) Net book value At December 31, 2019 17,818 32,618 8,308 93 9,162 67,999 At December 31, 2020 $ 19,569 $ 48,421 $ 11,494 $ 71 $ 9,527 $ 89,082 (1) Included within leasehold improvements and computer equipment is $1.7 million (2019: $0.8 million) Depreciation for all property, plant and equipment is recorded in selling, general and administrative expenses. The impairment charge of $0.8 million is primarily related to a reduction in the carrying value of leasehold improvements, fixtures and fittings, and plant, machinery and equipment at one of our smaller retail locations and is associated with the In-Store reportable operating segment. There was no impairment losses in 2019. |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Presentation Of Right Of Use Assets And Lease Liabilities [Abstract] | |
Right-of-use assets and lease liabilities | 18. 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 eight 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. Adjustments recognized on adoption of IFRS 16 2019 Operating lease commitments disclosed as at December 31, 2018 $ 103,034 Discounted using the lessee’s incremental borrowing rate of at the date of initial application 78,937 Less short-term leases recognized on a straight-line basis as expense (1,552 ) Less Lease committed to at December 31, 2018 but not commenced at January 1, 2019 (8,074 ) Lease liability recognized as at January 1, 2019 $ 69,311 Of which: Current lease liabilities 12,655 Non-current lease liabilities 56,656 Lease liability recognized as at January 1, 2019 $ 69,311 The recognized right-of-use assets to the following types as at December 31, 2019 and December 31, 2020 (in thousands): Property Vehicles Totals 2019 At 1 January 2019 $ 67,272 $ 469 $ 67,741 Additions 41,116 281 41,397 Additions acquired through business combinations 10,824 - 10,824 Provisions 2,821 - 2,821 Remeasurements 12,293 - 12,293 Depreciation charge for the year (19,382 ) (182 ) (19,564 ) Foreign exchange (326 ) (10 ) (336 ) At December 31, 2019 $ 114,618 $ 558 $ 115,176 2020 At 1 January 2020 $ 114,618 $ 558 $ 115,176 Additions 90,240 162 90,402 Remeasurements 13 (8 ) 5 Depreciation charge for the year (27,048 ) (224 ) (27,272 ) Impairment charge for the year (2,234 ) - (2,234 ) Foreign exchange 3,149 1 3,150 At December 31, 2020 $ 178,738 $ 489 $ 179,227 The impairment charge of $2.2 million was primarily comprised of a $1.5 million reduction in the carrying value of the right-of-use assets at one of our smaller retail locations and is associated with the In-Store reportable operating segment. The remaining $0.7 million relates to a reduction in the carrying value of corporate right-of-use assets associated with the impairment of a smaller intangible brand asset within the New Guards portfolio, and is associated with the Brand Platform reportable operating segment Lease liabilities included in the Statements of Financial Position at December 31, 2019 and December 31, 2020 (in thousands): 2019 2020 Current lease liabilities $ 18,485 $ 26,128 Non-current lease liabilities 100,833 165,275 Total lease liabilities $ 119,318 $ 191,403 In year ended December 31, 2020, the Group paid $19.1 million (2019: $19.1 million) in principal elements of lease payments. During the year end December 31, 2020, a charge of $6.4 million (2019: $9.4 million) was recognized in relation to short-term and low value leases. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
Investments | 19. The investments of the Group are comprised of minority equity interests, convertible loan notes, and senior secured promissory loan notes, with a net book value as of December 31, 2020 of $8.3 million (2019: $16.2 million), of which $5.3 million (2019: $5.5 million) are carried at fair value with changes in fair value recognized within other comprehensive income, $3.0 million (2019: $nil) are carried at fair value with changes in fair value recognized within profit and loss and $nil (2019: $10.7 million) are held at amortized cost. In the year ended December 31, 2020, a $10.6 million convertible loan note was reimbursed to the Group as part of the purchase of the brand Opening Ceremony. In 2019 the Group acquired $20.8 million of minority equity interests, convertible loan notes and senior secured promissory loan notes, and recorded a loss on investments carried at fair value of $5.1 million ($5.0 million was recognized in the consolidated statements of operations and $0.1 million in the consolidated statements of comprehensive income. Investments in associates The table below (in thousands) illustrates the summarized financial information of the Group’s investments in Farfetch Finance Limited and Alanui S.r.l. The investment in Alanui S.r.l. arose as a result of the Group’s acquisition of New Guards (see Note 5 for further details). The Group’s shareholdings in these entities and their principal activities can be found in Note 31. At January 1, 2019 $ 86 Additions due to business combinations 2,014 Share of profit after tax 366 At December 31, 2019 $ 2,466 Dividends received from associate (60 ) Share of loss after tax (74 ) Foreign exchange (13 ) At December 31, 2020 $ 2,319 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 20 . Cash and cash equivalents For the purpose of presentation in the consolidated statements of cash flows and consolidated statements 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): 2019 2020 Cash held in banks $ 170,468 $ 173,206 Money market funds 99,362 1,011,330 Short-term deposits 12,328 333,353 Amounts held by payment service providers 40,271 55,532 Cash and cash equivalents $ 322,429 $ 1,573,421 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Current Payables [Abstract] | |
Trade and other payables | 2 1 . Trade and other payables Trade and other payables consisted of the following at December 31 (in thousands): 2019 2020 Trade payables $ 180,270 $ 277,827 Other payables 11,062 16,642 Social security and other taxes 12,741 76,820 Deferred revenue 29,966 30,957 Accruals 179,657 263,898 Trade and other payables $ 413,696 $ 666,144 Trade Payables increased to $277.8 million during the year ended December 31, 2020 (2019: $180.3 million) primarily due to the increase of cost of revenue, demand generation expenses and shipping costs in the year. Social security and other taxes increased to $76.8 million during the year ended December 31, 2020 (2019: $12.7 million) mainly due to the increase in the share based payments employment taxes. Accruals increased to $263.9 million as at the year ended December 31, 2020 (2019: $179.7 million) primarily due to an increase in compensation related accruals ($23.1 million), increased shipping accrual ($13.1 million), digital transactions related tax accrual ($7.0 million), as well as other increases in operational accruals. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Borrowings | 22. Borrowings 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 commenced 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 commenced on November 1, 2020. For the November 2020 Notes, the interest rate is 0.00% per annum. February 2020 Notes Each $1,000 of principal of the February 2020 Notes will initially be 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. Holders of these notes may convert their notes at their option at any time until the maturity date of December 31, 2025. 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 February 2020 Notes, as applicable, will 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) occurs prior to the applicable maturity date, holders of the February 2020 Notes, as applicable, may require 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 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. 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 is 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 statements 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. 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 9.69% 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 statements 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 30 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. 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 20 trading days (whether or not consecutive) during any 30 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 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 is amortized to finance costs at an effective interest rate 13.45% 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 statements 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. The convertible notes are presented in the consolidated statements of financial position as follows (in thousands): 2019 2020 Face value of notes issued $ - $ 1,250,000 Value of embedded derivatives - (641,448 ) $ - $ 608,552 Transaction costs - (13,539 ) Interest expense - 59, 299 Interest paid - (1 9 075 ) Total non-current borrowings $ - $ 635,237 The value of the three conversion options discussed above are subsequently remeasured at fair value at each reporting date, and the changes in the fair value are recorded in the consolidated statements of operations within the gain/(loss) 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 27. For the year ended December 31, 2020, the Group recorded a fair value loss on remeasurement of $2,354. 7 million (2019: $nil) related to the increase in the fair value of these conversion options |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Provisions | 2 3 . Provisions Provisions consist of the following (in thousands): Dilapidations provision Share based payments employment taxes provision Provision for withholding taxes Other provisions Total Current liabilities At January 1, 2020 $ - $ - $ - $ - $ - Additional provision in the year - - - 12,498 12,498 Release of provision in the year - - - (800 ) (800 ) Utilized provision in the year - - - (1,630 ) (1,630 ) Transfer from non-current provisions - 12,105 4,100 873 17,078 At December 31, 2020 $ - $ 12,105 $ 4,100 $ 10,941 $ 27,146 Non-current liabilities At January 1, 2019 $ 2,515 $ 10,947 $ - $ - $ 13,462 Recognized on acquisition of subsidiary - - 16,000 - 16,000 Additional provision in the year 1,015 6,820 - 873 8,708 Release of provision in the year (190 ) (4,583 ) (4,000 ) - (8,773 ) Utilized provision in the year (20 ) (5,729 ) (500 ) - (6,249 ) Foreign exchange 32 524 - - 556 At December 31, 2019 3,352 7,979 11,500 873 23,704 Additional provision in the year 3,039 131,836 - 1,011 135,886 Transfer to current provisions - (12,105 ) (4,100 ) (873 ) (17,078 ) Release of provision in the year (757 ) (945 ) - - (1,702 ) Utilized provision in the year - (11,758 ) - - (11,758 ) Foreign exchange 36 25 - - 61 At December 31, 2020 $ 5,670 $ 115,032 $ 7,400 $ 1,011 $ 129,113 Current other provisions mainly relates to the probable settlement of a commercial agreement with a customer. 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 $5.7 million (2019: $3.4 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 seven years with an average of four 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 has estimated a liability of $115.0 million at December 31, 2020 (2019: $8.0 million). When a share option is exercised, the liability for employment related taxes becomes due to the relevant tax authority. During 2020, $11.8 million (2019: $5.7 million) was transferred from provisions to trade and other payables. We expect the provision to be fully utilized in 8.94 years (2019: 9.79 years), being the weighted average remaining contracted life of options outstanding at December 31, 2020. It is likely that this provision will be utilized over a shorter period, however, this is dependent on when the option holder decides to exercises which the Group is not in control of. |
Contracted commitments, conting
Contracted commitments, contingencies and guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitments And Guarantees [Abstract] | |
Contracted commitments, contingencies and guarantees | 24. Contracted commitments, contingencies and guarantees Contingent liabilities Litigation From time to time we are engaged in disputes and claims that arise in the normal course of business. 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. |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
Deferred tax | 2 5 . Deferred tax As a result of the acquisition of New Guards, the Group in 2019 recognized a deferred tax liability of $231.7 million on the New Guards acquired intangible assets. The deferred tax release as at December 31, 2020 is equal to $52.0 million of which $39.2 million is in relation to the year ended December 31, 2020 inclusive of the effect on the impairment of the carrying value of intangible brand asset associated with New Guards brand portfolio. As a result of the purchase price allocation exercise arising from the acquisition of Curiosity China, a deferred tax liability of $0.9 million was recognized in 2019 as a temporary difference. The deferred tax release as at December 31, 2020 is equal to $0.2 million of which $0.1 million is in relation to the year ended December 31, 2020. As a result of the purchase price allocation exercise arising from the acquisition of Ambush, a deferred tax liability of $1.3 million has been recognized in 2020 as a temporary difference. The deferred tax release as at December 31, 2020 is equal to $ 0.5 million. Deferred tax assets of $5.7 million (2019: $5.3 million) mainly relate to inventory write off provision and differences between Italian GAAP and IFRS GAAP in NGG that can be carried forward indefinitely. NGG calculates the tax due for financial statements purposes according to Italian GAAP. Deferred tax assets of $4.1 million (2019: $nil) are related to tax incentives credits available for Farfetch Portugal due to R&D activity and fixed assets investments, which can be carry forward for ten and eight years, respectively. The Group has estimated that deferred tax assets will be recoverable using the future taxable incomes based on the business plans of the Italian and Portuguese subsidiaries. Deferred tax assets and liabilities consist of the following at December 31 (in thousands): Note Deferred tax assets Deferred tax liabilities At January 1, 2019 $ 745 $ 745 Deferred tax recognized to profit or loss 5 5,324 - Foreign exchange (24 ) (24 ) Deferred tax recognized on acquisition to balance sheet - 232,573 Released to profit or loss (721 ) (13,505 ) At December 31, 2019 $ 5,324 $ 219,789 Deferred tax recognized to profit or loss 5 9,860 - Foreign exchange 614 (4 ) Released to profit or loss (2,178 ) (39,087 ) Reclassifications to balance sheet (64 ) - Deferred tax recognized on acquisition to balance sheet - 1,765 At December 31, 2020 $ 13,556 $ 182,463 Deferred tax, net liability at December 31, 2020 $ 168,907 Unrecognized deferred tax assets Unutilized trading tax losses The Group has accumulated unutilized tax losses carried forward as at December 31, 2020 of $953.1 million (2019: $629.1 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 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 currency 2019 2019 2020 2020 Local ‘000 $’000 Local ‘000 $’000 UK trading losses GBP 404,654 528,694 709,446 739,879 US Net Operating Losses (“NOL”) USD 79,816 79,816 195,565 195,565 Brazil trading losses BRL 65,893 16,378 72,760 14,107 Japan trading losses JPY 343,414 3,151 301,340 2,902 Hong Kong trading losses HKD 8,051 1,034 5,149 664 629,073 953,117 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 Company. 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 at December 31, 2020 $(195.6) million (2019: $(80.0) million) are available to be carried forward for a period of 20 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. Brazil, Japan and Hong Kong trading losses as at December 31, 2020 are available to be carried forward indefinitely but utilization of losses in respect of Brazil and Japan are restricted to 30% and 50% respectively against taxable income in future taxable periods. Japanese NOLs carryforward incurred during fiscal years starting on or after April 1, 2018 can be carried forward only for ten years. Unutilized future tax deductions on employee share option gains The Group has an unrecognized gross deferred tax asset of approximately $1,619.0 million (2019: $109.7 million) in respect of a future tax deduction on share options that are unexercised as at December 31, 2020 that when exercised will result in a gain and a potential deduction for corporation tax purposes. A net deferred tax asset of approximately $315.4 million (2019: $19.0 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 (2019: $5.3 million) in respect of 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 statements of financial position 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. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related party disclosures | 2 6 . Related party disclosures Platforme International Limited is a related party of J M F Neves. The Group generated commission of $0.6 million (2019: $0.5 million) from Platforme International Limited. The Group had a $0.2 million payable as at the end of December 31, 2020 (2019: $0.1 million payable). Total compensation and benefits in kind (excluding share based payments) to key management personnel amounted to $1.7 million (2019: $1.8 million). In addition to this, there was share based payment compensation of $26.3 million (2019: $26.4 million). Up until July 8, 2019, when it disposed of its investment in the Group, Conde Nast International Ltd (“Conde Nast”) was a related party by virtue of its shareholding in the Group. In 2019, there were no transactions with Conde Nast. In 2018, the Group incurred marketing expenditure of $0.3 million. Alanui S.r.L. is a related party of New Guards Group Holding S.p.A, due to it being an associate of the Group. New Guards owns a stake of 53% but it does not have control over the entity. The Group recognized sales of $1.1 million during 2020. As at December 31 2020, the Group had trade receivables of $0.5 million (2019: $0.3 million) and trade payables of $0.4 million (2019: $0.2 million). The Group’s ultimate controlling party is J M F Neves by virtue of holding the majority of voting rights in the Group. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial instruments and financial risk management | 2 7 . Financial instruments and financial risk management Fair 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 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: • derivative financial instruments, being forward foreign currency and option contracts, measured using a level 2 valuation inputs and valued using a discounted cash flows and suitable option pricing model respectively; and • derivative financial instruments, being the embedded derivative relating to the February 2020 Notes, April 2020 Notes and November 2020 Notes, measured using level 2 valuation inputs. The Group recognizes the following financial liabilities at present value: • Put and call option liabilities, associated . The forward foreign currency and option contacts are measured using level 2 inputs with the key ones being quoted foreign currency exchange rates. The embedded derivatives relating to the February 2020 Notes, April 2020 Notes and November 2020 Notes are measured using an option pricing model with level 2 inputs, with the key ones being the Group’s share price at the end of the reporting period, the risk-free rate of treasury bonds with similar terms to maturity and the volatility of the Group’s share price. There have been no significant changes in the measurement and valuation techniques used to value instruments in existence at December 31, 2019, or transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments, or changes in the classification of financial assets and liabilities. The embedded derivatives relating to the February 2020 Notes and April 2020 Notes recognized during the period ended December 31, 2020 were valued using the Black Scholes option pricing model and the embedded derivative relating to the November 2020 Notes was valued using the Binomial option pricing model. For both of these models, the key inputs are the Group’s closing share price at December 31, 2020, share price volatility and the risk free rate of US treasury bonds of similar terms to maturity. February 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.36 % Expected volatility 36.93 % Remaining life (years) 5.00 If the share price increases by $1, the fair value of the February 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $20.3 million. If the risk free rate increases by 1%, the fair value of the February 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $11.4 million. If the expected volatility increases by 1%, the fair value of the February 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $0.6 million. April 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.65 % Expected volatility 37.22 % Remaining life (years) 6.33 If the share price increases by $1, the fair value of the April 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $24.2 million. If the risk-free rate increases by 1%, the fair value of the April 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $20.2 million. If the expected volatility increases by 1%, the fair value of the April 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $2.3 million. November 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.92 % Expected volatility 36.89 % Credit spread (basis points) 344.47 If the share price increases by $1, the fair value of the November 2020 Notes embedded derivative would increase and the relative fair value remeasurement loss in the consolidated statements of operations would increase by $13.7 million. If the expected volatility increases by 1%, the fair value of the November 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $5.2 million. If the credit spread increases by 50 basis points, the fair value of the November 2020 Notes embedded derivative would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $2.5 million. The carrying value held at amortized cost and fair value of the Group’s non-current borrowings is shown in the table below: Carrying value Fair value At December 31, 2020 Non-current borrowings $ 635,237 $ 1,058,306 The put and call option liabilities are measured at the present value of future estimated payment obligations, with the key inputs being the Group’s share price at the end of the reporting period, the risk-free rate of treasury bonds with similar terms to maturity and the volatility of the Group’s share price. The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns. At December 31, 2020, the capital structure consisted of equity and debt, and the Group was not subject to any externally imposed capital requirements. The Group has identified two principal risks being market risk (foreign exchange) 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. Categories of financial instruments Financial assets (in thousands) Amortized cost Amortized cost 2019 2020 Current Trade receivables $ 41,484 $ 49,833 Other receivables 120,450 123,492 Cash and cash equivalents 322,429 1,573,421 Non-current Other receivables 12,388 58,081 Total $ 496,751 $ 1,804,827 Fair value Fair value 2019 2020 Foreign currency derivatives - held at FVTPL $ 587 $ 1,260 Foreign currency derivatives - held as cash flow hedges 2,437 28,982 Derivative financial assets $ 3,024 $ 30,242 Financial liabilities (in thousands) Amortized cost Amortized cost 2019 2020 Trade payables $ 180,270 $ 277,827 Other payables 11,062 16,642 Total $ 191,332 $ 294,469 Fair value Fair value 2019 2020 Foreign currency derivatives - held at FVTPL $ 255 $ 238 Foreign currency derivatives - held as cash flow hedges 5,346 17,189 Current derivative financial liabilities $ 5,601 $ 17,427 Fair value Fair value 2019 2020 $250.0 million 5% convertible note embedded derivative - held at FVTPL $ - $ 1,060,167 $400.0 million 3.75% convertible note embedded derivative - held at FVTPL - 1,217,491 $600.0 million 0.00% convertible note embedded derivative - held at FVTPL - 718,562 Non-current derivative financial liabilities $ - $ 2,996,220 Present value Present value 2019 2020 Put and call option liabilities $ 62,386 $ 348,937 Total Put and call option liabilities $ 62,386 $ 348,937 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 2019 2020 Foreign currency derivatives $ 621,095 $ 1,120,038 The average exchange rate for GBP:USD forward exchange contracts is 1.31 (2019: 1.34), for EUR:USD forward exchange contracts is 1.19 (2019: 1.12), GBP:USD forward currency call option contracts is 1.35 (2019: n/a) and GBP:USD forward currency put option contracts is 1.28 (2019: n/a). 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 of directors, 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. Market risk The Group’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates (see table below, in thousands). 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 to the statements 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. Fair value through profit or loss Asset Liability 2019 2020 2019 2020 Forward foreign exchange contracts $ 587 $ 1,260 $ 255 $ 238 Total $ 587 $ 1,260 $ 255 $ 238 Cashflow hedges Asset Liability 2019 2020 2019 2020 Forward foreign exchange contracts $ 2,437 $ 28,982 $ 5,346 $ 17,189 Total $ 2,437 $ 28,982 $ 5,346 $ 17,189 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 review. 