ANNUAL REPORT

ANNUAL REPORT

2020

Dear Shareholders,

I hope this letter finds you, your family, and friends healthy and well. I would like to take this opportunity to say `thank you' for all the support you have given us over this trying year as we look forward to calmer times ahead. From a business perspective, I am very happy to report that Farfetch rose to the challenges of the past 12 months and continues to perform strongly.

There is no doubt that the luxury fashion industry as a whole has had its resilience tested. The values Farfetch lives by and our community ethos ? For the Love of Fashion ? means we accept the responsibilities that come with success. Helping partners hit badly by the lockdowns early in the pandemic and throughout was a priority last year and remains so in 2021.

2020 was a uniquely difficult year for many. As I write, 2021 shows every sign of being just as challenging, albeit with some hope in the form of vaccines. We are wary of trumpeting our business successes while others, through no fault of their own, have faced great problems. At the same time, however, it should surprise no one that persistent lockdowns around the globe have accelerated the existing trend of the online move of the luxury fashion market. As the industry's leading platform, we have seen the benefits of this and we expect to continue to do so as we deliver on our vision to be the leading global platform for luxury.

Continuing our journey

Last year, I outlined our `Chapter 2' vision, how I believed the luxury industry would develop and how Farfetch would pioneer change. The lockdowns are further accelerating the shift online. Stores may reopen this year, but the impact on the travel industry will last for much longer. Restrictions on travel are driving the repatriation of consumption not only in China, but also in other regions including Japan, Russia, Brazil and the Middle East.

To help our retailers and brands benefit from our strong global presence and 15 offices offering localized experiences in key luxury markets, we have built a very resilient supply and logistics operation. Farfetch collects merchandise from thousands of inventory points in more than 50 countries, which is delivered via a variety of routes to customers in 190 countries and territories. When a consumer sees a product on Farfetch, 85% of the time the product is available from multiple sellers, from different locations, often from different countries. This not only provides the more typical advantages of a marketplace in terms of inventory risk and depth of stock, but also means we are well prepared to operate in this environment, in contrast to other luxury e-tailers, who are typically reliant on a small number of distribution centers, making our model more durable than physical retail in the current situation. As a result, local lockdowns through the last 12 months have not significantly impacted our operations and supply chain, and we have been able to safely continue serving our consumers and this industry we love.

Supporting our people and our community My top priority throughout 2020 was the health and wellbeing of our Farfetchers, our boutique and brand partners, and our customers. Throughout the year, the vast majority of our people were able to work productively from home, and I thank them for their incredible display of our tremendous `Todos Juntos' spirit of togetherness.

The Farfetch community also includes more than 1,300 sellers ? approximately 780 are, primarily small independently owned, boutiques and more than 560 are direct e-concessions from brands, many of which are major labels, but the majority of which are also small businesses. Our boutiques partners are located across more than 50 countries, and in aggregate, support more than 3,500 designer brands.

Luxury is a delicate ecosystem. Small factories depend on small brands who distribute their collections largely via wholesale channels, depending on boutiques for visibility and revenues. During the height of the lockdown, many boutiques could not operate their physical shops, and relied on Farfetch as a significant source of revenue. We launched a comprehensive initiative called #SupportBoutiques to help these small businesses by:

Driving incremental volume to their products through prominent placement in our marketing messages, social media, homepage, and visual merchandising ? essentially driving customer engagement to the #SupportBoutiques cause;

Lifting certain service level obligations and lowering other fees involved in using our platform;

Offering to move their inventory and fulfilling their orders from one of our Fulfilment by Farfetch facilities, and waiving our customary fees for such services; and

Providing assistance to them with guidelines and protective wear to ensure the safety of their employees.

As such, I am very pleased to say, Farfetch's business model and platform capabilities were deployed to provide a positive force for the entire community throughout 2020.

