What does 'fare well' mean?
To 'fare well' means simply that everything is going fine. How you 'fare' is your state of well-being - how is it. How do you fare, is just like asking, how are you. Good luck, is the same as 'fare well'. Hope it helps!
Answer Farewell (note: one word) is a contraction of "fare thee well" or in other words, "Go well" or hope "you are going/will go well". It has however come to mean "goodbye" through semantic shift.