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 one year Less than one year 2019 2020 Trade and other payables $ 191,332 $ 294,469 Put and call option liabilities 1,118 - Total current $ 192,450 $ 294,469 More than one year More than one year 2019 2020 Put and call option liabilities $ 61,268 $ 348,937 Borrowings - 635,237 Total non-current $ 61,268 $ 984,174 The following table analyses the Group’s non-derivative financial liabilities 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 undiscounted cash flows and may therefore not reconcile to the amounts disclosed on the balance sheet 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, 2020 Non derivative financial liabilities Convertible bonds - $250.0 million $ 12,500 $ 25,000 $ 275,000 $ - Convertible bonds - $400.0 million 15,000 30,000 30,000 422,500 Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities - 348,937 - - Obligations under leases 33,703 61,296 50,800 61,430 Trade and other payables 371,289 - - - Net settled derivatives Financial liabilities 1,900 - - - Gross settled derivatives Financial assets 30,242 - - - Financial liabilities 15,527 - - - Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2019 Non derivative financial liabilities Put and call option liabilities $ 1,118 $ 61,268 $ - $ - Obligations under leases 24,065 44,282 34,705 37,216 Trade and other payables 204,073 - - - Gross settled derivatives Financial assets 3,024 - - - Financial liabilities 5,601 - - - In the tables above, trade and other payables comprises of trade payables amounting to $277.8 million (2019: $180.3 million), other payables amounting to $16.6 million (2019: $11.1 million) and social security and other taxes of $76.8 million (2019: $12.7 million). All derivative financial instruments included in trade and other payables have a maturity of less than twelve months. The put and call option liability associated with the non-controlling interests arising from the transactions with CuriosityChina and Chalhoub. The non-current liability is comprised of $4.6 million and $344.4 million respectively and is expected to mature in 2022. See Note 32 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 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 at December 31, 2020 all trade and other receivables were considered current being due within thirty days. The expected loss rate the Group applies for trade and other receivables is 1.0%. The expected loss rates are based on the payment profiles of sales up-to a period of thirty-six months before December 31, 2020 or January 1, 2020 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. Interest rate risk The Group is not subject to significant interest rate risk as currently all of its borrowings are subject to a fixed rate of interest (refer to Note 22 for further information). 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 strategic objectives of the Group. The Group raises finance through the issuance of equity and convertible senior notes to private and public investors. In line with the Group’s objectives, during the year ended December, 31, 2020, the Group issued the February 2020 Notes, April 2020 Notes and November 2020 Notes for total net proceeds of $1,241.9 million. At December 31, 2020, the Group holds restricted cash of $nil (2019: $12.5 million). The Group is not subject to any externally imposed capital requirements. The capital structure is as follows (in thousands): 2019 2020 Total borrowings $ 119,318 $ 3,822,860 Less: cash and cash equivalents (322,429 ) (1,573,421 ) Net (cash)/debt (203,111 ) 2,249,439 Total equity/(deficit) 1,337,832 (1,676,090 ) Total $ 1,134,721 $ 573,349 The table below reconciles the movements in our financing liabilities during the year: Non-cash movements As at December 31, 2019 Cash movement Bifurcation of embedded derivative Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2020 Borrowings - leases $ 119,318 $ (25,808 ) $ - $ 4,539 $ 6,757 $ 86,597 $ 191,403 Non-current borrowings - convertible notes - 1,223,042 (641,448 ) - 59,299 (5,655 ) 635,237 Borrowings-related derivative financial instruments - - 641,448 - - 2,354,772 2,996,220 Financing liabilities $ 119,318 $ 1,197,234 $ - $ 4,539 $ 66,056 $ 2,435,714 $ 3,822,860 Mainly as a result of the losses on items held at fair value and remeasurements during the year, the Company’s total equity decreased from $1,337.8 million as at December 31, 2019 to $(1,676.1) million as at December 31, 2020. The losses on items held at fair value and remeasurements during the year is mainly driven by the year end revaluation of the embedded derivatives relating to the convertible senior notes discussed in note 22 Borrowings. 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 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 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, losses of $16.4 million (2019: losses of $7.9 million) were removed from the cash flow hedge reserve. A gain of $0.1 million (2019: gain of $0.5 million) was taken to revenue, a gain of $0.8 million (2019: loss of $0.2 million) was taken to cost of revenue and a loss of $18.5 million (2019: a loss of $8.1 million) was taken to selling, general and administration expenses. A gain of $1.2 million (2019: a loss of $0.1 million) was added to inventories in the statements of financial position. The Group uses a qualitative method for assessing hedge effectiveness. 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 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. Under the Group’s hedging policy, 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 24-month period, therefore determines the hedge relationship to be 1:1. For further information on the Group’s risk management strategy and hedging activities, please refer to Item 3D. Risk Factors. Fair value hierarchy The Group recognizes at fair value the derivative financial instruments, measured using a Level 2 valuation method. There have been no significant changes in the measurement and valuation techniques, or transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments, or changes in the classification of financial assets and liabilities. Put and call option liabilities 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. The estimated value of our put and call option liabilities 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 fair value occurs. During the year ended December 31, 2019, we recognized initially put and call option liabilities of $105.6 million. Subsequently we recognized a decrease in the fair value of our put and call option liabilities of $43.2 million, in gains on items held at fair value in our consolidated statements of operations, primarily due to a decrease in the fair value of our common stock. During the year ended December 31, 2020, we recognized an increase If the share price increases by $1, the fair value of the put and call option liability relating to Chalhoub would increase and the relative fair value remeasurement loss in the consolidated statements of operations would increase by $11.2 million. If the expected volatility increases by 1%, the fair of the put and call option liability relating to Chalhoub would increase and the related fair value remeasurement loss in the consolidated statements of operations would increase by $1.8 million. If the credit spread increases by 50 basis points, the fair value of the put and call option liability relating to Chalhoub would decrease and the related fair value remeasurement loss in the consolidated statements of operations would decrease by $3.4 million. 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 table below (in thousands) shows the Group’s sensitivity to U.S. dollars strengthening/weakening by 10%: Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of United States dollars $ (21,661 ) $ 24,118 10% depreciation of United States dollars $ 26,475 $ (29,478 ) This analysis reflects the impact on the statements of operations due to financial assets and liabilities held at the balance sheet date and is 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. A 10% appreciation of the United States dollar would result in a $0.2 million decrease (2019: $60.9 million decrease) in reserves. A 10% depreciation of the United States dollar would result in a $4.9 million increase (2019: $74.4 million increase) in reserves. Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of GBP $ 18,747 $ (21,372 ) 10% depreciation of GBP $ (15,338 ) $ 17,486 This analysis reflects the impact on the statements of operations due to financial assets and liabilities held at the balance sheet date and is 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. A 10% appreciation of GBP would result in a $38.4 million increase (2019: $66.4 million increase) in reserves. A 10% depreciation of GBP would result in a $27.6 million decrease (2019: $54.4 million decrease) in reserves. Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of EUR $ (2,791 ) $ (17,234 ) 10% depreciation of EUR $ 2,284 $ 14,101 This analysis reflects the impact on the statements of operations due to financial assets and liabilities held at the balance sheet date and is 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. A 10% appreciation of EUR would result in a $3.6 million decrease (2019: $12.7 million increase) in reserves. A 10% depreciation of EUR would result in a $2.9 million increase (2019: $10.4 million decrease) in reserves. |
Employee benefit obligations
Employee benefit obligations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Information About Defined Benefit Plans [Abstract] | |
Employee benefit obligations | 2 8 . Employee benefit obligations Other non-current liabilities consist of the following at December 31 (in thousands): 2019 2020 Equity-settled awards liability $ 12,139 $ - Cash-settled awards liability 3,120 24,295 Employee severance liability 1,048 1,821 Other 148 - Total non-current liabilities $ 16,455 $ 26,116 The employee severance liability arises from a legally required severance protection program for the employees of our Italian subsidiaries at the time of their departure from the Group. Other current liabilities of $38.3 million (2019: $nil) relates to employers tax liability on share based payments ($37.3 million) (2019: $nil) and cash settled share based payments due to vest in less than one year from December 31, 2020 ($1.0 million) (2019: $nil). 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, 2020, the Group had four equity settled share based payment plans which are described below. Type of arrangement EMI approved share option plan Unapproved share option plan 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 36,736,590 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 Movements on the share options were as follows: 2018 2019 2020 Number of options & RSU's Number of options & RSU's Number of options & RSU's Options & RSU's at beginning of year 32,307,010 44,218,814 39,583,858 Options & RSU's granted 18,209,410 13,585,502 19,685,173 Options & RSU's exercised (3,032,571 ) (7,503,814 ) (11,817,074 ) Options & RSU's forfeited (3,265,035 ) (10,716,644 ) (4,388,244 ) Options & RSU's at end of year 44,218,814 39,583,858 43,063,713 Options & RSU's exercisable at end of year 16,830,409 10,360,642 11,944,576 Weighted average exercise prices were as follows: 2018 2019 2020 Options & RSU's at beginning of year $ 4.43 $ 6.15 $ 8.23 Options & RSU's granted $ 9.84 $ 8.94 $ 5.38 Options & RSU's forfeited $ 7.31 $ 5.70 $ 7.02 Options & RSU's exercised $ 2.38 $ 1.25 $ 5.63 Options & RSU's at end of year $ 6.15 $ 8.23 $ 8.00 Options & RSU's exercisable at year end $ 2.33 $ 6.40 $ 8.96 Weighted average remaining contracted life of options & RSU's outstanding at year end 9.54 years 9.79 years 8.94 years 2018 2019 2020 Number of options & RSU's Number of options & RSU's Number of options & RSU's Exercise price of options & RSU's outstanding at year end $0.00 to $0.08 4,416,525 8,545,400 11,878,888 $0.09 to $0.56 2,126,540 27,340 27,340 $0.57 to $3.52 4,595,104 629,730 320,944 $3.53 to $5.73 6,257,690 3,225,120 2,020,354 $5.74 to $7.39 7,890,495 5,873,001 3,385,770 $7.40 to $20.00 18,932,460 17,402,097 21,965,750 $20.01 to $27.09 - 3,881,170 3,423,111 $27.10 to $40.00 - - 41,556 44,218,814 39,583,858 43,063,713 Weighted average fair value of options & RSU's granted in year $ 4.17 $ 15.54 $ 8.81 Weighted average share price at the date of exercise for options exercised during the year ended December 31, 2020 was $34.66 (2019: $22.62, 2018: $20.00). Inputs in the Black Scholes model for share options granted during the year and prior year were as follows: 2018 2019 2020 Black Scholes model Weighted average share price $ 11.83 $ 21.73 $ 12.44 Weighted average exercise price $ 9.84 $ 8.94 $ 5.38 Average expected volatility 23% 36% 40% Expected life 4 years 4 years 4 years Risk free rate 2.75% 2.15% 1.05% 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 recognized total expenses of $168.3 million, $150.3 million and $34.7 million related to equity-settled share based payment transactions in 2020, 2019 and 2018 respectively. In 2019, as part of the New Guard’s acquisition, we recorded a $12.1 million liability for equity settled awards. b. Cash settled Since 2016 the Group issues 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 $25.3 million in 2020 (2019: $3.1 million) through the grant of 92,000 SARs (2019: 137,000 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 2020 expense of $28.0 million (2019: $10.7 million, 2018: $10.4 million), is a revaluation loss of $28.0 million (2019: loss of $2.2 million). The total intrinsic value at December 31, 2020 was $36.4 million (2019: $3.4 million) of which $17.2 million is fully vested (2019: $2.4 million). |
Share capital and share premium
Share capital and share premium | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share capital and share premium | 2 9 . Share capital and share premium Ordinary shares issued and fully paid as at December 31, 2020 (in thousands, except number of shares): Number of shares Class Par value $ Share capital Share premium Merger reserve Total 311,352,064 Class A ordinary shares 0.04 $ 12,454 $ 882,422 $ 783,529 $ 1,678,405 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 354,210,144 $ 14,168 $ 927,931 $ 783,529 $ 1,725,628 During 2020, 14,611,136 shares were issued. All were fully paid and newly issued Class A ordinary shares. The nominal value of all shares issued is $0.04 each. The total Class A ordinary shares issued in respect of share options that were exercised and RSUs that have vested was 12,721,798. On November 17, 2020, the Company issued 1,889,338 Class A ordinary shares to Artemis representing 0.5% of existing issued share capital, for total gross proceeds of $50.0 million. Ordinary shares issued and fully paid as at December 31, 2019 (in thousands, except number of shares): Number of shares Class Par value $ Share capital Share premium Merger reserve Total 296,740,928 Class A ordinary shares 0.04 $ 11,870 $ 832,498 $ 783,529 $ 1,627,897 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 339,599,008 $ 13,584 $ 878,007 $ 783,529 $ 1,675,120 During 2019, 39,742,008 shares were issued. All were fully paid and newly issued Class A ordinary shares. The nominal value of all shares issued is $0.04 each. Out of the total shares issued, 4,641,554 Class A ordinary shares were issued in relation to the acquisition of Stadium Goods, and a total of 27,521,418 Class A ordinary shares were issued in relation to the acquisition of New Guards. Transaction costs recognized directly in equity amounted to $1.5 million for Stadium Goods and $2.0 million for New Guards. Additionally, 7,579,036 Class A ordinary shares were issued in respect of share options and warrants that were exercised, and RSUs that have vested. Holders of our Class A ordinary shares are entitled to one vote per share, and holders of our Class B ordinary shares are entitled to twenty votes per share. The Class B ordinary shares are exchangeable for Class A ordinary shares on a one-for-one basis, subject to customary conversion rate adjustments for share splits, share dividends and reclassifications. Prior to the Group’s IPO in the year ended December 31,2018, the Group was restructured, which resulted in the creation of the merger reserve. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Other Reserves [Abstract] | |
Reserves | 30 . Reserves Other Warrant reserve Changes in ownership Share based payments Cashflow hedge reserve Merger relief reserve Time value reserve Other Total other reserves At January 1, 2018 $ 747 $ (8,666 ) $ 44,233 $ — $ 2,161 $ — $ — $ 38,475 Movement in cash flow hedge reserve - - - 436 - - - 436 Share based payments - equity settled - - 28,563 - - - - 28,563 At December 31, 2018 747 (8,666 ) 72,796 436 2,161 - - 67,474 Shares issued - acquisition of a subsidiary - - - - 393,853 - - 393,853 Movement in cash flow hedge reserve - - - (3,527 ) - - - (3,527 ) Loss transferred to the cost of inventory - - - 142 - - - 142 Share based payments - equity settled - - 76,383 - - - - 76,383 Share based payments - reverse vesting shares - - (82,646 ) - - - - (82,646 ) Exercise of warrants (747 ) - - - - - - (747 ) Transaction with non-controlling interests - - - - - - (101,311 ) (101,311 ) Impairment loss on revaluation of investments - - - - - - (100 ) (100 ) Remeasurement loss on legally required severance plan - - - - - - (58 ) (58 ) At December 31, 2019 - (8,666 ) 66,533 (2,949 ) 396,014 - (101,469 ) 349,463 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 ) $ 145,315 $ 9,223 $ 400,822 $ 2,552 $ (101,493 ) $ 447,753 The warrant reserve represents the cumulative expense of the shares to be issued where the Group has issued warrants. On exercise, the cumulative warrant expense is reclassified to accumulated losses. During 2019, all the warrants were exercised. The changes in ownership reserve represents 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 is used to recognize the effective portion of gains or losses on derivatives that are designated 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. The transaction with non-controlling interests represents the initial recognition of the Chalhoub partnership. |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Group information | 3 1 . Group information Direct Holdings Name Country of incorporation % equity interest Principal activities 2019 2020 Farfetch.com Limited Isle of Man 100 100 Holding company At December 31, 2020, the Company’s subsidiaries were as follows: Indirect Holdings Country of incorporation % equity interest Principal activities 2019 2020 Farfetch UK Limited England & Wales 100 100 Marketing, providing editorial and merchant services FFBR importacao e exportacao LTDA* Brazil 100 100 Import & Export Agent for Farfetch Farfetch.com Brasil Servicos LTDA** Brazil 100 100 E-commerce, marketing and editorial services Farfetch.com US LLC USA 100 100 E-commerce and marketing Farfetch-Portugal Unipessoal LDA Portugal 100 100 Back office support Farfetch HK Holdings Limited Hong Kong 100 100 Holding Company Browns (South Molton Street) Limited England & Wales 100 100 Retail Farfetch Japan Co Ltd Japan 100 100 E-commerce and marketing LASO.CO.LTD Japan 100 100 E-commerce and marketing Farfetch China (HK Holdings) Limited Hong Kong 100 100 Holding company Farfetch (Shanghai) E-Commerce Co. Ltd China 100 100 E-commerce services Farfetch HK Production Limited Hong Kong 100 100 E-commerce and marketing Farfetch Store of the Future Limited England & Wales 100 100 Dormant Fashion Concierge UK Limited England & Wales 100 100 E-commerce services F&C Fashion Concierge, LDA Portugal 100 - Dormant Farfetch Black & White Limited England & Wales 100 100 E-commerce services Farfetch International Limited Isle of Man 80 80 Holding company Farfetch México, S.A de C.V*** Mexico 100 100 Back office support Fashion Concierge Powered By Farfetch, LLC USA 100 100 E-commerce services Farfetch India Private Limited**** India 100 100 Back office support Farfetch Middle East FZE UAE 80 80 Back office support Farfetch Italia S.R.L. Italy 100 100 Back office support Farfetch Australia Pty Ltd Australia 100 100 Back office support Farfetch US Holdings, INC USA 100 100 Holding Company Fashion Concierge HK Limited Hong Kong 100 100 E-commerce services Farfetch Finance Limited England & Wales 25 25 Finance Stadium Enterprises LLC USA 100 100 E-commerce services SGNY1 LLC USA 100 100 E-commerce services Kicks Lite LLC USA 100 100 E-commerce services Farfetch RU LLC Russia 100 100 Back office support Beijing Qizhi Ruisi Information Consulting Co., Ltd China 78 81 E-commerce services Farfetch UK FINCO Limited England & Wales 100 100 Holding Company Farfetch Holdings plc (previously Hulk Finco plc) England & Wales 100 100 Holding Company New Guards Group Holding S.p.A Italy 100 100 Retail County S.r.l. Italy 100 100 Retail Off-White Operating S.r.l. Italy 75 75 Retail Venice S.r.l. Italy 69 69 Retail Unravel Project S.r.l. Italy 61 61 Retail Heron Preston S.r.l. Italy 80 80 Retail Alanui S.r.l. Italy 53 53 Retail APA S.r.l. Italy 100 100 Retail Heron Preston Trademark S.r.l. Italy 51 51 Retail KPG S.R.L. Italy 75 75 Retail Off-White Operating Milano S.r.l. Italy 75 75 Retail Off White Operating Holding, Corp. USA 75 75 Retail Off-White Operating Paris S.à r.l. France 75 75 Retail Off White Operating Soho, LLC USA 75 75 Retail Off White Operating Miami, LLC USA 75 75 Retail Off White Operating Vegas, LLC USA 75 75 Retail Off White Operating Los Angeles, LLC USA 75 75 Retail Off White Operating London Limited UK 75 75 Retail OC Italy S.R.L Italy Italy - 100 Retail Farfetch Canada Ltd Canada - 100 Retail Farfetch Europe Trading BV Netherlands - 100 Retail Farfetch China Holdings Ltd UK - 100 Retail Farfetch China Ltd UK - 100 Retail Ambush Inc Japan - 100 Retail Ambush Italy S.r.l. Italy - 70 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%) |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2020 | |
Non Controlling Interests [Abstract] | |
Non-controlling interests | 3 2 . Non-controlling interests The effect of changes in the ownership interest of the Group on the equity attributable to owners of the Company during the year and prior year is summarized as follows (in thousands): Farfetch International CuriosityChina Limited (IOM) New Guards Total Balance at January 1, 2019 $ - $ - $ - $ - Acquisition of non-controlling interests 209 - 158,408 158,617 Total comprehensive income attributable to non-controlling interests 200 1,225 10,184 11,609 Balance at December 31, 2019 409 1,225 168,592 170,226 Total comprehensive income/(loss) attributable to non-controlling interests 110 (3,412 ) 21,182 17,880 Acquisition of non-controlling interest - - 965 965 Dividends paid to non-controlling interests - - (20,515 ) (20,515 ) Balance at December 31, 2020 $ 519 $ (2,187 ) $ 170,224 $ 168,556 % of non-controlling interests 19 % 20 % 23 % The acquisitions of CuriosityChina and New Guards Group are fully described in the Business Combinations section (Note 5). On May 8, 2020, in line with the terms of the sale and purchase agreement, the Group increased it's shareholding in CuriosityChina from 78% to 81%. With regards to New Guards’ non-controlling interest, it is important to note that the group comprises numerous legal entities with various non-controlling interests throughout the group structure, representing the co-founders of the individual fashion brands. During the year ended December 31, 2020, New Guards Group had paid dividends of $20.5 million to holders of minority interest. |
Events after the reporting year
Events after the reporting year | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events after the reporting year | 33 . Events after the reporting year We have not identified any reportable subsequent events. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accounting Policies [Abstract] | |
Basis of preparation | 2.1. The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial liabilities at fair value through profit and loss. The Directors have made an assessment of the Group’s ability to continue in operational existence for the foreseeable future and are satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. The consolidated financial statements have been prepared under the historical cost convention unless otherwise stated. The consolidated financial statements are presented in U.S. dollars (“U.S. dollars” or “USD” or “$”). 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. In 2020, we changed the presentation of our operating loss in the consolidated financial statements to reflect losses on items held at fair value and remeasurements and share of results of associates, as non-operating items in the consolidated statements of operations. These items are presented as non-operating for the current and prior years within the consolidated statements of operations to reflect the change in classification. We have made this presentation change in order to improve comparability of our year-over-year operating loss, particularly given the increased volatility of the items with a valuation dependent on our market share prices. As a result of this presentational change, the consolidated statements of cash flows now starts with operating loss rather than loss before tax as previously reported. This change had no impact on our historical loss after tax or on any of our historical consolidated statements of financial position, operations, comprehensive loss changes in equity and cash flows. We determined that these presentational changes had no material impact on the previously reported financial information or on any previously issued financial statements. Effective January 1, 2019, we adopted the requirements of IFRS 16, Leases, (“IFRS 16”). The consolidated financial statements provide comparative information in respect of the period prior to adoption. |
Basis of consolidation | 2.2. 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 statements 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. |