Thinking longer-term

Playing a full part in our community last year was not just about responding to lockdown. In December, we launched our long-term 2030 sustainability goals. These build on 2019's `Positively Farfetch' strategy and the host of initiatives launched under that program, including `The Conscious Edit', `Fashion Footprint Tool', `Climate Conscious Delivery' and the `Farfetch Second Life' and `Farfetch Donate' service propositions.

Overseen by our ESG committee, the 2030 goals focus on four key areas:

POSITIVELY CLEANER: To be `Climate Positive': Achieving Net Zero emissions by reducing our footprint in line with Science Based Targets, offsetting unavoidable emissions, and supporting our wider value chain (outside of our footprint boundary) to achieve additional carbon reductions.

POSITIVELY CONSCIOUS: To sell 100% `Conscious' products: Driving all revenues from products that are independently recognised or certified as being better for people, the planet or animals, and from services that enable positive change.

POSITIVELY CIRCULAR: To be more `Circular' than `Linear': Selling more circular, lowwaste products or uses of circular services, than sales of products made in traditional, linear ways.

POSITIVELY INCLUSIVE: To be a leader in `Conscious Inclusion'. Championing diversity and inclusion both in our workplace and the global fashion community, and broadening the customer offer and providing boutiques, department stores and brands with practical resources to support their own sustainability and inclusivity efforts.

We called our sustainable business strategy `Positively Farfetch' because we want to be a platform for good - a platform that enables and empowers everyone we work with to think, act and choose positively.

Luxury New Retail "Luxury New Retail" occupies the space where the boundary between offline and online commerce is blurring as store-based operations are digitized and digital operations are made more immersive. In November, we confirmed details of a more than $1 billion investment in our platform by Chinese online giant Alibaba and luxury goods maker Richemont. The deal reflects the digital transformation occurring across the luxury industry - which was accelerated by lockdown - particularly in China, which is expected to become the largest luxury market by 2025. It validated my thesis that Farfetch is the platform which will enable the entire luxury industry to thrive.

The new initiatives with Alibaba and Richemont include the Luxury New Retail initiative, looking at how we can together drive further digital transformation. Luxury New Retail is a major step in our mission to connect the curators, creators and consumers of the luxury fashion industry. It will explore ways we can help the wider industry move forward and thrive in the post-COVID world.

Where do we go from here? In a world where the phrase "Business as usual" has been rendered meaningless, it is worth remembering what hasn't changed. At its heart, Farfetch remains a tech company, a values-driven company, working every day For the Love of Fashion. We remain relentlessly focused on the same mission ? to build The Leading Global Platform for Luxury Fashion. Having delivered our first quarter of positive Adjusted EBITDA in fourth quarter 2020, our path to profitability is clear, and we continue to target 2021 for our first full year of Adjusted EBITDA profitability.

Beyond the numbers, I want our platform to be the leader in cultural relevance as well as transactions. The fashion cycle is moving from seasons to real-time and physical experiences are being transformed and merged with digital experiences. Customers will increasingly expect real-time access to the entire world of fashion. The next generation in fashion, replete with creative minds, will attract customers from around the globe.

All of this means our incredible tech and logistics capabilities become even more of a competitive advantage than they already are. Data, driving personalization both online and offline, further enhances our position. As the global platform for luxury, Chapter 2 of the Farfetch story is shaping up well.

Wishing everyone the best of health,

Jos? Neves

Founder, Chairman and CEO

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number 001-38655

Farfetch Limited

(Exact name of Registrant as specified in its charter)

Not Applicable (Translation of Registrant's name into English)

Cayman Islands (Jurisdiction of incorporation or organization)

The Bower, 211 Old Street London EC1V 9NR, United Kingdom (Address of principal executive offices)

James L. Maynard General Counsel & Executive Vice President Group Legal

IR@ Farfetch Limited The Bower, 211 Old Street London EC1V 9NR, United Kingdom (Name, E-mail and Address of Company Contact Person)

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