Farfetch has reported soaring sales in what founder, chief executive and co-chair José Neves described as a “blockbuster” year.

Gross merchandise value rose from $909.8m in 2017 to $1.4bn for the 12 months to December 31, 2018. Revenues rose from $385.9m to $602.3m.

Losses after tax swelled from $112.2m to $155.5m.

Over the year, the business increased its market share across all three of its regions: the Americas, Europe, Middle East and Africa, and Asia Pacific, entering into a deal with JD.com’s Toplife.

Farfetch acquired streetwear and sneaker marketplace Stadium Goods in a bid to benefit from the streetwear boom.

Its Black & White Solutions division signed strategic partnerships with business including Harrods and LVMH brands JW Anderson and Emilio Pucci, which will see it run their ecommerce operations.

Neves said: “By all measures, 2018 was a blockbuster year for Farfetch. We continued to lead the online personal luxury goods market, growing GMV 55% for the year – more than twice as fast as the industry.

“We also exited our first decade as a company with an incredible foundation for realising our platform vision globally, including in China, with the announced acquisition of Toplife solidifying Farfetch as the premier luxury gateway to China.

“Over the next 10 years, the luxury industry is expected to grow to an estimated $500bn, and online sales will potentially grow to represent an incremental $100bn opportunity. Farfetch is uniquely positioned to capture the lion’s share of this opportunity.”