Business combinations and goodwill | a) 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. For details of business combinations please see Note 5. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed which are measured at fair value at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (“CGU’s”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Annual impairment testing is performed at every reporting date being December 31. Refer to Note 2.3 (n) for the Group’s policy on the impairment of non-financial assets. 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 asset, as well as the sensitivity of the respective fair values to the underlying significant assumptions. We use a discounted cash flow method of the income approach to measure the fair value of these intangible assets and use specialists to develop certain estimates and assumptions. The significant estimates and assumptions used are in respect to (i) expected future revenue growth rates; (ii) anticipated operating margins; (iii) the useful lives of the acquired brand names; and (iv) the discount rates to be applied to the estimated future cash flows. During the measurement period, which may be up to one year from the date of acquisition, the Group may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Group continues to collect information and reevaluates these estimates and assumptions as deemed reasonable by management. The Group records any adjustments to these estimates and assumptions against goodwill provided they arise within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. We also use our best estimates and assumptions to accurately account for the value of put options over non-controlling interests, when applicable. A There are no reasonable changes in assumptions and estimates that might materially impact the financial statements. For details of business combinations please refer to |
Investment in associates | b) The Group recognizes an investment in 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 Finance Limited and Alanui S.r.l, 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 other comprehensive income. |
Current versus non-current classification | c) The Group presents assets and liabilities in the statements 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) This section outlines the Group 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) at the end of each reporting period. |
Revenue recognition | e) 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, 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 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 statements 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) 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 Company is U.S. dollars. In January 2019, the functional currency of Farfetch UK Limited, the Group’s primary trading entity, changed from pound sterling to U.S dollars. This was a result of a gradual change in the primary economic environment in which Farfetch UK Limited operates driven by the growth of consumers where the Group receives U.S. dollars in settlement. This is combined with an increase in costs influenced by movements in the U.S dollar. The Group’s corporate treasury function continually monitors the Group’s exposure to foreign currency movements. Farfetch UK Limited is exposed to movements in several key currencies including the U.S dollar, euro and pound sterling. Following a review of Farfetch UK Limited’s expected receipts and expenses, the Group determined that U.S dollars had become the dominant currency from January 2019. As a result, this triggered a change in functional currency. h) 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 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 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 statements 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 CGUs which are tested for impairment annually. If the recoverable amount of the cash-generating unit 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 cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Refer to Note 2.3 (n) 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 measure reliably 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 statements of operations for the year in which they are incurred. 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 |
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 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. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payment made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, 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 standard includes 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) 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 continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing 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 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, calculated according to the weighted average cost method for each category of goods, 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 statements 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 ) 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 Groups financial assets comprise cash and cash equivalents, receivables and derivative financial instruments. Derivative financial instruments are comprised of forward exchange contracts and foreign exchange option contracts, which are measured at fair value through profit or loss, unless they are formally designated and measured as cash flow hedges. Trade receivables are generally 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 taken directly to the consolidated statements of operations. Subsequently, the financial assets are remeasured, and gains and losses are recognized in the consolidated statements of operations. 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) and foreign exchange contracts. 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. Put and call option liabilities and foreign exchange contracts are measured initially at fair value through profit or loss with transaction costs taken directly to the consolidated statements of operations. Subsequently, the fair values are remeasured and gains and losses from changes therein are recognized in the consolidated statements of operations. 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. Such derivatives are classified as a current asset or liability. The group designates certain derivatives as cash flow hedges to hedge particular risks associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions. At inception of the hedge relationship, the Group documents the economic 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. Currently the Group has only designated cash flow hedges. 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. When a hedging instrument matures, any gains or losses held in the cash flow hedge reserve are recycled to the statements of operations or inventory on the balance sheet when the related hedged item is recognized in the statements of operations or inventory on the balance sheet. If a hedge no longer meets the criteria for hedge accounting, or the forecast transaction is no longer likely to occur, 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 host contract are not carried at fair value, with unrealized gains or losses reported in the statements of operations. Embedded derivatives are carried on the balance sheet at fair value from the inception of the host contract. Changes in fair value are recognized in the statements of operations during the period in which they arise. The Company’s convertible notes embedded derivatives are accounted as financial instruments at fair value through profit and loss (“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 statements of operations with gain/(loss) on 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. |
Impairment of non-financial assets | n ) 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 nine years, according to the nature and maturity of each CGU. Impairment losses of continuing operations, are recognized in the statements 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 cash-generating unit 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 cash-generating unit, 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 at 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. Impairment of non-financial assets Impairment exists when the carrying value of an asset CGU or group of CGU 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 In 2020, as a result of the COVID-19 pandemic and related impairment triggers, we conducted an impairment test on our intangible assets (Note 16), property plant and equipment (Note 17) and right-of-use assets (Note 18). We identified an impairment requirement on the property, plant and equipment and a right-of-use asset at one of our smaller retail locations, which we considered separate CGUs. Also in 2020, we recognized an impairment charge of $36.3 million on intangible assets and $0.7 million on tangible assets primarily comprised of $30.5 million related to a reduction in the carrying value of intangible brand assets and corporate right-of-use assets associated with New Guards brand portfolio. The remaining $5.8 million impairment charge on intangible assets related to the closure of our direct consumer-facing channels on JD.com and the associated intangible asset held for the Farfetch Level 1 access button. This resulted from our annual considerations of potential impairment of assets, including our intangible assets, whereby indicators of impairment were present. See Note 16 for further details on the assumptions and associated sensitivities. |
Provisions | o ) 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 ) 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. The statements of operations expense or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest. 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 settle 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 ) For the purpose of presentation in the statements 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, and bank overdrafts. 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. |
Changes in accounting policies and disclosures | 2.4. New and revised IFRSs in issue but not yet effective At the date of authorization of these consolidated financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective: • Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (effective January 1, 2021) “Interest Rate Benchmark Reform – Phase 2” includes amendments that addresses issues that might affect financial reporting after the reform of an interest rate benchmark, including its replacement with alternative benchmark rates. The changes relate to the medication of financial assets, financial liabilities and lease liabilities, specific hedge accounting requirements, and disclosure requirements applying IFRS 7 to accompany the amendments regarding modifications and hedge accounting. The impact of this standard is currently under review. Amendments to IFRSs that are mandatorily effective for the current year In the year ended December 31, 2020, the Group has applied the below amendment to IFRS’s issued by the IASB that are mandatorily effective for an accounting period that began on or after January 1, 2020. IFRS 3 Business Combinations (effective January 1, 2020) ‘Definition of a Business (Amendments to IFRS 3)’ clarifies the definition and application guidance for when an entity assesses whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first reporting period beginning on or after January 1, 2020. It was used for the purpose of accounting for the Ambush business combination (Note 5) and the Opening Ceremony asset purchase (Note 16). Definition of material (amendments to IAS 1 ‘Presentation of financial statements’ and IAS 8 ‘Accounting policies, Changes in accounting estimates and errors’ (effective January 1, 2020) The changes in ‘Definition of Material (amendments to IAS 1 and IAS 8) all relate to revised definition of material as follows: Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity |
Standards not adopted | Standards not adopted Certain new accounting standards and interpretations issued by the IASB that are mandatorily effective for an accounting period that began on or after January 1, 2020 are not expected to have a material impact on the entity in the current or future reporting periods and 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 in determining 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 (Note 25). 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. 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 is required of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilized. The Group reviews this assessment on an annual basis. |
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 amounts of $250.0 million, $400.0 million and $600.0 million. 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. |
Farfetch UK Limited functional currency change - date of change | Farfetch UK Limited functional currency change – date of change As disclosed on Note 2.3 (g), in January 2019 the functional currency of Farfetch UK Limited, the Group’s primary trading entity, changed from pound sterling to U.S dollar. Please refer to Note 2.3 (g) for further information. |
Non-controlling interests | Non-controlling interests NCI is recognized at the time of acquisition when it is considered that the risks and rewards associated with NCI rests with non-controlling shareholders, and not recognized if it is considered that the risks and rewards rest with the Group. |
Intangible assets and property, plant and equipment - useful lives | Fair value of financial instruments, including embedded derivatives 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 in establishing 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 as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) For more information, including further details on assumptions and associated sensitivities, please refer to Note 27 Financial instruments and financial risk management. |
Fair value of financial instruments, including embedded derivatives | Fair value of financial instruments, including embedded derivatives 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 in establishing 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 as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) For more information, including further details on assumptions and associated sensitivities, please refer to Note 27 Financial instruments and financial risk management. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Property, plant and equipment consist of the following (in thousands): Freehold land Leasehold improvements Fixtures and fittings Motor vehicles Plant, machinery and equipment Totals Cost At January 1, 2019 $ - $ 35,064 $ 7,776 $ 109 $ 9,396 $ 52,345 Additions 17,948 10,633 3,424 117 9,809 41,931 Disposals - (322 ) (35 ) (30 ) (22 ) (409 ) Transfers - (2,109 ) 1,824 - (2,100 ) (2,385 ) Foreign exchange movements (130 ) (131 ) (21 ) (3 ) (139 ) (424 ) At December 31, 2019 17,818 43,135 12,968 193 16,944 91,058 Additions - 18,039 4,799 - 4,228 27,066 Additions acquired through business combinations (1) - 1,052 - - 313 1,365 Disposals - - (80 ) - (212 ) (292 ) Transfers - (174 ) 513 - (533 ) (194 ) Foreign exchange movements 1,751 3,396 995 8 1,146 7,296 At December 31, 2020 19,569 65,448 19,195 201 21,886 126,299 Accumulated depreciation At January 1, 2019 - (7,162 ) (2,782 ) (94 ) (4,779 ) (14,817 ) Depreciation for year - (3,994 ) (1,995 ) (23 ) (2,960 ) (8,972 ) Disposals - 219 31 16 16 282 Transfers - 579 - - - 579 Foreign exchange movements - (159 ) 86 1 (59 ) (131 ) At December 31, 2019 - (10,517 ) (4,660 ) (100 ) (7,782 ) (23,059 ) Depreciation for year - (5,175 ) (2,605 ) (22 ) (4,293 ) (12,094 ) Impairment for year - (620 ) (135 ) - (2 ) (757 ) Disposals - - 83 - 189 272 Transfers - 77 (14 ) - 150 212 Foreign exchange movements - (792 ) (369 ) (8 ) (621 ) (1,791 ) At December 31, 2020 - (17,027 ) (7,701 ) (130 ) (12,359 ) (37,217 ) Net book value At December 31, 2019 17,818 32,618 8,308 93 9,162 67,999 At December 31, 2020 $ 19,569 $ 48,421 $ 11,494 $ 71 $ 9,527 $ 89,082 (1) |
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 Intangible assets consist of the following at (in thousands): Goodwill Brand, trademarks & domain names Customer relationships Development costs Total Cost At January 1, 2019 $ 36,043 $ 6,846 $ 2,239 $ 85,479 $ 130,607 Additions - 1,899 - 76,140 78,039 Additions acquired through business combinations (1) 305,526 956,508 3,878 2,261 1,268,173 Foreign exchange movements (502 ) 64 (107 ) 53 (492 ) At December 31, 2019 341,067 965,317 6,010 163,933 1,476,327 Additions - 14,000 - 89,282 103,282 Additions acquired through business combinations (1) 15,474 4,826 - - 20,300 Foreign exchange movements (20 ) 4,265 850 216 5,311 At December 31, 2020 356,521 988,408 6,860 253,431 1,605,220 Accumulated amortization At January 1, 2019 - (1,940 ) (1,526 ) (23,796 ) (27,262 ) Amortization for year - (55,044 ) (260 ) (29,751 ) (85,055 ) Transfers - 12 - - 12 Foreign exchange movements - (42 ) - (1,013 ) (1,055 ) At December 31, 2019 - (57,014 ) (1,786 ) (54,560 ) (113,360 ) Amortization for year - (125,325 ) (34 ) (52,498 ) (177,857 ) Impairment for year - (36,269 ) - - (36,269 ) Foreign exchange movements - 1,593 (1,806 ) 1,807 1,594 At December 31, 2020 - (217,015 ) (3,626 ) (105,251 ) (325,892 ) Net book value At December 31, 2019 341,067 908,303 4,224 109,373 1,362,967 At December 31, 2020 $ 356,521 $ 771,393 $ 3,234 $ 148,180 $ 1,279,328 (1) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2018 2019 2020 Digital Platform Services third-party revenue $ 378,826 $ 496,040 $ 637,568 Digital Platform Services first-party revenue 110,169 205,206 395,588 Digital Platform Services Revenue 488,995 701,246 1,033,156 Digital Platform Fulfilment Revenue 97,794 127,960 213,228 Brand Platform Revenue - 164,210 390,014 In-Store Revenue 15,595 27,621 37,524 Total Revenue $ 602,384 $ 1,021,037 $ 1,673,922 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stadium Goods | |
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): 2019 Cash consideration $ 150,200 Ordinary shares issued 28,600 Total purchase consideration $ 178,800 |
Summary of Net cash Inflow Arising on Acquisition | 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 1,678 Cash consideration (150,200 ) Net cash outflow $ (148,522 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | The Group finalized its purchase price allocation in the first quarter 2019. The Group recognized the following assets and liabilities upon acquisition of Stadium Goods (in thousands): 2019 Intangible assets $ 2,049 Brand name 117,300 Tangible assets 319 Right-of-use assets 2,802 Other non-current assets 243 Inventory 541 Net working capital (excluding inventory) (3,642 ) Non-current liabilities (14,465 ) Total net identified assets acquired 105,147 Goodwill 73,653 Net assets acquired $ 178,800 |
Toplife | |
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): 2019 Cash consideration $ 48,503 Total purchase consideration $ 48,503 |
Summary of Assets and Liabilities Recognized upon Acquisition | Details of the purchase price allocation is below (in thousands): 2019 Tangible assets $ 17 Inventory 131 Current liabilities (1,605 ) Level 1 access button 9,058 Total net identified assets acquired 7,601 Goodwill 40,902 Net assets acquired $ 48,503 |
Curiosity China | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the total purchase consideration, the net assets acquired and goodwill are as follows (in thousands): 2019 Cash consideration $ 9,000 Total purchase consideration $ 9,000 |
Summary of Net cash Inflow Arising on Acquisition | 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 409 Cash consideration (9,000 ) Net cash outflow $ (8,591 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | The Group finalized its purchase price allocation in the fourth quarter of 2019. The Group recognized the following assets and liabilities upon acquisition of CuriosityChina (in thousands): 2019 Tangible assets $ 78 Current assets 1,879 Current liabilities (1,005 ) Customer relationships 3,878 Backlog 202 Technology 2,059 Deferred tax liability (921 ) Total net identified assets acquired 6,170 Goodwill 3,039 Total net identified assets acquired and goodwill 9,209 Non-controlling interest (209 ) Net assets acquired $ 9,000 |
New Guards | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Consideration | Details of the total purchase consideration, the assets acquired, and goodwill are as follows (in thousands): 2019 Cash consideration $ 358,910 Ordinary shares issued 280,705 Ordinary shares to be issued 69,284 Total purchase consideration $ 708,899 |
Summary of Net cash Inflow Arising on Acquisition | 2019 Net cash outflow arising on acquisition Cash and cash equivalent balances acquired $ 102,835 Cash consideration (358,910 ) Net cash outflow $ (256,075 ) |
Summary of Assets and Liabilities Recognized upon Acquisition | The Group recognized the following assets and liabilities upon acquisition of New Guards (in thousands): 2019 Intangible assets $ 1,382 Brand name 830,150 Tangible assets 2,714 Right-of-use assets 10,727 Deferred tax assets 3,451 Other non-current assets 2,694 Inventory 36,757 Net working capital (excluding inventory) 32,027 Non-current liabilities (13,698 ) Deferred tax liabilities (231,729 ) Total net identified assets acquired 674,475 Goodwill 192,831 Total net identified assets acquired and goodwill 867,306 Non-controlling interest (158,407 ) Net assets acquired $ 708,899 |
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) (2,17 5 ) Non-current liabilities (5,224 ) Deferred tax liability (1,311 ) Total net identified assets acquired 2,43 3 Goodwill 10,674 Total net identified assets acquired and goodwill 13,107 Non-controlling interest (965 ) Net assets acquired $ 12,142 |
Segmental and Geographical In_2
Segmental and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Operating Segments [Abstract] | |
Reportable Operating Segments | The results of our three reportable operating segments are as follows (in thousands): 2018 2019 2020 Digital Platform Services third-party revenue $ 378,826 $ 496,040 $ 637,568 Services first-party revenue 110,169 205,206 395,588 Services Revenue 488,995 701,246 1,033,156 Fulfilment Revenue 97,794 127,960 213,228 Revenue 586,789 829,206 1,246,384 Less: Cost of revenue (295,083 ) (457,293 ) (686,178 ) Gross profit 291,706 371,913 560,206 Less: Demand generation expense (97,295 ) (151,350 ) (198,787 ) Order contribution $ 194,411 $ 220,563 $ 361,419 2018 2019 2020 Brand Platform Revenue $ - $ 164,210 $ 390,014 Less: Cost of revenue - (89,203 ) (199,208 ) Gross profit or order contribution $ - $ 75,007 $ 190,806 2018 2019 2020 In-Stores: Revenue $ 15,595 $ 27,621 $ 37,524 Less: Cost of revenue (8,851 ) (14,695 ) (17,608 ) Gross profit or order contribution $ 6,744 $ 12,926 $ 19,916 2018 2019 2020 Group: Revenue $ 602,384 $ 1,021,037 $ 1,673,922 Less: Cost of revenue (303,934 ) (561,191 ) (902,994 ) Gross profit 298,450 459,846 770,928 Less: Demand generation expense (97,295 ) (151,350 ) (198,787 ) Order contribution $ 201,155 $ 308,496 $ 572,141 |
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): 2018 2019 2020 Revenue from external consumers (demand basis) United States $ 134,320 $ 210,482 $ 314,596 United Kingdom 63,372 78,628 151,875 Other Countries 404,692 731,927 1,207,451 Revenue $ 602,384 $ 1,021,037 $ 1,673,922 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): 2018 2019 2020 Revenue from external consumers (supply basis) United Kingdom $ 556,238 $ 728,321 $ 1,021,240 Italy - 180,988 485,882 Other Countries 46,146 111,728 166,800 Revenue $ 602,384 $ 1,021,037 $ 1,673,922 The Group’s non-current assets other than deferred tax assets, broken down by geographic location of the assets, are detailed below (in thousands): 2019 2020 Non-current assets excluding deferred tax assets Italy $ 983,479 $ 915,553 United Kingdom 210,393 338,015 United States 232,169 225,137 Other Countries 151,184 137,610 Total $ 1,577,225 $ 1,616,315 |
Employees and directors (Tables
Employees and directors (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Directors And Employees [Abstract] | |
Schedule of Employees and Directors Expenses | Included within employees and directors expenses are (in thousands): 2018 2019 2020 Wages and salaries $ 140,298 $ 206,092 $ 307,527 Social security costs 24,976 36,314 42,972 Other pension costs 1,391 2,569 4,161 Share based payments (equity settled) 34,668 150,333 168,347 Share based payments (cash settled) 10,355 10,675 28,041 Share based payments (employment related taxes) 8,796 (2,586 ) 95,245 Total employees and directors expenses $ 220,484 $ 403,397 $ 646,293 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Expense By Nature [Abstract] | |
Summary of Selling, General and Administrative Expenses | Included within selling, general and administrative expenses are (in thousands): 2018 2019 2020 Demand generation expenses $ 97,295 $ 151,350 $ 198,787 Technology expenses 68,224 84,207 115,227 Depreciation and amortization 23,537 113,591 217,223 Share based payments 53,819 158,422 291,633 General and administrative 228,891 345,665 504,346 Other items - 16,374 24,267 Selling, general and administrative expenses $ 471,766 $ 869,609 $ 1,351,483 |
Items held at fair value and _2
Items held at fair value and remeasurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Gains Losses Abstract | |
