Farfetch : Credit Suisse 23rd Annual Technology Conference

Elliot Jordan, CFO

Credit Suisse 23rdAnnual Technology Conference 4 December 2019

IMPORTANT NOTICE

This presentation, and the accompanying oral presentation, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation and the accompanying oral presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance, development of the luxury market, future industry dynamics, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate,", "will", "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: purchasers of luxury products may not choose to shop online in sufficient numbers; our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the volatility and difficulty in predicting the luxury fashion industry; our reliance on a limited number of retailers and brands for the supply of products on our Marketplace; our reliance on retailers and brands to anticipate, identify and respond quickly to new and changing fashion trends, consumer preferences and other factors; our reliance on retailers and brands to make products available to our consumers on our Marketplace and to set their own prices for such products; our reliance on information technologies and our ability to adapt to technological developments; our ability to acquire or retain consumers and to promote and sustain the Farfetch brand; our ability or the ability of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect our confidential information; our ability to successfully launch and monetize new and innovative technology; our acquisition and integration of other companies or technologies, for example, Stadium Goods and New Guards Group, could divert management's attention and otherwise disrupt our operations and harm our operating results; we may be unsuccessful in integrating any acquired businesses or realizing any anticipated benefits of such acquisitions; our dependence on highly skilled personnel, including our senior management, data scientists and technology professionals, and our ability to hire, retain and motivate qualified personnel; Mr. Neves has considerable influence over important corporate matters due to his ownership of us, and our dual-class voting structure will limit your ability to influence corporate matters, including a change of control; and the other important factors discussed under the caption "Risk Factors" in our annual report on Form 20-F filed with the SEC on March 1, 2019, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation and the accompanying oral presentation are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this presentation and the accompanying oral presentation relate only to events or information as of the date on which the statements are made in this presentation and the accompanying oral presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. All subsequent written and oral forward-looking statements attributable to Farfetch, New Guards, their respective boards of directors or any person acting on behalf of any of them are expressly qualified in their entirety by this notice.

This presentation, and the accompanying oral presentation, includes certain financial measures not presented in accordance with the International Financial Reporting Standards (IFRS) including but not limited to, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Revenue, Digital Platform Services Revenue, Digital Platform Gross Profit, Digital Platform Order Contribution and Digital Platform Order Contribution Margin. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss after tax, revenue, gross profit or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies, which may be defined and calculated differently. Reconciliations of these non-IFRS measures to the most directly comparable IFRS measure are provided in the Appendix as applicable.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.

Certain figures in this presentation may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.

at a Glance

	#1		$1.8bn		1.9m
	in-season		LTM Digital		Active
	luxury player		Platform		Consumers
	online		GMV

Source: Company information as at Q3 2019.

Luxury Industry Overview

10,000s of smaller brands and independent designers

Craftsmanship	Strong Focus	Control	Scarcity
and Heritage	on Brand Image

Resilient and Consistently Growing Industry with Strong Tailwind

Towards Online

Personal Luxury Goods Market Size ($bn)

2%

3%

4%

5%

8%

9%

10%

12%

• - Online share as % of total market

332

	288	300	310
289

245 250259

220

188	197
174

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019E

Source: Bain & Company "Luxury Goods Worldwide Market Study" (November 2018, June 2019, November 2019). Data converted from EUR to USD at an exchange rate of 1.1815 (2018 average).

Farfetch's 3 Original Insights

1

2

3

Digitalwill transformthe luxury industry

There needs to be a global platformfor curated aggregationof the best brands and retailers

Existing platforms are not tailoredto service the modern luxury consumer and not compatiblewith luxury brands

Revolutionize the luxury

shopping experience

Empower and connect

consumers, curators and

creators through technology

Manage customer experience end-to-end

Attractive Industry Dynamics

~$420bnGlobal Personal Luxury Goods Market by 2025F

Emerging Market Growth			Generational Shift		Luxury Purchases Online
Share of Chinese Consumers (by Nationality)	Gen Y and Z Share in Global Personal	% Online Penetration
in Personal Luxury Goods Sales	Luxury Goods Sales
2018	33%	2018	33%	2018	10%

2019E 12%

2025F

46%

2025F

55%

2025F

25%

Note: F" = forecast as per Bain & Company. Source: Bain & Company, "Altagamma 2018 Worldwide Luxury Market Monitor"; Bain & Company, "Altagamma 2019 Worldwide Luxury Market Monitor". Data converted from EUR to USD at an exchange rate of 1.1815 (2018 average).

