Excellence in Finance
Over the last 18 months, Farfetch has emerged as one of the world’s leading online fashion retailers, achieving over $800m in annual sales, up 70% year-on-year.
To finance its explosive growth, the company secured $110 million of Series F venture funding, bringing on new investors Temasek, IDG Capital Partners and Eurazeo. This valued the business at over $1 billion, and brought the total raised (from blue chip investors such as Index, Advent and Vitruvian) to over $300m. It also made significant investments into digital marketing, technology, and analytics, as well as expanding its physical footprint and infrastructure.
The efforts of Elliot and his Finance team have been critical in driving these forward, and creating the conditions for profitable growth – a key focus area going forward.
Since its IPO in 2013, Criteo has exceeded its own growth and profitability expectations for 13 consecutive quarters. In less than five years, it has more than doubled its adjusted EBITDA margin from 15% in 2012 to 31% in 2016. At the same time, it has transitioned from a single-product to a multi-product company, notably through its acquisition of HookLogic, a leading advertising exchange for brands.
Criteo’s success as a public company is testament to Benoit’s financial leadership, supported by a best in-class Finance function which he essentially built from the ground up.
Benoit has continued to evolve his organisation to meet the needs of a growing business. For example, after initially establishing centralised functions tasked with supporting the global business from Paris, Benoit has begun to roll out a regional layer, where key finance leaders now sit within local offices.
Barry joined Spotify in July 2015, having previously spent over ten years as CFO of Netflix, where he guided the company through its 2002 IPO.
Since arriving at Spotify, Barry’s most striking achievement has been raising a $1bn round of convertible debt from TPG and Dragoneer, on terms tied to the company’s potential IPO. He has also taken responsibility for the team of the former Chief Revenue Officer, who left Spotify late last year.
Barry has overseen a significant reduction in Spotify’s losses, without impacting the business’s stellar top line growth (up 80% year-on-year).