Summary of Gains/(Losses) on Items Held at Fair Value and Remeasurements | Included within gains/(losses) on items held at fair value and remeasurements are (in thousands): 2018 2019 2020 Change on remeasurement of put and call option liabilities $ - $ 43,247 $ (288,853 ) Change in fair value of convertible note embedded derivatives - - (2,354,720 ) Change in fair value of acquisition related consideration - (21,526 ) - Gains/(losses) on items held at fair value and remeasurements $ - $ 21,721 $ (2,643,573 ) |
Finance income and costs (Table
Finance income and costs (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Net Finance Cost [Abstract] | |
Summary of Finance Income and Cost | Included within finance income and costs are (in thousands): 2018 2019 2020 Unrealized exchange gains $ 26,922 $ 22,856 $ 19,729 Interest on cash and cash equivalents 11,260 11,526 4,970 Finance income 38,182 34,382 24,699 Unrealized exchange losses (17,779 ) (10,977 ) (39,940 ) Interest on leases - (3,472 ) (6,684 ) Convertible note interest - - (59,299 ) Other interest expense (537 ) (4,783 ) (2,819 ) Finance costs (18,316 ) (19,232 ) (108,742 ) Net finance income/(costs) $ 19,866 $ 15,150 $ (84,043 ) |
Material Loss (Tables)
Material Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Profit Loss [Abstract] | |
Summary of Material Loss | These are listed separately here to provide a better understanding of the financial performance of the group (in thousands): Note 2018 2019 2020 Leases (2018: operating leases) 18 $ 19,244 $ 9,449 $ 6,400 Research and development costs expensed 12,455 15,777 22,484 Loss/(gain) on disposal of non-current assets 1,028 (144 ) - Amortization - Intangible assets 16 16,199 85,055 177,857 Depreciation - Property, plant and equipment 17 7,338 8,972 12,094 Depreciation - Right-of-use assets 18 - 19,564 27,272 Impairment losses on intangible assets 16 - - 36,269 Impairment losses on property, plant and equipment 17 - - 757 Impairment losses on right-of-use assets 18 - - 2,234 Transaction related legal and advisory expenses - 15,374 24,598 Change on remeasurement of put and call option liabilities 9 - (43,247 ) 288,853 Change in fair value of convertible note embedded derivatives 9 - - 2,354,720 Change in fair value of acquisition related consideration 9 - 21,526 - Loss on impairment of investments carried at fair value 5,000 235 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Income Tax Expense/(Benefit) | a) Income tax expense/(benefit) (in thousands) 2018 2019 2020 Current tax: Corporate tax $ 2,208 $ 15,676 $ 32,430 Prior year adjustments (50 ) (1,652 ) (96 ) Total current tax 2,158 14,024 32,334 Total deferred tax - (12,862 ) (46,768 ) Income tax expense/(benefit) $ 2,158 $ 1,162 $ (14,434 ) |
Summary of Reconciliation of Income Tax Expense to Tax Payable | The tax on the Group’s loss 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): 2018 2019 2020 Loss before tax $ (153,417 ) $ (372,526 ) $ (3,347,505 ) Tax at the UK tax rate of 19.00% (2019: 19.00%, 2018: 19.00%) (29,149 ) (70,780 ) (636,026 ) Tax effects of: Sundry permanent differences 4,349 1,895 9,349 Items evaluated at fair value - - 548,524 Interest expenses - - 8,134 Impairment of assets - - 3,238 Entertaining 37 29 120 Loss utilisation (334 ) (1,126 ) (209 ) Share based payment 3,195 8,123 11,051 R&D and Investment Tax Credit - (1,826 ) (3,335 ) Release of deferred tax liabilities on acquisition - (12,853 ) (39,126 ) Deferred tax on timing differences - (9 ) (7,642 ) Taxes paid overseas and rate difference (599 ) 3,853 5,816 Prior year adjustments (50 ) (1,652 ) (96 ) Unrecognized deferred tax asset arising from timing differences relating to: Share based payment (7,522 ) 13,305 17,487 Non-current assets and accrued bonus 361 1,409 628 Losses carried forward 31,870 60,794 67,653 Income tax expense/(benefit) $ 2,158 $ 1,162 $ (14,434 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Loss Per Share | The calculation of loss per share is as follows (in thousands): 2018 2019 2020 In $ thousands, except share and per share data Basic and diluted Loss attributable to equity holders of the parent $ (155,575 ) $ (385,297 ) $ (3,350,619 ) Shares used in calculation Weighted-average shares outstanding 264,432,214 318,843,239 343,829,481 Basic and diluted loss per share attributable to owners of the parent $ (0.59 ) $ (1.21 ) $ (9.75 ) |
Summary of Potential Dilutive Securities Not Included in Diluted Per Share Calculations | Potential dilutive securities that are not included in the diluted per share calculations because they would be anti-dilutive are as follows (in thousands): 2018 2019 2020 Convertible Notes - - 63,758 Employee options 14,649 9,105 40,890 Warrants 125 - - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Classes Of Inventories [Abstract] | |
Summary of Inventories | Details of inventories consist of the following at December 31 (in thousands): 2019 2020 Finished goods $ 141,389 $ 167,225 Obsolete stock provision (13,282 ) (21,916 ) Total inventories $ 128,107 $ 145,309 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Receivables [Abstract] | |
Summary of Trade and Other Receivables | Details of trade and other receivables consist of the following at December 31 (in thousands): 2019 2020 Current Trade receivables $ 41,484 $ 49,833 Other current receivables 120,450 123,492 Sales taxes 16,868 26,642 Allowance for expected credit losses (910 ) (4,062 ) Prepayments and accrued income 12,005 14,041 Current trade and other receivables 189,897 209,946 Non-current Other receivables 12,388 58,081 Non-current other receivables $ 12,388 $ 58,081 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets And Goodwill [Abstract] | |
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 Intangible assets consist of the following at (in thousands): Goodwill Brand, trademarks & domain names Customer relationships Development costs Total Cost At January 1, 2019 $ 36,043 $ 6,846 $ 2,239 $ 85,479 $ 130,607 Additions - 1,899 - 76,140 78,039 Additions acquired through business combinations (1) 305,526 956,508 3,878 2,261 1,268,173 Foreign exchange movements (502 ) 64 (107 ) 53 (492 ) At December 31, 2019 341,067 965,317 6,010 163,933 1,476,327 Additions - 14,000 - 89,282 103,282 Additions acquired through business combinations (1) 15,474 4,826 - - 20,300 Foreign exchange movements (20 ) 4,265 850 216 5,311 At December 31, 2020 356,521 988,408 6,860 253,431 1,605,220 Accumulated amortization At January 1, 2019 - (1,940 ) (1,526 ) (23,796 ) (27,262 ) Amortization for year - (55,044 ) (260 ) (29,751 ) (85,055 ) Transfers - 12 - - 12 Foreign exchange movements - (42 ) - (1,013 ) (1,055 ) At December 31, 2019 - (57,014 ) (1,786 ) (54,560 ) (113,360 ) Amortization for year - (125,325 ) (34 ) (52,498 ) (177,857 ) Impairment for year - (36,269 ) - - (36,269 ) Foreign exchange movements - 1,593 (1,806 ) 1,807 1,594 At December 31, 2020 - (217,015 ) (3,626 ) (105,251 ) (325,892 ) Net book value At December 31, 2019 341,067 908,303 4,224 109,373 1,362,967 At December 31, 2020 $ 356,521 $ 771,393 $ 3,234 $ 148,180 $ 1,279,328 (1) |
Summary of Goodwill by Cash Generating Unit | The goodwill amounts for each CGU or group of CGU consists of the following at December 31 (in thousands): 2019 2020 CGU Marketplace (FF.com) $ 130,993 $ 153,086 Browns - Platform 19,015 19,015 CuriosityChina 3,039 3,039 Brand Platform - New Guards 188,020 181,381 Total Goodwill $ 341,067 $ 356,521 |
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) Browns – Platform CuriosityChina Brand Platform – New Guards Budgeted annual revenue growth (change in pp) (8 ) (9 ) (3 ) (25 ) Pre-tax discount rate (change in pp) 21 3 2 14 Long term growth rate (change in pp) (12 ) (8 ) (3 ) (35 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [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 Property, plant and equipment consist of the following (in thousands): Freehold land Leasehold improvements Fixtures and fittings Motor vehicles Plant, machinery and equipment Totals Cost At January 1, 2019 $ - $ 35,064 $ 7,776 $ 109 $ 9,396 $ 52,345 Additions 17,948 10,633 3,424 117 9,809 41,931 Disposals - (322 ) (35 ) (30 ) (22 ) (409 ) Transfers - (2,109 ) 1,824 - (2,100 ) (2,385 ) Foreign exchange movements (130 ) (131 ) (21 ) (3 ) (139 ) (424 ) At December 31, 2019 17,818 43,135 12,968 193 16,944 91,058 Additions - 18,039 4,799 - 4,228 27,066 Additions acquired through business combinations (1) - 1,052 - - 313 1,365 Disposals - - (80 ) - (212 ) (292 ) Transfers - (174 ) 513 - (533 ) (194 ) Foreign exchange movements 1,751 3,396 995 8 1,146 7,296 At December 31, 2020 19,569 65,448 19,195 201 21,886 126,299 Accumulated depreciation At January 1, 2019 - (7,162 ) (2,782 ) (94 ) (4,779 ) (14,817 ) Depreciation for year - (3,994 ) (1,995 ) (23 ) (2,960 ) (8,972 ) Disposals - 219 31 16 16 282 Transfers - 579 - - - 579 Foreign exchange movements - (159 ) 86 1 (59 ) (131 ) At December 31, 2019 - (10,517 ) (4,660 ) (100 ) (7,782 ) (23,059 ) Depreciation for year - (5,175 ) (2,605 ) (22 ) (4,293 ) (12,094 ) Impairment for year - (620 ) (135 ) - (2 ) (757 ) Disposals - - 83 - 189 272 Transfers - 77 (14 ) - 150 212 Foreign exchange movements - (792 ) (369 ) (8 ) (621 ) (1,791 ) At December 31, 2020 - (17,027 ) (7,701 ) (130 ) (12,359 ) (37,217 ) Net book value At December 31, 2019 17,818 32,618 8,308 93 9,162 67,999 At December 31, 2020 $ 19,569 $ 48,421 $ 11,494 $ 71 $ 9,527 $ 89,082 (1) |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation Of Leases For Lessee [Abstract] | |
Summary of Lease liabilities | 2019 Operating lease commitments disclosed as at December 31, 2018 $ 103,034 Discounted using the lessee’s incremental borrowing rate of at the date of initial application 78,937 Less short-term leases recognized on a straight-line basis as expense (1,552 ) Less Lease committed to at December 31, 2018 but not commenced at January 1, 2019 (8,074 ) Lease liability recognized as at January 1, 2019 $ 69,311 Of which: Current lease liabilities 12,655 Non-current lease liabilities 56,656 Lease liability recognized as at January 1, 2019 $ 69,311 Lease liabilities included in the Statements of Financial Position at December 31, 2019 and December 31, 2020 (in thousands): 2019 2020 Current lease liabilities $ 18,485 $ 26,128 Non-current lease liabilities 100,833 165,275 Total lease liabilities $ 119,318 $ 191,403 |
Summary of Right-of-Use Assets | The recognized right-of-use assets to the following types as at December 31, 2019 and December 31, 2020 (in thousands): Property Vehicles Totals 2019 At 1 January 2019 $ 67,272 $ 469 $ 67,741 Additions 41,116 281 41,397 Additions acquired through business combinations 10,824 - 10,824 Provisions 2,821 - 2,821 Remeasurements 12,293 - 12,293 Depreciation charge for the year (19,382 ) (182 ) (19,564 ) Foreign exchange (326 ) (10 ) (336 ) At December 31, 2019 $ 114,618 $ 558 $ 115,176 2020 At 1 January 2020 $ 114,618 $ 558 $ 115,176 Additions 90,240 162 90,402 Remeasurements 13 (8 ) 5 Depreciation charge for the year (27,048 ) (224 ) (27,272 ) Impairment charge for the year (2,234 ) - (2,234 ) Foreign exchange 3,149 1 3,150 At December 31, 2020 $ 178,738 $ 489 $ 179,227 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
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 Farfetch Finance Limited and Alanui S.r.l. The investment in Alanui S.r.l. arose as a result of the Group’s acquisition of New Guards (see Note 5 for further details). The Group’s shareholdings in these entities and their principal activities can be found in Note 31. At January 1, 2019 $ 86 Additions due to business combinations 2,014 Share of profit after tax 366 At December 31, 2019 $ 2,466 Dividends received from associate (60 ) Share of loss after tax (74 ) Foreign exchange (13 ) At December 31, 2020 $ 2,319 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents consist of the following at December 31 (in thousands): 2019 2020 Cash held in banks $ 170,468 $ 173,206 Money market funds 99,362 1,011,330 Short-term deposits 12,328 333,353 Amounts held by payment service providers 40,271 55,532 Cash and cash equivalents $ 322,429 $ 1,573,421 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade And Other Current Payables [Abstract] | |
Summary of Trade and Other Payable | Trade and other payables consisted of the following at December 31 (in thousands): 2019 2020 Trade payables $ 180,270 $ 277,827 Other payables 11,062 16,642 Social security and other taxes 12,741 76,820 Deferred revenue 29,966 30,957 Accruals 179,657 263,898 Trade and other payables $ 413,696 $ 666,144 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Schedule of Convertible Notes Presented in Consolidated Statements of Financial Position | The convertible notes are presented in the consolidated statements of financial position as follows (in thousands): 2019 2020 Face value of notes issued $ - $ 1,250,000 Value of embedded derivatives - (641,448 ) $ - $ 608,552 Transaction costs - (13,539 ) Interest expense - 59, 299 Interest paid - (1 9 075 ) Total non-current borrowings $ - $ 635,237 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Provisions [Abstract] | |
Summary of Provisions | Provisions consist of the following (in thousands): Dilapidations provision Share based payments employment taxes provision Provision for withholding taxes Other provisions Total Current liabilities At January 1, 2020 $ - $ - $ - $ - $ - Additional provision in the year - - - 12,498 12,498 Release of provision in the year - - - (800 ) (800 ) Utilized provision in the year - - - (1,630 ) (1,630 ) Transfer from non-current provisions - 12,105 4,100 873 17,078 At December 31, 2020 $ - $ 12,105 $ 4,100 $ 10,941 $ 27,146 Non-current liabilities At January 1, 2019 $ 2,515 $ 10,947 $ - $ - $ 13,462 Recognized on acquisition of subsidiary - - 16,000 - 16,000 Additional provision in the year 1,015 6,820 - 873 8,708 Release of provision in the year (190 ) (4,583 ) (4,000 ) - (8,773 ) Utilized provision in the year (20 ) (5,729 ) (500 ) - (6,249 ) Foreign exchange 32 524 - - 556 At December 31, 2019 3,352 7,979 11,500 873 23,704 Additional provision in the year 3,039 131,836 - 1,011 135,886 Transfer to current provisions - (12,105 ) (4,100 ) (873 ) (17,078 ) Release of provision in the year (757 ) (945 ) - - (1,702 ) Utilized provision in the year - (11,758 ) - - (11,758 ) Foreign exchange 36 25 - - 61 At December 31, 2020 $ 5,670 $ 115,032 $ 7,400 $ 1,011 $ 129,113 |
Deferred Tax (Tables)
Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
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, 2019 $ 745 $ 745 Deferred tax recognized to profit or loss 5 5,324 - Foreign exchange (24 ) (24 ) Deferred tax recognized on acquisition to balance sheet - 232,573 Released to profit or loss (721 ) (13,505 ) At December 31, 2019 $ 5,324 $ 219,789 Deferred tax recognized to profit or loss 5 9,860 - Foreign exchange 614 (4 ) Released to profit or loss (2,178 ) (39,087 ) Reclassifications to balance sheet (64 ) - Deferred tax recognized on acquisition to balance sheet - 1,765 At December 31, 2020 $ 13,556 $ 182,463 Deferred tax, net liability at December 31, 2020 $ 168,907 |
Summary of Trading Losses | Local currency 2019 2019 2020 2020 Local ‘000 $’000 Local ‘000 $’000 UK trading losses GBP 404,654 528,694 709,446 739,879 US Net Operating Losses (“NOL”) USD 79,816 79,816 195,565 195,565 Brazil trading losses BRL 65,893 16,378 72,760 14,107 Japan trading losses JPY 343,414 3,151 301,340 2,902 Hong Kong trading losses HKD 8,051 1,034 5,149 664 629,073 953,117 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Assumptions Used in Measuring Fair Value of Financial Instruments | February 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.36 % Expected volatility 36.93 % Remaining life (years) 5.00 April 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.65 % Expected volatility 37.22 % Remaining life (years) 6.33 November 2020 Notes assumptions 2020 Embedded derivative Closing share price $ 63.81 Risk free rate 0.92 % Expected volatility 36.89 % Credit spread (basis points) 344.47 |
Summary of Carrying Value Held at Amortized Cost and Fair Value of Non-Current Borrowings | The carrying value held at amortized cost and fair value of the Group’s non-current borrowings is shown in the table below: Carrying value Fair value At December 31, 2020 Non-current borrowings $ 635,237 $ 1,058,306 |
Summary of Categories of Financial Instruments | 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. Categories of financial instruments Financial assets (in thousands) Amortized cost Amortized cost 2019 2020 Current Trade receivables $ 41,484 $ 49,833 Other receivables 120,450 123,492 Cash and cash equivalents 322,429 1,573,421 Non-current Other receivables 12,388 58,081 Total $ 496,751 $ 1,804,827 Fair value Fair value 2019 2020 Foreign currency derivatives - held at FVTPL $ 587 $ 1,260 Foreign currency derivatives - held as cash flow hedges 2,437 28,982 Derivative financial assets $ 3,024 $ 30,242 Financial liabilities (in thousands) Amortized cost Amortized cost 2019 2020 Trade payables $ 180,270 $ 277,827 Other payables 11,062 16,642 Total $ 191,332 $ 294,469 Fair value Fair value 2019 2020 Foreign currency derivatives - held at FVTPL $ 255 $ 238 Foreign currency derivatives - held as cash flow hedges 5,346 17,189 Current derivative financial liabilities $ 5,601 $ 17,427 Fair value Fair value 2019 2020 $250.0 million 5% convertible note embedded derivative - held at FVTPL $ - $ 1,060,167 $400.0 million 3.75% convertible note embedded derivative - held at FVTPL - 1,217,491 $600.0 million 0.00% convertible note embedded derivative - held at FVTPL - 718,562 Non-current derivative financial liabilities $ - $ 2,996,220 Present value Present value 2019 2020 Put and call option liabilities $ 62,386 $ 348,937 Total Put and call option liabilities $ 62,386 $ 348,937 |
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 2019 2020 Foreign currency derivatives $ 621,095 $ 1,120,038 |
Financial Assets/(Liabilities) at Fair Value through Profit or Loss | Fair value through profit or loss Asset Liability 2019 2020 2019 2020 Forward foreign exchange contracts $ 587 $ 1,260 $ 255 $ 238 Total $ 587 $ 1,260 $ 255 $ 238 Cashflow hedges Asset Liability 2019 2020 2019 2020 Forward foreign exchange contracts $ 2,437 $ 28,982 $ 5,346 $ 17,189 Total $ 2,437 $ 28,982 $ 5,346 $ 17,189 |
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 one year Less than one year 2019 2020 Trade and other payables $ 191,332 $ 294,469 Put and call option liabilities 1,118 - Total current $ 192,450 $ 294,469 More than one year More than one year 2019 2020 Put and call option liabilities $ 61,268 $ 348,937 Borrowings - 635,237 Total non-current $ 61,268 $ 984,174 |
Summary of Non-derivative Financial Liabilities and Net Settled Derivative Financial Instruments Into Relevant Maturity Groupings | The following table analyses the Group’s non-derivative financial liabilities 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 undiscounted cash flows and may therefore not reconcile to the amounts disclosed on the balance sheet 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, 2020 Non derivative financial liabilities Convertible bonds - $250.0 million $ 12,500 $ 25,000 $ 275,000 $ - Convertible bonds - $400.0 million 15,000 30,000 30,000 422,500 Convertible bonds - $600.0 million - - - 600,000 Put and call option liabilities - 348,937 - - Obligations under leases 33,703 61,296 50,800 61,430 Trade and other payables 371,289 - - - Net settled derivatives Financial liabilities 1,900 - - - Gross settled derivatives Financial assets 30,242 - - - Financial liabilities 15,527 - - - Less than twelve months Between one and three years Between three and five years More than five years At December 31, 2019 Non derivative financial liabilities Put and call option liabilities $ 1,118 $ 61,268 $ - $ - Obligations under leases 24,065 44,282 34,705 37,216 Trade and other payables 204,073 - - - Gross settled derivatives Financial assets 3,024 - - - Financial liabilities 5,601 - - - |
Schedule of Capital Structure | 2019 2020 Total borrowings $ 119,318 $ 3,822,860 Less: cash and cash equivalents (322,429 ) (1,573,421 ) Net (cash)/debt (203,111 ) 2,249,439 Total equity/(deficit) 1,337,832 (1,676,090 ) Total $ 1,134,721 $ 573,349 |
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, 2019 Cash movement Bifurcation of embedded derivative Foreign exchange movement Finance costs Fair value changes & other As at December 31, 2020 Borrowings - leases $ 119,318 $ (25,808 ) $ - $ 4,539 $ 6,757 $ 86,597 $ 191,403 Non-current borrowings - convertible notes - 1,223,042 (641,448 ) - 59,299 (5,655 ) 635,237 Borrowings-related derivative financial instruments - - 641,448 - - 2,354,772 2,996,220 Financing liabilities $ 119,318 $ 1,197,234 $ - $ 4,539 $ 66,056 $ 2,435,714 $ 3,822,860 |
Schedule of Foreign Exchange Rate Sensitivity Analysis | Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of United States dollars $ (21,661 ) $ 24,118 10% depreciation of United States dollars $ 26,475 $ (29,478 ) Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of GBP $ 18,747 $ (21,372 ) 10% depreciation of GBP $ (15,338 ) $ 17,486 Increase/ (decrease) in profit or loss Increase/ (decrease) in profit or loss 2019 2020 10% appreciation of EUR $ (2,791 ) $ (17,234 ) 10% depreciation of EUR $ 2,284 $ 14,101 |
Employee benefit obligations (T
Employee benefit obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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): 2019 2020 Equity-settled awards liability $ 12,139 $ - Cash-settled awards liability 3,120 24,295 Employee severance liability 1,048 1,821 Other 148 - Total non-current liabilities $ 16,455 $ 26,116 |
Summary of Equity Settled Share Based Payment Plans | During the year ended December 31, 2020, the Group had four equity settled share based payment plans which are described below. Type of arrangement EMI approved share option plan Unapproved share option plan 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 36,736,590 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 Movements on Share Options and Weighted Average Exercise Prices | Movements on the share options were as follows: 2018 2019 2020 Number of options & RSU's Number of options & RSU's Number of options & RSU's Options & RSU's at beginning of year 32,307,010 44,218,814 39,583,858 Options & RSU's granted 18,209,410 13,585,502 19,685,173 Options & RSU's exercised (3,032,571 ) (7,503,814 ) (11,817,074 ) Options & RSU's forfeited (3,265,035 ) (10,716,644 ) (4,388,244 ) Options & RSU's at end of year 44,218,814 39,583,858 43,063,713 Options & RSU's exercisable at end of year 16,830,409 10,360,642 11,944,576 Weighted average exercise prices were as follows: 2018 2019 2020 Options & RSU's at beginning of year $ 4.43 $ 6.15 $ 8.23 Options & RSU's granted $ 9.84 $ 8.94 $ 5.38 Options & RSU's forfeited $ 7.31 $ 5.70 $ 7.02 Options & RSU's exercised $ 2.38 $ 1.25 $ 5.63 Options & RSU's at end of year $ 6.15 $ 8.23 $ 8.00 Options & RSU's exercisable at year end $ 2.33 $ 6.40 $ 8.96 Weighted average remaining contracted life of options & RSU's outstanding at year end 9.54 years 9.79 years 8.94 years |
Summary of Exercise Price of Options and Restricted Stock Units Outstanding | 2018 2019 2020 Number of options & RSU's Number of options & RSU's Number of options & RSU's Exercise price of options & RSU's outstanding at year end $0.00 to $0.08 4,416,525 8,545,400 11,878,888 $0.09 to $0.56 2,126,540 27,340 27,340 $0.57 to $3.52 4,595,104 629,730 320,944 $3.53 to $5.73 6,257,690 3,225,120 2,020,354 $5.74 to $7.39 7,890,495 5,873,001 3,385,770 $7.40 to $20.00 18,932,460 17,402,097 21,965,750 $20.01 to $27.09 - 3,881,170 3,423,111 $27.10 to $40.00 - - 41,556 44,218,814 39,583,858 43,063,713 Weighted average fair value of options & RSU's granted in year $ 4.17 $ 15.54 $ 8.81 |
Summary of Inputs in Black Scholes Model for Share Options Granted | Inputs in the Black Scholes model for share options granted during the year and prior year were as follows: 2018 2019 2020 Black Scholes model Weighted average share price $ 11.83 $ 21.73 $ 12.44 Weighted average exercise price $ 9.84 $ 8.94 $ 5.38 Average expected volatility 23% 36% 40% Expected life 4 years 4 years 4 years Risk free rate 2.75% 2.15% 1.05% Expected dividends $nil $nil $nil |
Share capital and share premi_2
Share capital and share premium (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Ordinary Shares Issued and Fully Paid | Ordinary shares issued and fully paid as at December 31, 2020 (in thousands, except number of shares): Number of shares Class Par value $ Share capital Share premium Merger reserve Total 311,352,064 Class A ordinary shares 0.04 $ 12,454 $ 882,422 $ 783,529 $ 1,678,405 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 354,210,144 $ 14,168 $ 927,931 $ 783,529 $ 1,725,628 During 2020, 14,611,136 shares were issued. All were fully paid and newly issued Class A ordinary shares. The nominal value of all shares issued is $0.04 each. The total Class A ordinary shares issued in respect of share options that were exercised and RSUs that have vested was 12,721,798. On November 17, 2020, the Company issued 1,889,338 Class A ordinary shares to Artemis representing 0.5% of existing issued share capital, for total gross proceeds of $50.0 million. Ordinary shares issued and fully paid as at December 31, 2019 (in thousands, except number of shares): Number of shares Class Par value $ Share capital Share premium Merger reserve Total 296,740,928 Class A ordinary shares 0.04 $ 11,870 $ 832,498 $ 783,529 $ 1,627,897 42,858,080 Class B ordinary shares 0.04 1,714 45,509 - 47,223 339,599,008 $ 13,584 $ 878,007 $ 783,529 $ 1,675,120 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Reserves [Abstract] | |