1	Marketplaces	2Enterprise Solutions	3Brand Platform

Farfetch	Store of the
Platform
Future
Solutions

PLATFORM

Customer

Media

Photography

Product

Marketing

Inventory

Payments

Fulfilment

Design

Production

Wholesale

Brand

Catalogue

Management

Service

Solutions

Distribution

Development

Digital Platform

Brand Platform

Marketplace Model Allows for the Broadest Range of SKU

Count of Luxury Brands Globally

$400mm		Farfetch is #1 by SKU count for...
	8x	>3,000 ~$3.0bn
	SKUs than	Brands2Seller's
	Closest	Stock Value
$250mm	Competitor

$150mm
				Limited Inventory
$50mm
Shelf							Ultimate one-stop shop for luxury shoppers
Value1
# of	50k	100k	150k	200k	250k	300k
SKUs
		Other Online Luxury Retailer

Source: RE Analytics as of 30 April 2019; Company information.

1Shelf value is the combined value of the retail unit price of all SKUs available on Farfetch's Marketplace. EUR to USD as of 30 April 2019.2Brands available via direct brand partnerships and retailers on the marketplace.

Large, Diverse and Affluent Customer Base

THE ONLY		ATTRACTIVE		DIVERSIFIED		CONSISTENT		AFFLUENT
MARKETPLACE		CUSTOMER		CUSTOMER		ANNUAL SPEND
				CUSTOMERS4
AT SCALE		BASE1		BASE2		WITH FARFETCH3

	2.8m			>50%		~ 60% female		$1,000+		$120k
	marketplace			customers are		~ 40% male		average annual		average customer
	consumers1			Millennials			spend		household income
				Key factors of Farfetch's appeal
	Range of brands	Hottest & unique products Quality & authenticity		Luxury service

1Cumulative as at December 2018. 2Based on Farfetch customer survey as at January 2019, pro forma to include Stadium Goods. 3Defined as Number of Orders / Active Customers * AOV as of December 31, 2018. 4Based on Farfetch customer survey as at January 2019.

Farfetch - The World's Best Selection of Luxury

				Marketplaces
Direct Brands		1stParty		Boutique
		Partners

#1 Luxury	~300k	Emerging	>3,000	Unique	Exclusive	Culturally
E-com Site	SKUs(depth
Brands2	Relevant
Globally by	& breadth of	Designers	Brands	Content
(c. 500 direct)	Destination
traffic1	product)

Source: Company information.

1Based on Alexa ranking as at October 2019. Farfetch ranked #571 globally. 2Brands available via direct brand partnerships and retailers on the marketplace.

Brand Platform Paired with Farfetch Capabilities

Creating a Flywheel

Combining the global tastemakers' talent & audience with Farfetch's

platform capabilities & data to create culturally relevant original content

("Brands of the Future")

Data

2.8m

marketplace consumers1

Original
Content
Creation	700+ retailers
Capabilities
& global
	distribution

Leveraging extensive online and

offline data captured through

various touchpoints of customer

experience and transactions

PROFITABLE GROWTH & EXPANSION OF BRAND PORTFOLIO

+ New Brands

of the Future

1Cumulative as at Dec-18.

