Why I Just Bought More Farfetch Stock
2020 was a boon for e-commerce companies. When people were forced to stay at home, online shopping adoption among global consumers took a massive leap higher in the last year. Even the luxury market benefited. Sales for high-end online marketplace Farfetch (NYSE: FTCH) surged 64% in 2020 despite the effects of the pandemic. Now lapping that boost in sales due to lockdowns, Farfetch is proving that increasing activity on its platform is more than just a pandemic trend. I added to my position after the first-quarter earnings report.
After helping bridge the divide between the pre- and post-pandemic worlds last year, the digital economy has taken a hit this spring. Investors worry that consumers will ditch the online businesses they were using during lockdowns as the global economy slowly reopens. I'm not convinced that will happen. New habits have been created in the wake of COVID-19, and shopping in particular will never be the same.
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Source Fool.com