Summary of Other Reserves | Other Warrant reserve Changes in ownership Share based payments Cashflow hedge reserve Merger relief reserve Time value reserve Other Total other reserves At January 1, 2018 $ 747 $ (8,666 ) $ 44,233 $ — $ 2,161 $ — $ — $ 38,475 Movement in cash flow hedge reserve - - - 436 - - - 436 Share based payments - equity settled - - 28,563 - - - - 28,563 At December 31, 2018 747 (8,666 ) 72,796 436 2,161 - - 67,474 Shares issued - acquisition of a subsidiary - - - - 393,853 - - 393,853 Movement in cash flow hedge reserve - - - (3,527 ) - - - (3,527 ) Loss transferred to the cost of inventory - - - 142 - - - 142 Share based payments - equity settled - - 76,383 - - - - 76,383 Share based payments - reverse vesting shares - - (82,646 ) - - - - (82,646 ) Exercise of warrants (747 ) - - - - - - (747 ) Transaction with non-controlling interests - - - - - - (101,311 ) (101,311 ) Impairment loss on revaluation of investments - - - - - - (100 ) (100 ) Remeasurement loss on legally required severance plan - - - - - - (58 ) (58 ) At December 31, 2019 - (8,666 ) 66,533 (2,949 ) 396,014 - (101,469 ) 349,463 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 ) $ 145,315 $ 9,223 $ 400,822 $ 2,552 $ (101,493 ) $ 447,753 |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Summary of Subsidiaries | Direct Holdings Name Country of incorporation % equity interest Principal activities 2019 2020 Farfetch.com Limited Isle of Man 100 100 Holding company At December 31, 2020, the Company’s subsidiaries were as follows: Indirect Holdings Country of incorporation % equity interest Principal activities 2019 2020 Farfetch UK Limited England & Wales 100 100 Marketing, providing editorial and merchant services FFBR importacao e exportacao LTDA* Brazil 100 100 Import & Export Agent for Farfetch Farfetch.com Brasil Servicos LTDA** Brazil 100 100 E-commerce, marketing and editorial services Farfetch.com US LLC USA 100 100 E-commerce and marketing Farfetch-Portugal Unipessoal LDA Portugal 100 100 Back office support Farfetch HK Holdings Limited Hong Kong 100 100 Holding Company Browns (South Molton Street) Limited England & Wales 100 100 Retail Farfetch Japan Co Ltd Japan 100 100 E-commerce and marketing LASO.CO.LTD Japan 100 100 E-commerce and marketing Farfetch China (HK Holdings) Limited Hong Kong 100 100 Holding company Farfetch (Shanghai) E-Commerce Co. Ltd China 100 100 E-commerce services Farfetch HK Production Limited Hong Kong 100 100 E-commerce and marketing Farfetch Store of the Future Limited England & Wales 100 100 Dormant Fashion Concierge UK Limited England & Wales 100 100 E-commerce services F&C Fashion Concierge, LDA Portugal 100 - Dormant Farfetch Black & White Limited England & Wales 100 100 E-commerce services Farfetch International Limited Isle of Man 80 80 Holding company Farfetch México, S.A de C.V*** Mexico 100 100 Back office support Fashion Concierge Powered By Farfetch, LLC USA 100 100 E-commerce services Farfetch India Private Limited**** India 100 100 Back office support Farfetch Middle East FZE UAE 80 80 Back office support Farfetch Italia S.R.L. Italy 100 100 Back office support Farfetch Australia Pty Ltd Australia 100 100 Back office support Farfetch US Holdings, INC USA 100 100 Holding Company Fashion Concierge HK Limited Hong Kong 100 100 E-commerce services Farfetch Finance Limited England & Wales 25 25 Finance Stadium Enterprises LLC USA 100 100 E-commerce services SGNY1 LLC USA 100 100 E-commerce services Kicks Lite LLC USA 100 100 E-commerce services Farfetch RU LLC Russia 100 100 Back office support Beijing Qizhi Ruisi Information Consulting Co., Ltd China 78 81 E-commerce services Farfetch UK FINCO Limited England & Wales 100 100 Holding Company Farfetch Holdings plc (previously Hulk Finco plc) England & Wales 100 100 Holding Company New Guards Group Holding S.p.A Italy 100 100 Retail County S.r.l. Italy 100 100 Retail Off-White Operating S.r.l. Italy 75 75 Retail Venice S.r.l. Italy 69 69 Retail Unravel Project S.r.l. Italy 61 61 Retail Heron Preston S.r.l. Italy 80 80 Retail Alanui S.r.l. Italy 53 53 Retail APA S.r.l. Italy 100 100 Retail Heron Preston Trademark S.r.l. Italy 51 51 Retail KPG S.R.L. Italy 75 75 Retail Off-White Operating Milano S.r.l. Italy 75 75 Retail Off White Operating Holding, Corp. USA 75 75 Retail Off-White Operating Paris S.à r.l. France 75 75 Retail Off White Operating Soho, LLC USA 75 75 Retail Off White Operating Miami, LLC USA 75 75 Retail Off White Operating Vegas, LLC USA 75 75 Retail Off White Operating Los Angeles, LLC USA 75 75 Retail Off White Operating London Limited UK 75 75 Retail OC Italy S.R.L Italy Italy - 100 Retail Farfetch Canada Ltd Canada - 100 Retail Farfetch Europe Trading BV Netherlands - 100 Retail Farfetch China Holdings Ltd UK - 100 Retail Farfetch China Ltd UK - 100 Retail Ambush Inc Japan - 100 Retail Ambush Italy S.r.l. Italy - 70 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%) |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Company during the year and prior year is summarized as follows (in thousands): Farfetch International CuriosityChina Limited (IOM) New Guards Total Balance at January 1, 2019 $ - $ - $ - $ - Acquisition of non-controlling interests 209 - 158,408 158,617 Total comprehensive income attributable to non-controlling interests 200 1,225 10,184 11,609 Balance at December 31, 2019 409 1,225 168,592 170,226 Total comprehensive income/(loss) attributable to non-controlling interests 110 (3,412 ) 21,182 17,880 Acquisition of non-controlling interest - - 965 965 Dividends paid to non-controlling interests - - (20,515 ) (20,515 ) Balance at December 31, 2020 $ 519 $ (2,187 ) $ 170,224 $ 168,556 % of non-controlling interests 19 % 20 % 23 % |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Promotional incentives remittance period after transactions | 2 months |
Intangible assets with indefinite useful lives | $ 0 |
Leases of low-value asset leases and short term leases using recognition exemption | The standard includes 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 |
Bottom of Range | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Budgets and forecast calculations period | 5 years |
Top of Range | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | |
Budgets and forecast calculations period | 9 years |
Significant Accounting Polici_5
Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Leased Plant and Equipment | Bottom of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 3 years |
Leased Plant and Equipment | Top of Range | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives of property, plant and equipment | 8 years |
Significant Accounting Polici_6
Significant Accounting Policies - Estimated Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Notes issued | $ 635,237 |
Projected cash flows forecast period | 3 years |
Impairment charge of intangible assets | $ 36,300 |
Impairment charge of tangible assets | 700 |
Senior Convertible Notes | February 2020 Notes | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Notes issued | 250,000 |
Senior Convertible Notes | April 2020 Notes | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Notes issued | 400,000 |
Senior Convertible Notes | November 2020 Notes | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Notes issued | 600,000 |
Direct Consumer-facing Channels and Farfetch Level 1 Access Button | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Impairment charge of intangible assets | 5,800 |
New Guards | |
Disclosure Of Accounting Judgments And Estimates [Line Items] | |
Reduction in carrying value of intangible brand assets and corporate right-of-use assets | $ 30,500 |
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 | 9 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | $ 1,673,922 | $ 1,021,037 | $ 602,384 |
Digital Platform Services Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 1,033,156 | 701,246 | 488,995 |
Digital Platform Services Revenue | Third-Party | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 637,568 | 496,040 | 378,826 |
Digital Platform Services Revenue | First-Party | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 395,588 | 205,206 | 110,169 |
Digital Platform Fulfilment Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 213,228 | 127,960 | 97,794 |
Brand Platform Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | 390,014 | 164,210 | |
In-Store Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total Revenue | $ 37,524 | $ 27,621 | $ 15,595 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Digital Platform Services Revenue | Principal | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Deferred revenue balance at year end | $ 1,000,000 | $ 1,800,000 | $ 2,000,000 |
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, 2020 within the next ninety days from the reporting period. | ||
Previously deferred amounts recognized as revenue in the year | $ 1,800,000 | 2,000,000 | 1,100,000 |
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 | ||
Previously deferred amounts recognized as revenue in the year | $ 2,700,000 | 500,000 | 400,000 |
Revenue from performance obligations not satisfied | 5,400,000 | 2,700,000 | 500,000 |
Receivables from contracts with customers | 0 | 0 | 0 |
Brand Platform Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Deferred revenue balance at year end | $ 2,100,000 | $ 2,900,000 | $ 0 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | May 08, 2020 | Sep. 23, 2019USD ($) | May 28, 2019USD ($) | Apr. 03, 2019USD ($) | Jan. 04, 2019USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2020USD ($) | Sep. 30, 2020USD ($)shares | Jun. 30, 2020USD ($) | Feb. 05, 2020USD ($) | Aug. 02, 2019USD ($)shares | Dec. 31, 2018USD ($) |
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Deferred tax | $ 5,324,000 | $ 13,556,000 | $ 5,324,000 | $ 745,000 | ||||||||||
Goodwill | 341,067,000 | 356,521,000 | 341,067,000 | |||||||||||
Stadium Goods | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||
Total consideration including amount transferrable in the future | $ 230,900,000 | |||||||||||||
Cash consideration | 150,200,000 | |||||||||||||
Value of ordinary shares issued or issuable | 80,700,000 | |||||||||||||
Share consideration that does not satisfy IFRS 3 definition of consideration | $ 52,100,000 | |||||||||||||
Service condition term | 4 years | |||||||||||||
Total consideration transferred | $ 178,800,000 | |||||||||||||
Ordinary shares issued | 28,600,000 | |||||||||||||
Deferred tax | 0 | 0 | ||||||||||||
Acquisition-related costs | 4,000,000 | |||||||||||||
Carrying amount of intangible assets | 2,049,000 | |||||||||||||
Goodwill | 73,653,000 | |||||||||||||
Stadium Goods | Merger Reserve | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Acquisition-related costs | 1,500,000 | |||||||||||||
Stadium Goods | Selling, General and Administrative Expenses | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Acquisition-related costs | 2,500,000 | |||||||||||||
Stadium Goods | In accordance with IFRS 3 | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Cash consideration | 150,200,000 | |||||||||||||
Total consideration transferred | 178,800,000 | |||||||||||||
Ordinary shares issued | $ 28,600,000 | |||||||||||||
Toplife | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||
Cash consideration | $ 48,503,000 | |||||||||||||
Total consideration transferred | 48,503,000 | |||||||||||||
Acquisition-related costs | 700,000 | |||||||||||||
Cash or cash equivalents acquired | $ 0 | |||||||||||||
Goodwill | $ 40,902,000 | |||||||||||||
Toplife | Level 1 Access | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Amortization period of intangible assets | 4 years | |||||||||||||
Carrying amount of intangible assets | $ 5,800,000 | |||||||||||||
Curiosity China | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of voting equity interests acquired | 78.00% | |||||||||||||
Cash consideration | $ 9,000,000 | |||||||||||||
Total consideration transferred | $ 9,000,000 | |||||||||||||
Acquisition-related costs | 400,000 | |||||||||||||
Percentage of outstanding shares, that was not initially acquired | 22.00% | |||||||||||||
Call option liabilities | $ 4,300,000 | |||||||||||||
Revaluation loss of present value of call option | 900,000 | 1,600,000 | ||||||||||||
Carrying value related to remaining non-controlling interest classified as put and call option liability and trade and other payable | 5,900,000 | 6,900,000 | 5,900,000 | |||||||||||
Goodwill | $ 3,039,000 | 3,039,000 | $ 3,039,000 | 3,039,000 | ||||||||||
Curiosity China | Farfetch China (HK Holdings) Limited | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of outstanding shares transferred | 3.00% | |||||||||||||
Percentage of non-controlling interest | 19.00% | 22.00% | ||||||||||||
Curiosity China | Customer Relationships | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Amortization period of intangible assets other than goodwill | 10 years | |||||||||||||
Curiosity China | Backlog | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Amortization period of intangible assets other than goodwill | 2 years | |||||||||||||
Curiosity China | Technology | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Amortization period of intangible assets other than goodwill | 10 years | |||||||||||||
New Guards | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||
Cash consideration | $ 358,910,000 | |||||||||||||
Number of ordinary shares issued or issuable | shares | 3,554,855 | |||||||||||||
Value of ordinary shares issued or issuable | $ 345,200,000 | |||||||||||||
Total consideration transferred | 708,899,000 | |||||||||||||
Ordinary shares issued | 280,705,000 | |||||||||||||
Acquisition-related costs | 4,100,000 | |||||||||||||
Carrying amount of intangible assets | 1,382,000 | |||||||||||||
Total consideration transferred gross | 704,100,000 | |||||||||||||
Goodwill | $ 192,831,000 | |||||||||||||
Revaluation loss of fair value of shares issued as part of consideration paid | $ 21,500,000 | |||||||||||||
Revenue of acquiree since acquisition date | 183,000,000 | |||||||||||||
Profit (loss) of acquiree since acquisition date | $ 23,100,000 | |||||||||||||
New Guards | Merger Reserve | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Acquisition-related costs | 2,000,000 | |||||||||||||
New Guards | Selling, General and Administrative Expenses | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Acquisition-related costs | $ 2,100,000 | |||||||||||||
Ambush Inc. | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Percentage of voting equity interests acquired | 70.00% | |||||||||||||
Cash consideration | $ 12,142,000 | |||||||||||||
Total consideration transferred | 12,142,000 | |||||||||||||
Acquisition-related costs | $ 700,000 | |||||||||||||
Carrying amount of intangible assets | 127,000 | |||||||||||||
Goodwill | $ 10,674,000 | |||||||||||||
Class A Ordinary Shares | Stadium Goods | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Number of ordinary shares issued or issuable | shares | 4,641,554 | |||||||||||||
Class A Ordinary Shares | New Guards | ||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||
Number of ordinary shares issued or issuable | shares | 181,870 | 17,710,526 | ||||||||||||
Value of ordinary shares issued or issuable | $ 4,800,000 | |||||||||||||
Goodwill | $ 4,800,000 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Consideration, Net Assets Acquired and Goodwill (Details) - USD ($) $ in Thousands | Feb. 05, 2020 | Aug. 02, 2019 | May 28, 2019 | Apr. 03, 2019 | Jan. 04, 2019 |
Stadium Goods | |||||
Purchase consideration | |||||
Cash consideration | $ 150,200 | ||||
Ordinary shares issued | 28,600 | ||||
Total purchase consideration | $ 178,800 | ||||
Toplife | |||||
Purchase consideration | |||||
Cash consideration | $ 48,503 | ||||
Total purchase consideration | $ 48,503 | ||||
Curiosity China | |||||
Purchase consideration | |||||
Cash consideration | $ 9,000 | ||||
Total purchase consideration | $ 9,000 | ||||
New Guards | |||||
Purchase consideration | |||||
Cash consideration | $ 358,910 | ||||
Ordinary shares issued | 280,705 | ||||
Total purchase consideration | 708,899 | ||||
Ordinary shares to be issued | $ 69,284 | ||||
Ambush Inc. | |||||
Purchase consideration | |||||
Cash consideration | $ 12,142 | ||||
Total purchase consideration | $ 12,142 |
Business Combinations - Summa_2
Business Combinations - Summary of Net cash Outflow Arising on Acquisition (Details) - USD ($) $ in Thousands | Feb. 05, 2020 | Aug. 02, 2019 | Apr. 03, 2019 | Jan. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash flows from investing activities | ||||||
Net cash outflow | $ (12,016) | $ (461,691) | ||||
Stadium Goods | ||||||
Cash flows from investing activities | ||||||
Cash and cash equivalent balances acquired | $ 1,678 | |||||
Cash consideration | (150,200) | |||||
Net cash outflow | $ (148,522) | |||||
Curiosity China | ||||||
Cash flows from investing activities | ||||||
Cash and cash equivalent balances acquired | $ 409 | |||||
Cash consideration | (9,000) | |||||
Net cash outflow | $ (8,591) | |||||
New Guards | ||||||
Cash flows from investing activities | ||||||
Cash and cash equivalent balances acquired | $ 102,835 | |||||
Cash consideration | (358,910) | |||||
Net cash outflow | $ (256,075) | |||||
Ambush Inc. | ||||||
Cash flows from investing activities | ||||||
Cash and cash equivalent balances acquired | $ 126 | |||||
Cash consideration | (12,142) | |||||
Net cash outflow | $ (12,016) |
Business Combinations - Summa_3
Business Combinations - Summary of Assets and Liabilities Recognized upon Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 05, 2020 | Dec. 31, 2019 | Aug. 02, 2019 | Apr. 03, 2019 | Jan. 04, 2019 |
Disclosure Of Business Combinations [Line Items] | |||||||
Goodwill | $ 356,521 | $ 341,067 | |||||
Stadium Goods | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Intangible assets | $ 2,049 | ||||||
Brand name | 117,300 | ||||||
Tangible assets | 319 | ||||||
Right-of-use assets | 2,802 | ||||||
Other non-current assets | 243 | ||||||
Inventory | 541 | ||||||
Net working capital (excluding inventory) | (3,642) | ||||||
Non-current liabilities | (14,465) | ||||||
Total net identified assets acquired | 105,147 | ||||||
Goodwill | 73,653 | ||||||
Net assets acquired | $ 178,800 | ||||||
Toplife | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Tangible assets | $ 17 | ||||||
Inventory | 131 | ||||||
Total net identified assets acquired | 7,601 | ||||||
Goodwill | 40,902 | ||||||
Net assets acquired | 48,503 | ||||||
Current liabilities | (1,605) | ||||||
Level 1 access button | $ 9,058 | ||||||
Curiosity China | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Tangible assets | $ 78 | ||||||
Total net identified assets acquired | 6,170 | ||||||
Goodwill | 3,039 | 3,039 | 3,039 | ||||
Total net identified assets acquired and goodwill | 9,209 | ||||||
Non-controlling interest | (209) | ||||||
Net assets acquired | 9,000 | ||||||
Current liabilities | (1,005) | ||||||
Level 1 access button | 2,059 | ||||||
Current assets | 1,879 | ||||||
Customer relationships | 3,878 | ||||||
Backlog | 202 | ||||||
Deferred tax liability | $ (900) | $ (921) | |||||
New Guards | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
Intangible assets | $ 1,382 | ||||||
Brand name | 830,150 | ||||||
Tangible assets | 2,714 | ||||||
Right-of-use assets | 10,727 | ||||||
Other non-current assets | 2,694 | ||||||
Inventory | 36,757 | ||||||
Net working capital (excluding inventory) | 32,027 | ||||||
Non-current liabilities | (13,698) | ||||||
Total net identified assets acquired | 674,475 | ||||||
Goodwill | 192,831 | ||||||
Total net identified assets acquired and goodwill | 867,306 | ||||||
Non-controlling interest | (158,407) | ||||||
Net assets acquired | 708,899 | ||||||
Deferred tax liability | (231,729) | ||||||
Deferred tax assets | $ 3,451 | ||||||
Ambush Inc. | |||||||
Disclosure Of Business Combinations [Line Items] | |||||||
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) | ||||||
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 | ||||||
Deferred tax liability | $ (1,300) | $ (1,311) |
Segmental and Geographical In_3
Segmental and Geographical Information - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)SegmentCustomer | Dec. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($)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 | 10.00% | ||
Revenue | $ 1,673,922,000 | $ 1,021,037,000 | $ 602,384,000 |
Non-current assets excluding deferred tax assets | 1,616,315,000 | 1,577,225,000 | |
Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,673,922,000 | 1,021,037,000 | 602,384,000 |
Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,673,922,000 | 1,021,037,000 | 602,384,000 |
Cayman Islands | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets | |||
Cayman Islands | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 37,000 | 16,000 | 8,000 |
Cayman Islands | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue | $ 1,673,922 | $ 1,021,037 | $ 602,384 |
Cost of revenue | (902,994) | (561,191) | (303,934) |
Gross profit | 770,928 | 459,846 | 298,450 |
Less: Demand generation expense | (198,787) | (151,350) | (97,295) |
Order contribution | 572,141 | 308,496 | 201,155 |
Digital Platform | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,246,384 | 829,206 | 586,789 |
Cost of revenue | (686,178) | (457,293) | (295,083) |
Gross profit | 560,206 | 371,913 | 291,706 |
Less: Demand generation expense | (198,787) | (151,350) | (97,295) |
Order contribution | 361,419 | 220,563 | 194,411 |
Digital Platform | Third-party Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 637,568 | 496,040 | 378,826 |
Digital Platform | Platform Services Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 1,033,156 | 701,246 | 488,995 |
Digital Platform | First-party Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 395,588 | 205,206 | 110,169 |
Digital Platform | Platform Fulfillment Revenue | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 213,228 | 127,960 | 97,794 |
Brand Platform | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 390,014 | 164,210 | |
Cost of revenue | (199,208) | (89,203) | |
Gross profit | 190,806 | 75,007 | |
In-Stores | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue | 37,524 | 27,621 | 15,595 |
Cost of revenue | (17,608) | (14,695) | (8,851) |
Gross profit | $ 19,916 | $ 12,926 | $ 6,744 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | $ 1,673,922 | $ 1,021,037 | $ 602,384 |
Non-current assets excluding deferred tax assets | 1,616,315 | 1,577,225 | |
Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,673,922 | 1,021,037 | 602,384 |
Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,673,922 | 1,021,037 | 602,384 |
United States | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets | 225,137 | 232,169 | |
United States | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 314,596 | 210,482 | 134,320 |
United Kingdom | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets | 338,015 | 210,393 | |
United Kingdom | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 151,875 | 78,628 | 63,372 |
United Kingdom | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,021,240 | 728,321 | 556,238 |
Italy | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets | 915,553 | 983,479 | |
Italy | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 485,882 | 180,988 | |
Other Countries | |||
Disclosure Of Operating Segments [Line Items] | |||
Non-current assets excluding deferred tax assets | 137,610 | 151,184 | |
Other Countries | Demand Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | 1,207,451 | 731,927 | 404,692 |
Other Countries | Supply Basis | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenue from external consumers | $ 166,800 | $ 111,728 | $ 46,146 |
Employees and Directors - Sched
Employees and Directors - Schedule of Employees and Directors Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Directors And Employees [Abstract] | |||
Wages and salaries | $ 307,527 | $ 206,092 | $ 140,298 |
Social security costs | 42,972 | 36,314 | 24,976 |
Other pension costs | 4,161 | 2,569 | 1,391 |
Share based payments (equity settled) | 168,347 | 150,333 | 34,668 |
Share based payments (cash settled) | 28,041 | 10,675 | 10,355 |
Share based payments (employment related taxes) | 95,245 | (2,586) | 8,796 |
Total employees and directors expenses | $ 646,293 | $ 403,397 | $ 220,484 |
Operating expenses - Summary of
Operating expenses - Summary of Selling General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selling General And Administrative Expense [Abstract] | |||
Demand generation expenses | $ 198,787 | $ 151,350 | $ 97,295 |
Technology expenses | 115,227 | 84,207 | 68,224 |
Depreciation and amortization | 217,223 | 113,591 | 23,537 |
Share based payments | 291,633 | 158,422 | 53,819 |
General and administrative | 504,346 | 345,665 | 228,891 |
Other items | 24,267 | 16,374 | |
Selling, general and administrative expenses | $ 1,351,483 | $ 869,609 | $ 471,766 |
Items Held at Fair Value and _3
Items Held at Fair Value and Remeasurements - Summary of Gains/(Losses) on Items Held at Fair Value and Remeasurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Gains Losses On Change In Fair Value Of Derivatives [Abstract] | ||||
Change on remeasurement of put and call option liabilities | $ (288,853) | $ 43,247 | ||
Change in fair value of convertible note embedded derivatives | (2,354,720) | |||
Change in fair value of acquisition related consideration | (21,526) | |||
Gains/(losses) on items held at fair value and remeasurements | [1] | $ (2,643,573) | $ 21,721 | $ 0 |
[1] | In the year ended December 31, 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statements of operations. See Note 2 for further details. |