Multiple Levers will Drive Future Growth

Increasing lifetime value of

existing customers and	Building the
attracting new customers	Farfetch brand

Developing brands	Investing in new technologies
and original content	and innovation
via Brand Platform

Increasing supply from	Expanding into new
existing luxury sellers	categories and offerings

Adding brands, boutiques, department stores and

other luxury sellers

✓

✓

✓

✓

✓

Farfetch's Finance Strategy

Drive GMV growth and continue to capture market share as the category leader

Continue to drive attractive unit economics in Farfetch's consumer base

Scale the business to drive operating leverage

Invest in technology and marketing to deliver sustainable growth with a clear path to profitability

Deliver platform-level EBITDA margins, with favorable working capital dynamics and low capital expenditure

14

Driving Digital Platform GMV, Digital Platform Services Revenue and Digital Platform Gross Profit Growth - Q3'19

DIGITAL PLATFORM GMV (USDm)		DIGITAL PLATFORM SERVICES REVENUE1(USDm)		DIGITAL PLATFORM GROSS PROFIT1(USDm)
% YoY				% YoY	44%		% YoY	27%
37%
Growth			Growth		Growth
$420				$83
					$156

$65

$306

$109

Q3'18

Q3'19

Q3'18

Q3'19

Q3'18

Q3'19

1 Non-IFRS financial measures, please refer to reconciliations to IFRS measures in the Appendix.

Year to Date Summary Historical Financials

				Q1'19	Q2'19	Q3'19
%YoY	Growth
	Digital Platform GMV1	+44%	+44%	+37%
Digital% Platform	Services	Revenue2
Digital Platform Order Contribution2	35%	28%	31%

Revenue	Technology Expense	14%	11%	10%
% Adjusted	General & Administrative	42%	38%	41%
Adjusted EBITDA2	(21%)	(21%)	(16%)

1. The introduction of the term "Digital Platform", with reference to GMV, Revenue and other metrics is intended to distingui sh between activities that occurred through our owned and operatede-commerce platforms (e.g. Farfetch.com, BrownsFashion.com, off---white.com) and the Brand Platform operations of New Guards Group, where GMV and Revenue are derived from the Company's transactions with independent third party retailers or wholesalers. Such metrics were previously referred to as "Platform." No changes have been made to how we calculate the Digital Platform metrics from how we calculated Platform metrics.
2. Non-IFRSfinancial measures, please refer to reconciliations to IFRS measures in the Appendix.

Industry Leading Contribution Margins and Payback Period

2018 GMV (USD) BY CHANNEL

Free or

low cost channels

High cost channels

Free or low cost channels: Direct, SEO, Email, referral

High cost channels: PPC, affiliates, display

EXISTING CUSTOMER COHORT MARKETPLACE	RATIO OF LIFETIME VALUE OF A CUSTOMER TO
ORDER CONTRIBUTION	CONSUMER ACQUISITION COST1

2015 2016 2017 2018 Cohort Cohort Cohort Cohort

	>1.0x	✔ ✔ ✔ ✔
	6 months
55%	LTV / CAC
>2.25x		
	✔
	12 months
	LTV / CAC
	>3.0x		✔
Q2 2015 Cohort Order	24 months
Contribution in Q2 2019	LTV / CAC

Source: Company information.

1CAC is the demand generation expense attributable only to new consumer acquisition during a specific time period, divided by the number of new consumers acquired during the same period. LTV is the cumulative Digital Platform Order Contribution, calculated as gross profit less demand generation expense, excluding demand generation expense attributable to any new consumer of time, attributable to a particular consumer cohort since the acquisition of those consumers, divided by the number of consumers acquired during the cohort period.

Farfetch Mission

Farfetch exists for the Love of Fashion.

Farfetch believes in empowering individuality.

Farfetch's mission is to be the global technology platform for luxury

fashion, connecting creators, curators, and consumers.

APPENDIX

Results of Operations - Q3'19 (in$m)

DIGITAL PLATFORM

BRAND PLATFORM

IN-STORE

GMV1		$420	$63	$9
Revenue	$156 2	$27	$63	$9
(Cost of Revenue)		($100)5	($35)	($5)
Gross Profit	$83		$27	$4
(Demand Generation Expense)	($34)
Digital Platform Order Contribution4	$49

(General and Administrative)3

(Technology Expense)

Adjusted EBITDA4

($36)

Digital Platform

Digital Platform Fulfilment

Brand Platform

In-Store

Group

1. GMV is inclusive of product value, shipping and duties and net of returns, value added taxes and cancellations.
2. Refers to Digital Platform Services Revenue.Non-IFRS financial measure, please refer to reconciliations to IFRS measures in the Appendix.
3. Excludes other items (outside the normal scope of our ordinary activities ornon-cash items).
4. Non-IFRSfinancial measure, please refer to reconciliations to IFRS measures in the Appendix.
5. Refers to Digital Platform Services cost of revenue plus Digital Platform Fulfilment cost of revenue.

TOTAL

$492

$255

($140)

$115

($34)

($94)

($22)

($36)

Reconciliation of Non-IFRS Measures

USDm	Q3'18	Q3'19	YTD Q3'18	YTD Q3'19
Loss after tax	$	(77)	$	(80)	$	(146)	$	(279)
Net finance (income)/ expense		(1)		6		(5)		22
Income tax expense		1		(0)		2		1
Depreciation and amortization		6		35		16		64
Share based payments	1			38		32		51		116
2				-		(27)		-		(26)
Other items(1)
Share of results of associates		0		(0)		(0)		(0)
Adjusted EBITDA	$	(32)	$	(36)	$	(81)	$	(103)
USDm	Q3'18	Q3'19	YTD Q3'18	YTD Q3'19
Revenue	$	135	$	255	$	407	$	639
Less: Digital Platform Fulfilment Revenue		(22)		(27)		(72)		(83)
Adjusted Revenue		113		228		335		555
Less:Brand Platform Revenue		-		(63)		-		(63)
Less: In-Store Revenue		(4)		(9)		(11)		(18)
Digital Platform Services Revenue	$	109	$	156	$	323	$	475

The introduction of the term "Digital Platform", with reference to GMV, Revenue and other metrics is intended to distinguish between activities that occurred through our owned and operated e-commerce platforms (e.g. Farfetch.com, BrownsFashion.com, off---white.com) and the Brand Platform operations of New Guards Group, where GMV and Revenue are derived from the Company's transactions with independent third party retailers or wholesalers. Such metrics were previously referred to as "Platform." No changes have been made to how we calculate the Digital Platform metrics from how we calculated Platform metrics.

DEFINITIONS

• Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue, Digital Platform Services Revenue, Digital Platform Gross Profit, Digital Platform Order Contribution, and Digital Platform Order Contribution Margin, Total Technology Investment are supplemental measures of our performance that are not required by, or presented in accordance with, IFRS. These metrics are not measurements of our financial performance under IFRS and should not be considered as an alternative to loss after tax, revenue or any other performance measure derived in accordance with IFRS.
• We define Adjusted EBITDA as loss after taxes before net finance costs, income tax expense and depreciation and amortization, further adjusted for share based compensation expense, other items (representing items outside the normal scope of our ordinary activities) and share of results of associates. We define Adjusted EBITDA Margin as Adjusted EBITDA calculated as a percentage of Adjusted Revenue. We define Adjusted Revenue as revenue less Platform Fulfilment Revenue. We define Digital Platform Services Revenue as Adjusted Revenue less Brand Platform Revenue andIn-Store Revenue.
• We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue, Digital Platform Services Revenue and or Total technology investment may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue and Digital Platform Services Revenue or Total technology investment in the same manner.

1. Represents share based payment expense.
2. Represents other items, which are outside the normal scope of our ordinary activities ornon-cash items, including transaction related legal and advisory expenses of $2.5m, $2.2m and $5.1m in first, second and third quarter 2019 respectively. There was also a release of $4.0m of provisions related to taxes in second quarter 2019. There was also a net gain in third quarter 2019 of $32.3 million recognized on the revaluation of liabilities held at fair value and impacted by movements in our share price, comprised of the fair value revaluation gain of $53.8 million in respect of our partnership with Chalhoub Group, partially offset by a charge in respect of the fair value remeasurement ($21.5 million) of shares issued following the acquisition of New Guards Group. Other items in third quarter 2019 also included a $5 million loss on impairment of investments carried at fair value. There were no such items in 2018. Other items is included within selling, general and administrative expenses.