Items Held at Fair Value and _4
Items Held at Fair Value and Remeasurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Secured borrowings | $ 635,237 | |
Share price | $ 63.81 | $ 10.35 |
$250 Million Convertible Senior Notes | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Secured borrowings | $ 250,000 | |
Convertible senior notes, date of issuance | February 2020 | |
$250 Million Convertible Senior Notes | Private Placement of Convertible Notes | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Secured borrowings | $ 250,000 | |
$400 Million Convertible Senior Notes | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Secured borrowings | $ 400,000 | |
Convertible senior notes, date of issuance | April 2020 | |
$600 Million Convertible Senior Notes | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Secured borrowings | $ 600,000 | |
Convertible senior notes, date of issuance | November 2020 | |
Curiosity China | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Gain (loss) recognized on present value remeasurement | $ (900) | $ (1,600) |
Chalhoub | ||
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Gain (loss) recognized on present value remeasurement | $ (287,900) | $ 44,800 |
Finance income and costs - Summ
Finance income and costs - Summary of Finance Income and Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Finance Cost [Abstract] | |||
Unrealized exchange gains | $ 19,729 | $ 22,856 | $ 26,922 |
Interest on cash and cash equivalents | 4,970 | 11,526 | 11,260 |
Finance income | 24,699 | 34,382 | 38,182 |
Unrealized exchange losses | (39,940) | (10,977) | (17,779) |
Interest on leases | (6,684) | (3,472) | |
Convertible note interest | (59,299) | ||
Other interest expense | (2,819) | (4,783) | (537) |
Finance costs | (108,742) | (19,232) | (18,316) |
Net finance income/(costs) | $ (84,043) | $ 15,150 | $ 19,866 |
Material Loss - Summary of Mate
Material Loss - Summary of Material Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Profit Loss [Line Items] | ||||
Leases (2018: operating leases) | $ 6,400 | $ 9,449 | $ 19,244 | |
Research and development costs expensed | 22,484 | 15,777 | 12,455 | |
Loss/(gain) on disposal of non-current assets | (144) | 1,028 | ||
Amortization - Intangible assets | 177,857 | 85,055 | 16,199 | |
Depreciation - Property, plant and equipment | 12,094 | 8,972 | 7,338 | |
Depreciation - Right-of-use assets | 27,272 | 19,564 | ||
Impairment losses on intangible assets | 36,269 | 0 | 0 | |
Impairment losses on property, plant and equipment | 757 | |||
Transaction related legal and advisory expenses | 24,598 | 15,374 | ||
Change on remeasurement of put and call option liabilities | 288,853 | (43,247) | ||
Change in fair value of convertible note embedded derivatives | [1] | 2,643,573 | (21,721) | $ 0 |
Change in fair value of acquisition related consideration | 21,526 | |||
Loss on impairment of investments carried at fair value | 235 | $ 5,000 | ||
Convertible Notes | ||||
Profit Loss [Line Items] | ||||
Change in fair value of convertible note embedded derivatives | 2,354,720 | |||
Right of Use Assets | ||||
Profit Loss [Line Items] | ||||
Impairment losses on right-of-use assets | $ 2,234 | |||
[1] | In the year ended December 31, 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statements of operations. See Note 2 for further details. |
Taxation - Income Tax Expense_(
Taxation - Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax: | |||
Corporate tax | $ 32,430 | $ 15,676 | $ 2,208 |
Prior year adjustments | (96) | (1,652) | (50) |
Total current tax | 32,334 | 14,024 | 2,158 |
Total deferred tax | (46,768) | (12,862) | |
Income tax expense/(benefit) | $ (14,434) | $ 1,162 | $ 2,158 |
Taxation - Reconciliation of In
Taxation - Reconciliation of Income Tax Expense to Tax Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major Components Of Tax Expense Income [Abstract] | |||
Loss before tax | $ (3,347,505) | $ (372,526) | $ (153,417) |
Tax at the UK tax rate of 19.00% (2019: 19.00%, 2018: 19.00%) | (636,026) | (70,780) | (29,149) |
Tax effects of: | |||
Sundry permanent differences | 9,349 | 1,895 | 4,349 |
Items evaluated at fair value | 548,524 | ||
Interest expenses | 8,134 | ||
Impairment of assets | 3,238 | ||
Entertaining | 120 | 29 | 37 |
Loss utilisation | (209) | (1,126) | (334) |
Share based payment | 11,051 | 8,123 | 3,195 |
R&D and Investment Tax Credit | (3,335) | (1,826) | |
Release of deferred tax liabilities on acquisition | (39,126) | (12,853) | |
Deferred tax on timing differences | (7,642) | (9) | |
Taxes paid overseas and rate difference | 5,816 | 3,853 | (599) |
Prior year adjustments | (96) | (1,652) | (50) |
Unrecognized deferred tax asset arising from timing differences relating to: | |||
Share based payment | 17,487 | 13,305 | (7,522) |
Non-current assets and accrued bonus | 628 | 1,409 | 361 |
Losses carried forward | 67,653 | 60,794 | 31,870 |
Income tax expense/(benefit) | $ (14,434) | $ 1,162 | $ 2,158 |
Taxation - Reconciliation of _2
Taxation - Reconciliation of Income Tax Expense to Tax Payable (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major Components Of Tax Expense Income [Abstract] | |||
UK tax rate | 19.00% | 19.00% | 19.00% |
Taxation - Additional Informati
Taxation - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||
UK Corporation tax rate | 19.00% | 19.00% | 19.00% | |
Tax presented within other comprehensive (loss) income | ||||
Tax Year 2020 | ||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||
UK Corporation tax rate | 17.00% | 19.00% |
Loss Per Share - Summary of Los
Loss Per Share - Summary of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic and diluted | |||
Loss attributable to equity holders of the parent | $ (3,350,619) | $ (385,297) | $ (155,575) |
Shares used in calculation | |||
Weighted-average shares outstanding | 343,829,481 | 318,843,239 | 264,432,214 |
Basic and diluted loss per share attributable to owners of the parent | $ (9.75) | $ (1.21) | $ (0.59) |
Loss Per Share - Summary of Pot
Loss Per Share - Summary of Potential Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Notes | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 63,758 | ||
Employee Options | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 40,890 | 9,105 | 14,649 |
Warrants | |||
Earnings Per Share [Line Items] | |||
Potential dilutive securities that are not included in the diluted per share calculations | 125 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Classes Of Inventories [Abstract] | ||
Finished goods | $ 167,225 | $ 141,389 |
Obsolete stock provision | (21,916) | (13,282) |
Total inventories | $ 145,309 | $ 128,107 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes Of Inventories [Abstract] | |||
Cost of inventories recognised as expense | $ 411.7 | $ 232.6 | $ 87.4 |
Provision for inventory write down | $ 21.9 | $ 13.3 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Trade receivables | $ 49,833 | $ 41,484 |
Other current receivables | 123,492 | 120,450 |
Sales taxes | 26,642 | 16,868 |
Allowance for expected credit losses | (4,062) | (910) |
Prepayments and accrued income | 14,041 | 12,005 |
Current trade and other receivables | 209,946 | 189,897 |
Non-current | ||
Other receivables | 58,081 | 12,388 |
Non-current other receivables | $ 58,081 | $ 12,388 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Line Items] | ||
Other current receivables | $ 123,492 | $ 120,450 |
Non-current other receivables | 58,081 | 12,388 |
Increase in share-based withholding tax | 43,700 | |
Expected credit losses | 4,300 | 700 |
Boutique Partners, First Party Product Suppliers and Other Suppliers | ||
Disclosure Of Financial Instruments [Line Items] | ||
Other current receivables | $ 123,500 | $ 120,500 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 1,362,967 | |
Impairment for year | 36,300 | |
Ending balance | 1,279,328 | $ 1,362,967 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,476,327 | 130,607 |
Additions | 103,282 | 78,039 |
Additions acquired through business combinations | 20,300 | 1,268,173 |
Foreign exchange movements | 5,311 | (492) |
Ending balance | 1,605,220 | 1,476,327 |
Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (113,360) | (27,262) |
Amortization for year | (177,857) | (85,055) |
Transfers | 12 | |
Impairment for year | (36,269) | |
Foreign exchange movements | 1,594 | (1,055) |
Ending balance | (325,892) | (113,360) |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 341,067 | |
Ending balance | 356,521 | 341,067 |
Goodwill | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 341,067 | 36,043 |
Additions acquired through business combinations | 15,474 | 305,526 |
Foreign exchange movements | (20) | (502) |
Ending balance | 356,521 | 341,067 |
Brand, Trademarks & Domain Names | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 908,303 | |
Ending balance | 771,393 | 908,303 |
Brand, Trademarks & Domain Names | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 965,317 | 6,846 |
Additions | 14,000 | 1,899 |
Additions acquired through business combinations | 4,826 | 956,508 |
Foreign exchange movements | 4,265 | 64 |
Ending balance | 988,408 | 965,317 |
Brand, Trademarks & Domain Names | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (57,014) | (1,940) |
Amortization for year | (125,325) | (55,044) |
Transfers | 12 | |
Impairment for year | (36,269) | |
Foreign exchange movements | 1,593 | (42) |
Ending balance | (217,015) | (57,014) |
Customer Relationships | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 4,224 | |
Ending balance | 3,234 | 4,224 |
Customer Relationships | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 6,010 | 2,239 |
Additions acquired through business combinations | 3,878 | |
Foreign exchange movements | 850 | (107) |
Ending balance | 6,860 | 6,010 |
Customer Relationships | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (1,786) | (1,526) |
Amortization for year | (34) | (260) |
Foreign exchange movements | (1,806) | |
Ending balance | (3,626) | (1,786) |
Development Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 109,373 | |
Ending balance | 148,180 | 109,373 |
Development Costs | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 163,933 | 85,479 |
Additions | 89,282 | 76,140 |
Additions acquired through business combinations | 2,261 | |
Foreign exchange movements | 216 | 53 |
Ending balance | 253,431 | 163,933 |
Development Costs | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (54,560) | (23,796) |
Amortization for year | (52,498) | (29,751) |
Foreign exchange movements | 1,807 | (1,013) |
Ending balance | $ (105,251) | $ (54,560) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 05, 2020 | Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 1,279,328 | $ 1,362,967 | |
Impairment charge | 36,300 | ||
Goodwill | $ 356,521 | $ 341,067 | |
Growth rate used to extrapolate cash flow projections | 2.00% | 2.00% | |
Projected cash flows forecast period | 3 years | ||
Bottom of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Pre-tax discount rates | 9.60% | 7.70% | |
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 | 11.20% | 11.70% | |
Projected cash flows forecast period | 9 years | ||
Projected cash flows forecast extended period | 9 years | ||
Brand Platform New Guards | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | $ 181,381 | $ 188,020 | |
Marketplace | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | 153,086 | 130,993 | |
New Guards | Marketplace | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | 17,700 | ||
Ambush Inc. | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | $ 10,674 | ||
Ambush Inc. | Brand Platform New Guards | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | 6,300 | ||
Ambush Inc. | Marketplace | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill | 4,400 | ||
Brand, Trademarks & Domain Names | |||
Disclosure Of Intangible Assets [Line Items] | |||
Development costs of assets | $ 36,600 | $ 36,800 | |
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 | Off-White | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 516,100 | ||
Estimated useful lives of intangible assets | 5 years 7 months 6 days | ||
Brand, Trademarks & Domain Names | Stadium Goods | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 101,700 | ||
Estimated useful lives of intangible assets | 13 years | ||
Brand, Trademarks & Domain Names | Marcelo Burlon County of Milan | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 63,600 | ||
Estimated useful lives of intangible assets | 14 years 7 months 6 days | ||
Brand, Trademarks & Domain Names | Palm Angels | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 31,200 | ||
Estimated useful lives of intangible assets | 5 years 7 months 6 days | ||
Brand, Trademarks & Domain Names | Heron Preston | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets, net carrying amount | $ 25,100 | ||
Estimated useful lives of intangible assets | 6 years 7 months 6 days | ||
New Guards Brand Portfolio | |||
Disclosure Of Intangible Assets [Line Items] | |||
Impairment charge | $ 30,500 | ||
Direct Consumer-facing Channels and Farfetch Level 1 Access Button | |||
Disclosure Of Intangible Assets [Line Items] | |||
Impairment charge | $ 5,800 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Goodwill by Cash Generating Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 03, 2019 |
Intangible Assets Other Than Goodwill [Abstract] | |||
Goodwill | $ 356,521 | $ 341,067 | |
Marketplace (FF.com) | |||
Intangible Assets Other Than Goodwill [Abstract] | |||
Goodwill | 153,086 | 130,993 | |
Browns – Platform | |||
Intangible Assets Other Than Goodwill [Abstract] | |||
Goodwill | 19,015 | 19,015 | |
Curiosity China | |||
Intangible Assets Other Than Goodwill [Abstract] | |||
Goodwill | 3,039 | 3,039 | $ 3,039 |
Brand Platform New Guards | |||
Intangible Assets Other Than Goodwill [Abstract] | |||
Goodwill | $ 181,381 | $ 188,020 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Key Assumptions of Change to Recoverable Amount of Each Cash Generating Unit (Details) | Dec. 31, 2020 |
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) | (8.00%) |
Pre-tax discount rate (change in pp) | 21.00% |
Long term growth rate (change in pp) | (12.00%) |
Browns – Platform | |
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) | (9.00%) |
Pre-tax discount rate (change in pp) | 3.00% |
Long term growth rate (change in pp) | (8.00%) |
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) | (3.00%) |
Pre-tax discount rate (change in pp) | 2.00% |
Long term growth rate (change in pp) | (3.00%) |
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) | (25.00%) |
Pre-tax discount rate (change in pp) | 14.00% |
Long term growth rate (change in pp) | (35.00%) |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | $ 67,999 | ||
Depreciation for year | (12,094) | $ (8,972) | $ (7,338) |
Impairment for year | 757 | ||
Ending balance | 89,082 | 67,999 | |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 91,058 | 52,345 | |
Additions | 27,066 | 41,931 | |
Additions acquired through business combinations | 1,365 | ||
Disposals | (292) | (409) | |
Transfers | (194) | (2,385) | |
Foreign exchange movements | 7,296 | (424) | |
Ending balance | 126,299 | 91,058 | 52,345 |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (23,059) | (14,817) | |
Depreciation for year | (12,094) | (8,972) | |
Impairment for year | (757) | ||
Disposals | 272 | 282 | |
Transfers | 212 | 579 | |
Foreign exchange movements | (1,791) | (131) | |
Ending balance | (37,217) | (23,059) | (14,817) |
Freehold Land | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 17,818 | ||
Ending balance | 19,569 | 17,818 | |
Freehold Land | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 17,818 | ||
Additions | 17,948 | ||
Foreign exchange movements | 1,751 | (130) | |
Ending balance | 19,569 | 17,818 | |
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 32,618 | ||
Ending balance | 48,421 | 32,618 | |
Leasehold Improvements | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 43,135 | 35,064 | |
Additions | 18,039 | 10,633 | |
Additions acquired through business combinations | 1,052 | ||
Disposals | (322) | ||
Transfers | (174) | (2,109) | |
Foreign exchange movements | 3,396 | (131) | |
Ending balance | 65,448 | 43,135 | 35,064 |
Leasehold Improvements | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (10,517) | (7,162) | |
Depreciation for year | (5,175) | (3,994) | |
Impairment for year | (620) | ||
Disposals | 219 | ||
Transfers | 77 | 579 | |
Foreign exchange movements | (792) | (159) | |
Ending balance | (17,027) | (10,517) | (7,162) |
Fixtures and Fittings | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 8,308 | ||
Ending balance | 11,494 | 8,308 | |
Fixtures and Fittings | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 12,968 | 7,776 | |
Additions | 4,799 | 3,424 | |
Disposals | (80) | (35) | |
Transfers | 513 | 1,824 | |
Foreign exchange movements | 995 | (21) | |
Ending balance | 19,195 | 12,968 | 7,776 |
Fixtures and Fittings | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (4,660) | (2,782) | |
Depreciation for year | (2,605) | (1,995) | |
Impairment for year | (135) | ||
Disposals | 83 | 31 | |
Transfers | (14) | ||
Foreign exchange movements | (369) | 86 | |
Ending balance | (7,701) | (4,660) | (2,782) |
Motor Vehicles | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 93 | ||
Ending balance | 71 | 93 | |
Motor Vehicles | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 193 | 109 | |
Additions | 117 | ||
Disposals | (30) | ||
Foreign exchange movements | 8 | (3) | |
Ending balance | 201 | 193 | 109 |
Motor Vehicles | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (100) | (94) | |
Depreciation for year | (22) | (23) | |
Disposals | 16 | ||
Foreign exchange movements | (8) | 1 | |
Ending balance | (130) | (100) | (94) |
Plant Machinery and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 9,162 | ||
Ending balance | 9,527 | 9,162 | |
Plant Machinery and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 16,944 | 9,396 | |
Additions | 4,228 | 9,809 | |
Additions acquired through business combinations | 313 | ||
Disposals | (212) | (22) | |
Transfers | (533) | (2,100) | |
Foreign exchange movements | 1,146 | (139) | |
Ending balance | 21,886 | 16,944 | 9,396 |
Plant Machinery and Equipment | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (7,782) | (4,779) | |
Depreciation for year | (4,293) | (2,960) | |
Impairment for year | (2) | ||
Disposals | 189 | 16 | |
Transfers | 150 | ||
Foreign exchange movements | (621) | (59) | |
Ending balance | $ (12,359) | $ (7,782) | $ (4,779) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment losses on property, plant and equipment | $ 757,000 | |
Impairment of Assets Due to COVID-19 | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment losses on property, plant and equipment | 800,000 | $ 0 |
Leasehold Improvements and Computer Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Construction in progress | $ 1,700,000 | $ 800,000 |
Right-of-use Assets and Lease_3
Right-of-use Assets and Lease Liabilities - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Retail | Dec. 31, 2019USD ($) | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Principal elements of lease payments | $ 19,100 | $ 19,100 |
Charges recognized in relation to short-term and low value leases | 6,400 | $ 9,400 |
Right of Use Assets | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Impairment charge | $ 2,234 | |
Right of Use Assets | In-Stores | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Number of smaller retail locations | Retail | 1 | |
Right of Use Assets | Reduction in Carrying Value | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Impairment charge | $ 2,200 | |
Right of Use Assets | Reduction in Carrying Value | In-Stores | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Impairment charge | 1,500 | |
Right of Use Assets | Reduction in Carrying Value | Brand Platform | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Impairment charge | $ 700 | |
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 | 8 years |
Right-of-use Assets and Lease_4
Right-of-use Assets and Lease Liabilities - Schedule of Lease Liability Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2020 | Jan. 01, 2019 | Dec. 31, 2018 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Operating lease commitments disclosed as at December 31, 2018 | $ 103,034 | |||
Lease liabilities | $ 119,318 | $ 191,403 | ||
Current lease liabilities | 18,485 | 26,128 | ||
Non-current lease liabilities | 100,833 | $ 165,275 | ||
IFRS 16 | ||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||||
Discounted using the lessee’s incremental borrowing rate of at the date of initial application | 78,937 | |||
Less short-term leases recognized on a straight-line basis as expense | (1,552) | |||
Less Lease committed to at December 31, 2018 but not commenced at January 1, 2019 | (8,074) | |||
Lease liabilities | 69,311 | $ 69,311 | ||
Current lease liabilities | 12,655 | |||
Non-current lease liabilities | $ 56,656 |
Right-of-use Assets and Lease_5
Right-of-use Assets and Lease Liabilities - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | $ 115,176 | $ 67,741 |
Additions | 90,402 | 41,397 |
Additions acquired through business combinations | 10,824 | |
Provisions | 2,821 | |
Remeasurements | 5 | 12,293 |
Depreciation charge for the year | (27,272) | (19,564) |
Impairment charge for the year | (2,234) | |
Foreign exchange | 3,150 | (336) |
Ending balance | 179,227 | 115,176 |
Property, plant and equipment [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 114,618 | 67,272 |
Additions | 90,240 | 41,116 |
Additions acquired through business combinations | 10,824 | |
Provisions | 2,821 | |
Remeasurements | 13 | 12,293 |
Depreciation charge for the year | (27,048) | (19,382) |
Impairment charge for the year | (2,234) | |
Foreign exchange | 3,149 | (326) |
Ending balance | 178,738 | 114,618 |
Vehicles | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Beginning balance | 558 | 469 |
Additions | 162 | 281 |
Remeasurements | (8) | |
Depreciation charge for the year | (224) | (182) |
Foreign exchange | 1 | (10) |
Ending balance | $ 489 | $ 558 |
Right-of-use Assets and Lease_6
Right-of-use Assets and Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | ||
Current lease liabilities | $ 26,128 | $ 18,485 |
Non-current lease liabilities | 165,275 | 100,833 |
Lease liabilities | $ 191,403 | $ 119,318 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Significant Investments In Associates [Line Items] | ||
Equity interests acquired | $ 8,278,000 | $ 16,229,000 |
Changes in fair value recognized within other comprehensive income | 5,300,000 | 5,500,000 |
Investments at amortized cost | 0 | 10,700,000 |
Reimbursed convertible loan note | $ 10,600,000 | |
Purchase of minor equity investments, convertible loan notes, and senior secured promissory loan notes | 20,800,000 | |
Loss on investments carried at fair value | 5,100,000 | |
Farfetch Finance Limited | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Name of associate | Farfetch Finance Limited | |
Alanui S.r.l. | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Name of associate | Alanui S.r.l | |
Other Comprehensive Income (Loss) | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Changes in fair value recognized within profit and loss, carried at fair value | $ 3,000,000 | 0 |
Loss on investments carried at fair value | 100,000 | |
Consolidated Statements of Operations | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||
Loss on investments carried at fair value | $ 5,000,000 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Share of profit (loss) after tax | [1] | $ (74) | $ 366 | $ 33 |
Associates [member] | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Beginning balance | 2,466 | 86 | ||
Additions due to business combinations | 2,014 | |||
Dividends received from Associate | (60) | |||
Share of profit (loss) after tax | (74) | 366 | ||
Foreign exchange | (13) | |||
Ending balance | $ 2,319 | $ 2,466 | $ 86 | |
[1] | In the year ended December 31, 2020, we changed the presentation of our operating loss to reflect losses on items held at fair value and remeasurements, and share of results of associates, as non-operating items in the consolidated statements of operations. See Note 2 for further details. |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash held in banks | $ 173,206 | $ 170,468 | ||
Money market funds | 1,011,330 | 99,362 | ||
Short-term deposits | 333,353 | 12,328 | ||
Amounts held by payment service providers | 55,532 | 40,271 | ||
Cash and cash equivalents | $ 1,573,421 | $ 322,429 | $ 1,044,786 | $ 384,002 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade And Other Payables [Abstract] | ||
Trade payables | $ 277,827 | $ 180,270 |
Other payables | 16,642 | 11,062 |
Social security and other taxes | 76,820 | 12,741 |
Deferred revenue | 30,957 | 29,966 |
Accruals | 263,898 | 179,657 |
Trade and other payables | $ 666,144 | $ 413,696 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade And Other Payables [Abstract] | ||
Trade payables | $ 277,827 | $ 180,270 |
Social security and other taxes | 76,820 | 12,741 |
Accruals | 263,898 | $ 179,657 |
Additional compensation related accruals | 23,100 | |
Additional shipping accrual | 13,100 | |
Additional digital transactions related tax accrual | $ 7,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Nov. 17, 2020 | Apr. 30, 2020 | Feb. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Total aggregate Principal amount | $ 635,237,000 | ||||
Proceeds from issue of notes | 1,240,400,000 | ||||
Debt issuance costs | 9,600,000 | ||||
Derivative financial liabilities | 17,427,000 | $ 5,601,000 | |||
Fair value loss on remeasurement | $ 2,354,700,000 | ||||
Private Placement of Convertible Notes | February 2020 Notes | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Total aggregate Principal amount | $ 250,000,000 | ||||
Interest rate of notes | 5.00% | 13.20% | |||
Maturity date of notes | December 31 2025 | ||||
Unsecured notes, frequency of payment terms | Quarterly | ||||
Principal amount of initial conversion of notes | $ 1,000 | ||||
Notes initially convertible into shares of common stock | 81.63 | ||||
Initial conversion price | $ 12.25 | ||||
Percentage of premium on repurchase of notes | 50.00% | ||||
Notes repurchase description | If a change of control (as defined in the indenture) occurs prior to the applicable maturity date, holders of the February 2020 Notes, as applicable, may require 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. | ||||
Redemption price percentage of notes by issuer | 165.00% | ||||
Notes redemption description | 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. | ||||
Derivative financial liabilities | $ 81,900,000 | ||||
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] | |||||
Total aggregate Principal amount | $ 400,000,000 | ||||
Interest rate of notes | 3.75% | 9.69% | |||
Maturity date of notes | May 1 2027 | ||||
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 | 61.99 | ||||
Initial conversion price | $ 16.13 | ||||
Redemption price percentage of notes by issuer | 130.00% | ||||
Notes redemption description | 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 30 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. | ||||
Derivative financial liabilities | $ 113,500,000 | ||||
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] | |||||
Total aggregate Principal amount | $ 600,000,000 | ||||
Interest rate of notes | 0.00% | 13.45% | |||
Maturity date of notes | November 15, 2030 | ||||
Unsecured notes, frequency of payment terms | Per annum | ||||
Principal amount of initial conversion of notes | $ 1,000 | ||||
Notes initially convertible into shares of common stock | 30.97 | ||||
Initial conversion price | $ 32.29 | ||||
Redemption price percentage of notes by issuer | 100.00% | ||||
Notes redemption description | 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. | ||||
Derivative financial liabilities | $ 446,000,000 | ||||
Description of terms and conditions of notes redemption | 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 20 trading days (whether or not consecutive) during any 30 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. | ||||
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 |
Borrowings - Schedule of Conver
Borrowings - Schedule of Convertible Notes Presented in Consolidated Statements of Financial Position (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Financial Liabilities [Line Items] | |
Interest expense | $ 59,299 |
Convertible Senior Notes | |
Disclosure Of Financial Liabilities [Line Items] | |
Face value of notes issued | 1,250,000 |
Value of embedded derivatives | (641,448) |
Gross financial liabilities | 608,552 |
Transaction costs | (13,539) |
Interest expense | 59,299 |
Interest paid | (19,075) |
Total non-current borrowings | $ 635,237 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Additional provision in the year | $ 12,498 | |
Release of provision in the year | (800) | |
Utilized provision in the year | (1,630) | |
Transfer from non-current provisions | 17,078 | |
Provisions, Ending balance | 27,146 | |
Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 23,704 | $ 13,462 |
Recognized on acquisition of subsidiary | 16,000 | |
Additional provision in the year | 135,886 | 8,708 |
Transfer to current provisions | (17,078) | |
Release of provision in the year | (1,702) | (8,773) |
Utilized provision in the year | (11,758) | (6,249) |
Foreign exchange | 61 | 556 |
Provisions, Ending balance | 129,113 | 23,704 |
Dilapidations Provision | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 3,352 | 2,515 |
Additional provision in the year | 3,039 | 1,015 |
Release of provision in the year | (757) | (190) |
Utilized provision in the year | (20) | |
Foreign exchange | 36 | 32 |
Provisions, Ending balance | 5,670 | 3,352 |
Share Based Payments Employment Taxes Provision | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 8,000 | |
Provisions, Ending balance | 115,000 | 8,000 |
Share Based Payments Employment Taxes Provision | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Transfer from non-current provisions | 12,105 | |
Provisions, Ending balance | 12,105 | |
Share Based Payments Employment Taxes Provision | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 7,979 | 10,947 |
Additional provision in the year | 131,836 | 6,820 |
Transfer to current provisions | (12,105) | |
Release of provision in the year | (945) | (4,583) |
Utilized provision in the year | (11,758) | (5,729) |
Foreign exchange | 25 | 524 |
Provisions, Ending balance | 115,032 | 7,979 |
Provision for Witholding Taxes | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Transfer from non-current provisions | 4,100 | |
Provisions, Ending balance | 4,100 | |
Provision for Witholding Taxes | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 11,500 | |
Recognized on acquisition of subsidiary | 16,000 | |
Transfer to current provisions | (4,100) | |
Release of provision in the year | (4,000) | |
Utilized provision in the year | (500) | |
Provisions, Ending balance | 7,400 | 11,500 |
Other Provisions | Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Additional provision in the year | 12,498 | |
Release of provision in the year | (800) | |
Utilized provision in the year | (1,630) | |
Transfer from non-current provisions | 873 | |
Provisions, Ending balance | 10,941 | |
Other Provisions | Non Current Liabilities | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions, Beginning balance | 873 | |
Additional provision in the year | 1,011 | 873 |
Transfer to current provisions | (873) | |
Provisions, Ending balance | $ 1,011 | $ 873 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Other Provisions [Line Items] | ||
Cost to restore leasehold property liability | $ 5.7 | $ 3.4 |
Average term leases | 7 years | |
Average remaining length of contracts | 4 years | |
Share Based Payments Employment Taxes Provision | ||
Disclosure Of Other Provisions [Line Items] | ||
Liabilities from share-based payment transactions | $ 115 | 8 |
Transferred from provisions to trade and other payables | $ 11.8 | $ 5.7 |
Provision Fully Utilized | ||
Disclosure Of Other Provisions [Line Items] | ||
Weighted average remaining contracted life of options outstanding | 8 years 11 months 8 days | 9 years 9 months 14 days |
Deferred Tax - Additional Infor
Deferred Tax - Additional Information (Details) $ in Thousands, £ in Millions | Jan. 02, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2017 | Feb. 05, 2020USD ($) | Apr. 03, 2019USD ($) |
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Deferred tax assets relate to inventory write off and exchange difference | $ 5,700 | $ 5,300 | |||||
Deferred tax assets relate to tax incentives credits | 4,100 | 0 | |||||
Accumulated unutilized trading tax losses carried forward | $ 953,117 | 629,073 | |||||
Description of 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 | $ 1,619,000 | 109,700 | |||||
Net deferred tax asset | 315,400 | 19,000 | |||||
Unrecognized gross deferred tax asset in future tax deductions on goodwill | 5,300 | 5,300 | |||||
United States | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Accumulated unutilized trading tax losses carried forward | $ 195,600 | 80,000 | |||||
Net operating losses carried forward term | 20 years | 20 years | |||||
Net operating losses carried forward expiration date | Dec. 31, 2030 | Dec. 31, 2030 | |||||
Maximum offset percentage of carry forward operating loss | 80.00% | ||||||
Brazil | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Trading losses carried forward utilization restriction percentage | 30.00% | 30.00% | |||||
Japan | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Net operating losses carried forward term | 10 years | ||||||
Trading losses carried forward utilization restriction percentage | 50.00% | 50.00% | |||||
UK Group profits exceeding ?5.0m | United Kingdom | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Additional percentage of restricted total profit offset by brought forward losses | 50.00% | 50.00% | |||||
Total profit offset by brought forward losses | £ | £ 5 | ||||||
R&D | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Tax incentives credits carryforward term | 10 years | 10 years | |||||
Fixed Assets Investments | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Tax incentives credits carryforward term | 8 years | 8 years | |||||
New Guards | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Deferred tax liability | 231,700 | ||||||
Deferred tax release | $ 52,000 | ||||||
Impairment of intangible assets | 39,200 | ||||||
Curiosity China | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Deferred tax liability | $ 900 | $ 921 | |||||
Deferred tax release | 200 | ||||||
Deferred tax release, current period | 100 | ||||||
Ambush Inc. | |||||||
Deferred Tax Assets And Liabilities [Line Items] | |||||||
Deferred tax liability | 1,300 | $ 1,311 | |||||
Deferred tax release | $ 500 |
Deferred Tax - Schedule of Defe
Deferred Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred tax assets | ||
Beginning balance | $ 5,324 | $ 745 |
Deferred tax recognized to profit or loss | 9,860 | 5,324 |
Foreign exchange | (24) | |
Released to profit or loss | (2,178) | (721) |
Reclassifications to balance sheet | (64) | |
Ending balance | 13,556 | 5,324 |
Foreign exchange | 614 | |
Deferred tax liabilities | ||
Beginning balance | 219,789 | 745 |
Foreign exchange | (24) | |
Deferred tax recognized on acquisition to balance sheet | 1,765 | 232,573 |
Released to profit or loss | (39,087) | (13,505) |
Ending balance | 182,463 | $ 219,789 |
Foreign exchange | (4) | |
Deferred tax, net liability | $ 168,907 |
Deferred Tax - Summary of Tradi
Deferred Tax - Summary of Trading Losses (Details) ¥ in Thousands, £ in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020JPY (¥) | Dec. 31, 2020HKD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019HKD ($) |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | $ 953,117 | $ 629,073 | ||||||||
United Kingdom | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 739,879 | £ 709,446 | 528,694 | £ 404,654 | ||||||
United States | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 195,565 | 79,816 | ||||||||
Brazil | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 14,107 | R$ 72760 | 16,378 | R$ 65893 | ||||||
Japan | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | 2,902 | ¥ 301,340 | 3,151 | ¥ 343,414 | ||||||
Hong Kong | ||||||||||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||||||||
Trading losses | $ 664 | $ 5,149 | $ 1,034 | $ 8,051 |
Related party disclosures - Add
Related party disclosures - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Total compensation and benefits in kind (excluding share based payments) to key management personnel | $ 1,700,000 | $ 1,800,000 | |
Share based payment compensation | 26,300,000 | 26,400,000 | |
Platforme International Limited | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Commission generated | 600,000 | 500,000 | |
Payable to related party | 200,000 | 100,000 | |
Conde Nast | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Related party transactions | 0 | ||
Marketing expenditure | $ 300,000 | ||
Alanui S.r.l. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payable to related party | $ 400,000 | 200,000 | |
Ownership interest | 53.00% | ||
Sales to related party | $ 1,100,000 | ||
Receivable from related party | $ 500,000 | $ 300,000 |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management - Summary of Assumptions Used in Measuring Fair Value of Financial Instruments (Details) | Dec. 31, 2020$ / sharesyr |
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 | 63.81 |
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 | 0.36 |
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 | 36.93 |
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 | 5 |
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 | 63.81 |
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 | 0.65 |
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 | 37.22 |
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 | 6.33 |
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 | 63.81 |
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 | 0.92 |
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 | 36.89 |
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 | 344.47 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Additional Information (Details) | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)GBP (£) | Dec. 31, 2020USD ($)Risk | Dec. 31, 2020USD ($)EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)GBP (£) | Dec. 31, 2019USD ($)EUR (€) | |
Disclosure Of Financial Instruments [Line Items] | |||||||||
Number of risk identified | Risk | 2 | ||||||||
Trade payables | $ 277,827,000 | $ 277,827,000 | $ 277,827,000 | $ 277,827,000 | $ 277,827,000 | $ 277,827,000 | $ 180,270,000 | $ 180,270,000 | $ 180,270,000 |
Other payables | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 11,100,000 | 11,100,000 | 11,100,000 |
Social security and other taxes | $ 76,820,000 | 76,820,000 | 76,820,000 | 76,820,000 | 76,820,000 | 76,820,000 | 12,741,000 | 12,741,000 | 12,741,000 |
Description of derivative financial instruments maturity period | All derivative financial instruments included in trade and other payables have a maturity of less than twelve months. | ||||||||
Net proceeds from notes issued | 1,241,861,000 | ||||||||
Restricted cash | 12,500,000 | 12,500,000 | 12,500,000 | ||||||
Decrease in equity due to losses on items held at fair value and remeasurements | (1,676,100,000) | 1,337,800,000 | |||||||
Description of sources of hedge ineffectiveness that emerged in hedging relationship | The key sources of risk that could result 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, 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 24-month period, therefore determines the hedge relationship to be 1:1. | ||||||||
Put and call option liabilities | $ 348,937,000 | 348,937,000 | $ 348,937,000 | $ 348,937,000 | $ 348,937,000 | $ 348,937,000 | 61,268,000 | 61,268,000 | 61,268,000 |
10% Appreciation | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | (200,000) | (60,900,000) | |||||||
10% Appreciation | GBP | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | 38,400,000 | 66,400,000 | |||||||
10% Appreciation | EUR | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | (3,600,000) | 12,700,000 | |||||||
10% Depreciation | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | 4,900,000 | 74,400,000 | |||||||
10% Depreciation | GBP | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | (27,600,000) | (54,400,000) | |||||||
10% Depreciation | EUR | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Increase (decrease) in reserves | 2,900,000 | (10,400,000) | |||||||
Hedge Items | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Gains/losses on cash flow hedges arising during the period | (16,400,000) | (7,900,000) | |||||||
Hedge Items | Inventory | Cash Flow Hedge | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Gains/losses on cash flow hedges arising during the period | 1,200,000 | (100,000) | |||||||
Hedge Items | Revenue | Cash Flow Hedge | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Gains/losses on cash flow hedges arising during the period | 100,000 | 500,000 | |||||||
Hedge Items | Cost of revenue | Cash Flow Hedge | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Gains/losses on cash flow hedges arising during the period | 800,000 | (200,000) | |||||||
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 | $ (18,500,000) | (8,100,000) | |||||||
Trade and Other Receivables | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Expected credit loss rate | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Put and Call Option Liabilities | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Put and call option liabilities | 105,600,000 | $ 105,600,000 | $ 105,600,000 | ||||||
Increase/Decrease in fair value of put and call option liability | $ 288,900,000 | $ (43,200,000) | |||||||
Later than One Year Not Later than Two Years | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Non-current contingent consideration | $ 4,600,000 | 4,600,000 | $ 4,600,000 | $ 4,600,000 | $ 4,600,000 | $ 4,600,000 | |||
Non-current contingent consideration expected to mature | 2022 | ||||||||
Later than Two Years Not Later than Three Years | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Non-current contingent consideration | $ 344,400,000 | 344,400,000 | $ 344,400,000 | $ 344,400,000 | $ 344,400,000 | $ 344,400,000 | |||
Non-current contingent consideration expected to mature | 2022 | ||||||||
Closing Share Price | Put and Call Option Liabilities | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Amount increase in share price | $ / shares | $ 1 | ||||||||
Related fair value remeasurement loss | 11,200,000 | ||||||||
Expected Volatility | Put and Call Option Liabilities | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 1,800,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Credit Spread | Put and Call Option Liabilities | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 3,400,000 | ||||||||
Percentage of increase in fair value measurement input | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||
February 2020 Notes | Closing Share Price | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Amount increase in share price | $ / shares | $ 1 | ||||||||
Related fair value remeasurement loss | $ 20,300,000 | ||||||||
February 2020 Notes | Risk Free Rate | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 11,400,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
February 2020 Notes | Expected Volatility | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 600,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
May 2020 Notes | Closing Share Price | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Amount increase in share price | $ / shares | $ 1 | ||||||||
Related fair value remeasurement loss | $ 24,200,000 | ||||||||
May 2020 Notes | Risk Free Rate | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 20,200,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
May 2020 Notes | Expected Volatility | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 2,300,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
November 2020 Notes | Forward Exchange Contracts | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Average exchange rate | 1.31 | 1.19 | 1.34 | 1.12 | |||||
November 2020 Notes | Forward Currency Call Option Contracts | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Average exchange rate | £ | 1.35 | ||||||||
November 2020 Notes | Forward Currency Put Option Contracts | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Average exchange rate | £ | 1.28 | ||||||||
November 2020 Notes | Closing Share Price | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Amount increase in share price | $ / shares | $ 1 | ||||||||
Related fair value remeasurement loss | $ 13,700,000 | ||||||||
November 2020 Notes | Risk Free Rate | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 5,200,000 | ||||||||
Percentage of increase in fair value measurement input | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
November 2020 Notes | Expected Volatility | Embedded Derivative | |||||||||
Disclosure Of Financial Instruments [Line Items] | |||||||||
Related fair value remeasurement loss | $ 2,500,000 | ||||||||
Percentage of increase in fair value measurement input | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Summary of Carrying Value Held at Amortized Cost and Fair Value of Non-Current Borrowings (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure Of Financial Instruments [Abstract] | |
Carrying value | $ 635,237 |
Fair value | $ 1,058,306 |
Financial Instruments and Fin_6
Financial Instruments and Financial Risk Management - Summary of Categories of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Instruments [Line Items] | ||||
Trade receivables | $ 49,833 | $ 41,484 | ||
Other current receivables | 123,492 | 120,450 | ||
Cash and cash equivalents | 1,573,421 | 322,429 | $ 1,044,786 | $ 384,002 |
Non-current other receivables | 58,081 | 12,388 | ||
Derivative financial assets | 30,242 | 3,024 | ||
Other payables | 16,600 | 11,100 | ||
Current derivative financial liabilities | 17,427 | 5,601 | ||
Non-current derivative financial liabilities | 2,996,220 | |||
Amortized Cost | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Trade payables | 277,827 | 180,270 | ||
Other payables | 16,642 | 11,062 | ||
Total financial liabilities | 294,469 | 191,332 | ||
Foreign Currency Derivatives | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Foreign currency derivatives - held at FVTPL | 1,260 | 587 | ||
Foreign currency derivatives - held as cash flow hedges | 28,982 | 2,437 | ||
Foreign currency derivatives - held at FVTPL | 238 | 255 | ||
Foreign currency derivatives - held as cash flow hedges | 17,189 | 5,346 | ||
$250.0 Million Convertible Note Embedded Derivative | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Non-current derivative financial liabilities | 1,060,167 | |||
$400 Million Convertible Senior Notes | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Non-current derivative financial liabilities | 1,217,491 | |||
$600.0 Million Convertible Note Embedded Derivative | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Non-current derivative financial liabilities | 718,562 | |||
Amortized Cost | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Trade receivables | 49,833 | 41,484 | ||
Other current receivables | 123,492 | 120,450 | ||
Cash and cash equivalents | 1,573,421 | 322,429 | ||
Non-current other receivables | 58,081 | 12,388 | ||
Total financial assets | 1,804,827 | 496,751 | ||
Put and Call Option Liabilities | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Put and call option liabilities | $ 348,937 | $ 62,386 |
Financial Instruments and Fin_7
Financial Instruments and Financial Risk Management - Summary of Categories of Financial Instruments (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
$250.0 Million Convertible Note Embedded Derivative | |
Disclosure Of Financial Instruments [Line Items] | |
Percentage of convertible note embedded derivative | 5.00% |
$400 Million Convertible Senior Notes | |
Disclosure Of Financial Instruments [Line Items] | |
Percentage of convertible note embedded derivative | 3.75% |
$600.0 Million Convertible Note Embedded Derivative | |
Disclosure Of Financial Instruments [Line Items] | |
Percentage of convertible note embedded derivative | 0.00% |
Financial Instruments and Fin_8
Financial Instruments and Financial Risk Management - Summary of Notional Amounts of Outstanding Foreign Currency Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Currency Derivatives | ||
Disclosure Of Financial Instruments [Line Items] | ||
Notional | $ 1,120,038 | $ 621,095 |
Financial Instruments and Fin_9
Financial Instruments and Financial Risk Management - Financial Assets/(Liabilities) at Fair Value through Profit or Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Asset | $ 3,590,871 | $ 2,227,879 |
Liability | 5,266,961 | 890,047 |
Forward Foreign Exchange Contracts | ||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Financial assets at fair value through profit or loss | 1,260 | 587 |
Financial liabilities at fair value through profit or loss | 238 | 255 |
Forward Foreign Exchange Contracts | Cash Flow Hedge | ||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Asset | 28,982 | 2,437 |
Liability | $ 17,189 | $ 5,346 |
Financial Instruments and Fi_10
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, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Instruments [Line Items] | ||
Put and call option liabilities | $ 348,937 | $ 61,268 |
Borrowings | 635,237 | |
Liquidity Risk | Less Than One Year | ||
Disclosure Of Financial Instruments [Line Items] | ||
Trade and other payables | 294,469 | 191,332 |
Put and call option liabilities | 1,118 | |
Total current | 294,469 | 192,450 |
Liquidity Risk | More Than One Year | ||
Disclosure Of Financial Instruments [Line Items] | ||
Put and call option liabilities | 348,937 | 61,268 |
Borrowings | 635,237 | 0 |
Total non-current | $ 984,174 | $ 61,268 |
Financial Instruments and Fi_11
Financial Instruments and Financial Risk Management - Summary of Non-derivative Financial Liabilities and Net Settled Derivative Financial Instruments Into Relevant Maturity Groupings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | $ 348,937 | $ 61,268 |
Liquidity Risk | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 1,118 | |
Obligations under leases | 33,703 | 24,065 |
Trade and other payables | 371,289 | 204,073 |
Financial liabilities | 1,900 | |
Financial assets | 30,242 | 3,024 |
Financial liabilities | 15,527 | 5,601 |
Liquidity Risk | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Put and call option liabilities | 348,937 | 61,268 |
Obligations under leases | 61,296 | 44,282 |
Liquidity Risk | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Obligations under leases | 50,800 | 34,705 |
Liquidity Risk | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Obligations under leases | 61,430 | $ 37,216 |