Reconciliation of Non-IFRS Measures (continued)

USDm
Gross profit
Less:Brand Platform Gross Profit
Less: In-Store Gross Profit	1
Digital Platform Gross Profit
Less: Demand generation expense
Digital Platform Order Contribution

Q3'18	Q3'19	YTD Q3'18	YTD Q3'19	DEFINITIONS
$	67	$	115	$	204	$	284
• Digital Platform Order Contribution is defined as Digital Platform Gross
	0		(27)		0		(27)	Profit less demand generation expense. Digital Platform Gross Profit and
				Digital Platform Order Contribution are not measurements of our financial
	(2)		(4)		(5)		(8)	performance under IFRS and do not purport to be alternatives to gross
	65		83		199		248	profit or loss after tax derived in accordance with IFRS.
	(22)		(34)		(63)		(100)	• We believe that Digital Platform Gross Profit and Digital Platform Order
				Contribution are useful measures in evaluating our operating performance
$	43	$	49	$	136	$	148
because they take into account demand generation expense and are used

by management to analyze the operating performance of our digital

USDm

(per share amounts)

Technology expense

E rnings per share

Payments for intangible assets

2

ShareTotal Technologybased paymentsinvestment

	Q3'18		Q3'19	YTD Q3'18 YTD Q3'19
Q3'18	19	Q3'19	22	YTD Q3'18	YTD Q3'19
$		$			$	50	$	62
$	(0.30)	$	(0.26)	$		(0.57)	$	(0.91)
$		12	$$		24	$	31	$$	58
0.1531	0.1146	$	0.1981	.39
										120

platform for the periods presented. We also believe that Digital Platform Gross Profit and Digital Platform Order Contribution are useful measures in evaluating our operating performance within our industry because they permit the evaluation of our platform productivity, efficiency and performance.

$ per share	acquired intangible assets
Other items3
Earnings per share

$	-	$	0.06	$	-	$	0.08	• Total Technology Investment consists of technology expense plus
	Q3'18		Q3'19	YTD Q3'18 YTD Q3'19
$	-	$	(0. 8)	$	-	$	08)	capitalized cash payments for intangible assets.
	(0.30)		(0.28)		(0.57)		(0.93)

	2
of results of associates
Sharebased payments
TaxAmortizationeffect of adjustmentsof acquired intangible assets
3
AdjustedOther itemsEPS

Share of results of associates

Adjusted EPS

$ $ $

0.15-	$	0.11-	$
-	-		$	0.06-	$
(0.15)	-	$	(0.07)
	(0.17)	$

0.00 (0.00)

(0.15) (0.18)

0.19-	$
-	-	$
(0.38)	-	$

(0.00)

(0.38)

0.39-	•	Adjusted EPS is defined as earnings per share further adjusted for share
0.08-		based payments, amortization of acquired intangible assets, other items
(0.07)		(outside the normal scope of our ordinary activities) and share of results of
	associates. Adjusted EPS provides a basis for comparison of our business
(0.52)
(0.00)		operations between current, past and future periods by excluding items

(0.53)	that we do not believe are indicative of our core operating performance.
Adjusted EPS may not be comparable to similarly titled metrics of other
	companies.

1. In-StoreGross Profit is In-Store Revenue less the direct cost of goods sold relating to In-Store Revenue.
2. Represents share based payment expense.
3. Represents other items, which are outside the normal scope of our ordinary activities ornon-cash items, including transaction related legal and advisory expenses of $2.5m, $2.2m and $5.1m in first, second and third quarter 2019 respectively. There was also a release of $4.0m of provisions related to taxes in second quarter 2019. There was also a net gain in third quarter 2019 of $32.3 million recognized on the revaluation of liabilities held at fair value and impacted by movements in our share price, comprised of the fair value revaluation gain of $53.8 million in respect of our partnership with Chalhoub Group, partially offset by a charge in respect of the fair value remeasurement ($21.5 million) of shares issued following the acquisition of New Guards Group. Other items in third quarter 2019 also included a $5 million loss on impairment of investments carried at fair value. There were no such items in 2018. Other items is included within selling, general and administrative expenses.