Liquidity Risk | Convertible Bonds - $250 Million | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 12,500 | |
Liquidity Risk | Convertible Bonds - $250 Million | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 25,000 | |
Liquidity Risk | Convertible Bonds - $250 Million | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 275,000 | |
Liquidity Risk | Convertible Bonds - $400 Million | Less Than One Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 15,000 | |
Liquidity Risk | Convertible Bonds - $400 Million | Between One and Three Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 30,000 | |
Liquidity Risk | Convertible Bonds - $400 Million | Between Three and Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 30,000 | |
Liquidity Risk | Convertible Bonds - $400 Million | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | 422,500 | |
Liquidity Risk | Convertible Bonds - $600 Million | More Than Five Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Convertible bonds | $ 600,000 |
Financial Instruments and Fi_12
Financial Instruments and Financial Risk Management - Schedule of Capital Structure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Instruments [Line Items] | ||||
Total aggregate Principal amount | $ 635,237 | |||
Less: cash and cash equivalents | (1,573,421) | $ (322,429) | $ (1,044,786) | $ (384,002) |
Total equity/(deficit) | (1,676,090) | 1,337,832 | $ 1,128,431 | $ 396,903 |
Capital Risk Management | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total aggregate Principal amount | 3,822,860 | 119,318 | ||
Less: cash and cash equivalents | (1,573,421) | (322,429) | ||
Net (cash)/debt | 2,249,439 | (203,111) | ||
Total equity/(deficit) | (1,676,090) | 1,337,832 | ||
Total | $ 573,349 | $ 1,134,721 |
Financial Instruments and Fi_13
Financial Instruments and Financial Risk Management - Summary of Movements in Financing Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |
As at December 31, 2019 | $ 119,318 |
Cash movement | 1,197,234 |
Foreign exchange movement | 4,539 |
Finance costs | 66,056 |
Fair value changes & other | 2,435,714 |
As at December 31, 2020 | 3,822,860 |
Borrowings - Leases | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |
As at December 31, 2019 | 119,318 |
Cash movement | (25,808) |
Foreign exchange movement | 4,539 |
Finance costs | 6,757 |
Fair value changes & other | 86,597 |
As at December 31, 2020 | 191,403 |
Non-Current Borrowings - Convertible Notes | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |
Cash movement | 1,223,042 |
Bifurcation of embedded derivative | (641,448) |
Finance costs | 59,299 |
Fair value changes & other | (5,655) |
As at December 31, 2020 | 635,237 |
Borrowings-Related Derivative Financial Instruments | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |
Bifurcation of embedded derivative | 641,448 |
Fair value changes & other | 2,354,772 |
As at December 31, 2020 | $ 2,996,220 |
Financial Instruments and Fi_14
Financial Instruments and Financial Risk Management - Schedule of Foreign Exchange Rate Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
10% Appreciation | United States Dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | $ 24,118 | $ (21,661) |
10% Appreciation | GBP | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | (21,372) | 18,747 |
10% Appreciation | EUR | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | (17,234) | (2,791) |
10% Depreciation | United States Dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | (29,478) | 26,475 |
10% Depreciation | GBP | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | 17,486 | (15,338) |
10% Depreciation | EUR | ||
Disclosure Of Financial Instruments [Line Items] | ||
Increase/ (decrease) in profit or loss | $ 14,101 | $ 2,284 |
Employee Benefit Obligations -
Employee Benefit Obligations - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Other Non Current Liabilities [Line Items] | ||
Non-current liabilities | $ 26,116 | $ 16,455 |
Employee severance liability | 1,821 | 1,048 |
Other | 148 | |
Equity Settled | ||
Disclosure Of Other Non Current Liabilities [Line Items] | ||
Non-current liabilities | 12,139 | |
Cash Settled | ||
Disclosure Of Other Non Current Liabilities [Line Items] | ||
Non-current liabilities | $ 24,295 | $ 3,120 |
Employee Benefit Obligations _2
Employee Benefit Obligations - Equity and Cash Settled - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)sharesOptionPlan$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Other current liabilities | $ 38,300 | ||
Weighted average share price at the date of exercise options exercised | $ / shares | $ 34.66 | $ 22.62 | $ 20 |
Equity - settled share based payments | $ 291,633 | $ 158,422 | $ 53,819 |
Employers Tax Liability on Share Based Payments | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Other current liabilities | 37,300 | ||
Cash Settled Share Based Payments | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Other current liabilities | $ 1,000 | ||
Vesting period | less than one year | ||
Equity Settled | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share option plans | OptionPlan | 4 | ||
Equity - settled share based payments | $ 168,300 | 150,300 | 34,700 |
Equity Settled | New Guards | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Intrinsic value of liabilities from share-based payment transactions | 12,100 | ||
Cash Settled | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Number of share option plans | OptionPlan | 1 | ||
Share Appreciation Rights | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Intrinsic value of liabilities from share-based payment transactions | $ 25,300 | $ 3,100 | |
Number of share appreciation rights granted | shares | 92,000 | 137,000 | |
Cash settled share based payment transaction expense | $ 28,000 | $ 10,700 | $ 10,400 |
Revaluation gain (loss) | 28,000 | 2,200 | |
Intrinsic value | 36,400 | 3,400 | |
Aggregate intrinsic value for options fully vested | $ 17,200 | $ 2,400 |
Employee Benefit Obligations _3
Employee Benefit Obligations - Summary of Equity Based Payment Plans (Details) | 12 Months Ended |
Dec. 31, 2020EquityInstrument | |
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 | 36,736,590 |
Contractual life | 10 years |
Vesting conditions | Varying tranches of options and Restricted Stock Units (RSU) vesting upon defined years of service |
Employee Benefit Obligations _4
Employee Benefit Obligations - Summary of Movements on Share Options and Weighted Average Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2020OptionAndRSU$ / shares | Dec. 31, 2019OptionAndRSU$ / shares | Dec. 31, 2018OptionAndRSU$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |||
Options & RSU's at beginning of year | OptionAndRSU | 39,583,858 | 44,218,814 | 32,307,010 |
Options & RSU's granted | OptionAndRSU | 19,685,173 | 13,585,502 | 18,209,410 |
Options & RSU's exercised | OptionAndRSU | (11,817,074) | (7,503,814) | (3,032,571) |
Options & RSU's forfeited | OptionAndRSU | (4,388,244) | (10,716,644) | (3,265,035) |
Options & RSU's at end of year | OptionAndRSU | 43,063,713 | 39,583,858 | 44,218,814 |
Options & RSU's exercisable at end of year | OptionAndRSU | 11,944,576 | 10,360,642 | 16,830,409 |
Options & RSU's at beginning of year | $ / shares | $ 8.23 | $ 6.15 | $ 4.43 |
Options & RSU's granted | $ / shares | 5.38 | 8.94 | 9.84 |
Options & RSU's forfeited | $ / shares | 7.02 | 5.70 | 7.31 |
Options & RSU's exercised | $ / shares | 5.63 | 1.25 | 2.38 |
Options & RSU's at end of year | $ / shares | 8 | 8.23 | 6.15 |
Options & RSU's exercisable at year end | $ / shares | $ 8.96 | $ 6.40 | $ 2.33 |
Weighted average remaining contracted life of options & RSU's outstanding at year end | 8 years 11 months 8 days | 9 years 9 months 14 days | 9 years 6 months 14 days |
Employee Benefit Obligations _5
Employee Benefit Obligations - Exercise Price of Options and RSU's Outstanding (Details) $ in Thousands | Dec. 31, 2020USD ($)OptionAndRSU | Dec. 31, 2019USD ($)OptionAndRSU | Dec. 31, 2018USD ($)OptionAndRSU | Dec. 31, 2017OptionAndRSU |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 43,063,713 | 39,583,858 | 44,218,814 | 32,307,010 |
Weighted average fair value of options & RSU's granted in year | $ | $ 8,810 | $ 15,540 | $ 4,170 | |
$0.00 to $0.08 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 11,878,888 | 8,545,400 | 4,416,525 | |
$0.09 to $0.56 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 27,340 | 27,340 | 2,126,540 | |
$0.57 to $3.52 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 320,944 | 629,730 | 4,595,104 | |
$3.53 to $5.73 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 2,020,354 | 3,225,120 | 6,257,690 | |
$5.74 to $7.39 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 3,385,770 | 5,873,001 | 7,890,495 | |
$7.40 to $20.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 21,965,750 | 17,402,097 | 18,932,460 | |
$20.01 to $27.09 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 3,423,111 | 3,881,170 | ||
$27.10 to $40.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number of options and RSU's | 41,556 |
Employee Benefit Obligations _6
Employee Benefit Obligations - Exercise Price of Options and RSU's Outstanding (Parenthetical) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
$0.00 to $0.08 | 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 $0.08 | 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 | 0.08 | 0.08 | 0.08 |
$0.09 to $0.56 | 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 | 0.09 | 0.09 | 0.09 |
$0.09 to $0.56 | 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 | 0.56 | 0.56 | 0.56 |
$0.57 to $3.52 | 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 | 0.57 | 0.57 | 0.57 |
$0.57 to $3.52 | 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 | 3.52 | 3.52 | 3.52 |
$3.53 to $5.73 | 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 | 3.53 | 3.53 | 3.53 |
$3.53 to $5.73 | 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 | 5.73 | 5.73 | 5.73 |
$5.74 to $7.39 | 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 | 5.74 | 5.74 | 5.74 |
$5.74 to $7.39 | 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 | 7.39 | 7.39 | 7.39 |
$7.40 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 | 7.40 | 7.40 | 7.40 |
$7.40 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 | 20 | 20 |
$20.01 to $27.09 | 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 $27.09 | 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 | 27.09 | 27.09 | 27.09 |
$27.10 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 | 27.10 | 27.10 | 27.10 |
$27.10 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 | $ 40 | $ 40 |
Employee Benefit Obligations _7
Employee Benefit Obligations - Summary of Inputs in Black Scholes Model for Share Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2020Year$ / shares | Dec. 31, 2019Year$ / shares | Dec. 31, 2018Year$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |||
Weighted average share price | $ 12.44 | $ 21.73 | $ 11.83 |
Weighted average exercise price | $ 5.38 | $ 8.94 | $ 9.84 |
Average expected volatility | 40.00% | 36.00% | 23.00% |
Expected life | Year | 4 | 4 | 4 |
Risk free rate | 1.05% | 2.15% | 2.75% |
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, 2020 | Dec. 31, 2019 |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of shares | 354,210,144 | 339,599,008 |
Share capital | $ 14,168 | $ 13,584 |
Share premium | 927,931 | 878,007 |
Merger reserve | 783,529 | 783,529 |
Total | $ 1,725,628 | $ 1,675,120 |
Class A Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of shares | 311,352,064 | 296,740,928 |
Par value | $ 0.04 | $ 0.04 |
Share capital | $ 12,454 | $ 11,870 |
Share premium | 882,422 | 832,498 |
Merger reserve | 783,529 | 783,529 |
Total | $ 1,678,405 | $ 1,627,897 |
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 |
Total | $ 47,223 | $ 47,223 |
Share Capital and Share Premi_4
Share Capital and Share Premium - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Shares issued in respect of exercise of share options | 12,721,798 | ||
Description of ordinary shares conversion basis | The Class B ordinary shares are exchangeable for Class A ordinary shares on a one-for-one basis, subject to customary conversion rate adjustments for share splits, share dividends and reclassifications. | ||
Class A Ordinary Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Numbers of shares issued | 14,611,136 | 39,742,008 | |
Par value | $ 0.04 | $ 0.04 | |
Shares issued in respect of exercise of warrants and share options | 7,579,036 | ||
Ordinary shares voting rights | one vote per share | ||
Class A Ordinary Shares | Artemis | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Numbers of shares issued | 1,889,338 | ||
Percentage of existing issued share capital | 0.50% | ||
Gross proceeds | $ 50 | ||
Class A Ordinary Shares | Stadium Goods | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Numbers of shares issued | 4,641,554 | ||
Transaction costs accounted for as deduction from equity | $ 1.5 | ||
Class A Ordinary Shares | New Guards Group Holding S.p.A | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Numbers of shares issued | 27,521,418 | ||
Transaction costs accounted for as deduction from equity | $ 2 | ||
Class B Ordinary Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Par value | $ 0.04 | $ 0.04 | |
Ordinary shares voting rights | twenty votes per share |
Reserves - Summary of Other Res
Reserves - Summary of Other Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | $ 1,337,832 | $ 1,128,431 | $ 396,903 |
Shares issued - acquisition of a subsidiary | 965 | 158,617 | |
Share based payment – equity settled | 218,688 | 123,224 | 29,958 |
Transaction with non-controlling interests | (101,311) | ||
Ending balance | (1,676,090) | 1,337,832 | 1,128,431 |
Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 349,463 | 67,474 | 38,475 |
Shares issued - acquisition of a subsidiary | 4,808 | 393,853 | |
Movement in cash flow hedge reserve | 15,937 | (3,527) | 436 |
(Gain) Loss transferred to the cost of inventory | (1,213) | 142 | |
Share based payment – equity settled | 52,690 | 76,383 | 28,563 |
Remeasurement loss on severance plan | (24) | ||
Share based payments - reverse vesting shares | 26,092 | (82,646) | |
Exercise of warrants | (747) | ||
Transaction with non-controlling interests | (101,311) | ||
Impairment loss on revaluation of investments | (100) | ||
Remeasurement loss on legally required severance plan | (58) | ||
Ending balance | 447,753 | 349,463 | 67,474 |
Warrant Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 747 | 747 | |
Exercise of warrants | (747) | ||
Ending balance | 747 | ||
Changes in Ownership | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (8,666) | (8,666) | (8,666) |
Ending balance | (8,666) | (8,666) | (8,666) |
Share-based payment arrangements [member] | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 66,533 | 72,796 | 44,233 |
Share based payment – equity settled | 52,690 | 76,383 | 28,563 |
Share based payments - reverse vesting shares | 26,092 | (82,646) | |
Ending balance | 145,315 | 66,533 | 72,796 |
Cashflow Hedge Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (2,949) | 436 | |
Movement in cash flow hedge reserve | 13,385 | (3,527) | 436 |
(Gain) Loss transferred to the cost of inventory | (1,213) | 142 | |
Ending balance | 9,223 | (2,949) | 436 |
Merger Relief Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | 396,014 | 2,161 | 2,161 |
Shares issued - acquisition of a subsidiary | 4,808 | 393,853 | |
Ending balance | 400,822 | 396,014 | $ 2,161 |
Time Value Reserve | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Movement in cash flow hedge reserve | 2,552 | ||
Ending balance | 2,552 | ||
Other | Other Reserves | |||
Disclosure Of Other Reserves [Line Items] | |||
Beginning balance | (101,469) | ||
Remeasurement loss on severance plan | (24) | ||
Transaction with non-controlling interests | (101,311) | ||
Impairment loss on revaluation of investments | (100) | ||
Remeasurement loss on legally required severance plan | (58) | ||
Ending balance | $ (101,493) | $ (101,469) |
Group Information - Summary of
Group Information - Summary of Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Parent | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Isle of Man | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch UK Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Marketing, providing editorial and merchant services | |
FFBR importacao e exportacao LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Import & Export Agent for Farfetch | |
Farfetch.com Brasil Servicos LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce, marketing and editorial services | |
Farfetch.com US LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce and marketing | |
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 | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Back office support | |
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 | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Holding Company | |
Browns (South Molton Street) Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce and marketing | |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | China | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Dormant | |
Fashion Concierge UK Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
F&C Fashion Concierge, LDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Portugal | |
Proportion of ownership interests held by the Group | 100.00% | |
Description of Principal Activities of Subsidiaries | Dormant | |
Farfetch Black & White Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | 80.00% | 80.00% |
Description of Principal Activities of Subsidiaries | Holding company | |
Farfetch Finance Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 25.00% | 25.00% |
Description of Principal Activities of Subsidiaries | Finance | |
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 | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Back office support | |
Fashion Concierge Powered By Farfetch, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Back office support | |
Farfetch Middle East FZE | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | UAE | |
Proportion of ownership interests held by the Group | 80.00% | 80.00% |
Description of Principal Activities of Subsidiaries | Back office support | |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Holding Company | |
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 | 100.00% | 100.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
SGNY1 LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | E-commerce services | |
Kicks Lite LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | USA | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | Russia | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Back office support | |
Beijing Qizhi Ruisi Information Consulting Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | China | |
Proportion of ownership interests held by the Group | 81.00% | 78.00% |
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 | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
Description of Principal Activities of Subsidiaries | Holding Company | |
Farfetch Holdings plc (previously Hulk Finco plc) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | England & Wales | |
Proportion of ownership interests held by the Group | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 100.00% | 100.00% |
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 | 75.00% | 75.00% |
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 | 69.00% | 69.00% |
Description of Principal Activities of Subsidiaries | Retail | |
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 | 61.00% | 61.00% |
Description of Principal Activities of Subsidiaries | Retail | |
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 | 80.00% | 80.00% |
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 | 53.00% | 53.00% |
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 | 100.00% | 100.00% |
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 | 51.00% | 51.00% |
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 | 75.00% | 75.00% |
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 | 75.00% | 75.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
Description of Principal Activities of Subsidiaries | Retail | |
Off-White Operating Paris S.à r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | France | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
Description of Principal Activities of Subsidiaries | Retail | |
Off White Operating Vegas, LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | USA | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
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 | USA | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
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 | UK | |
Proportion of ownership interests held by the Group | 75.00% | 75.00% |
Description of Principal Activities of Subsidiaries | Retail | |
OC Italy S.R.L Italy | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Italy | |
Proportion of ownership interests held by the Group | 100.00% | |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch Canada Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interests held by the Group | 100.00% | |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch Europe Trading BV | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | Netherlands | |
Proportion of ownership interests held by the Group | 100.00% | |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch China Holdings Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | UK | |
Proportion of ownership interests held by the Group | 100.00% | |
Description of Principal Activities of Subsidiaries | Retail | |
Farfetch China Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Country of incorporation of subsidiary | UK | |
Proportion of ownership interests held by the Group | 100.00% | |
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 | 100.00% | |
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 | 70.00% | |
Description of Principal Activities of Subsidiaries | Retail |
Group Information - Summary o_2
Group Information - Summary of Subsidiaries (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
FFBR importacao e exportacao LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Farfetch.com Brasil Servicos LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Farfetch México, S.A de C.V | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Farfetch India Private Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Parent | FFBR importacao e exportacao LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 99.90% | |
Parent | Farfetch.com Brasil Servicos LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 99.9995% | |
Parent | Farfetch México, S.A de C.V | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 1.00% | |
Parent | Farfetch India Private Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 0.10% | |
Farfetch UK Limited | FFBR importacao e exportacao LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 0.10% | |
Farfetch UK Limited | Farfetch.com Brasil Servicos LTDA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 0.0005% | |
Farfetch UK Limited | Farfetch México, S.A de C.V | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interest in subsidiary | 99.00% | |
Farfetch UK Limited | Farfetch India Private Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Proportion of ownership interests in subsidiary held by non-controlling interests | 99.90% |
Non-controlling interests - Sum
Non-controlling interests - Summary of Effect of Changes in Ownership Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
Balance | $ 170,226 | $ 0 |
Acquisition of non-controlling interests | 965 | 158,617 |
Non-controlling interests | 17,880 | 11,609 |
Dividends paid to non-controlling interests | (20,515) | |
Balance | 168,556 | 170,226 |
Curiosity China | ||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
Balance | 409 | 0 |
Acquisition of non-controlling interests | 0 | 209 |
Non-controlling interests | 110 | 200 |
Dividends paid to non-controlling interests | 0 | |
Balance | $ 519 | 409 |
% of non-controlling interests | 19.00% | |
Farfetch International Limited | ||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
Balance | $ 1,225 | 0 |
Acquisition of non-controlling interests | 0 | 0 |
Non-controlling interests | (3,412) | 1,225 |
Dividends paid to non-controlling interests | 0 | |
Balance | $ (2,187) | 1,225 |
% of non-controlling interests | 20.00% | |
New Guards | ||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
Balance | $ 168,592 | 0 |
Acquisition of non-controlling interests | 965 | 158,408 |
Non-controlling interests | 21,182 | 10,184 |
Dividends paid to non-controlling interests | (20,515) | |
Balance | $ 170,224 | $ 168,592 |
New Guards | Bottom of Range | ||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
% of non-controlling interests | 0.00% | |
New Guards | Top of Range | ||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||
% of non-controlling interests | 49.00% |
Non-controlling interests - Add
Non-controlling interests - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | May 08, 2020 | May 07, 2020 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Dividends paid to minority interest | $ 20,515 | ||
New Guards | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Dividends paid to minority interest | 20,500 | ||
Curiosity China | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Percentage of voting equity interests acquired | 81.00% | 78.00% | |
Dividends paid to minority interest | $ 0 |