Investment turns Farfetch into a fashion "unicorn"← Back
About 3 Years, 2 Months, 2 Weeks, 3 Days, 6 Hours, 19 Minutes ago.
Image source - Farfetch
Yesterday was a good day for luxury fashion website, Farfetch. The e-commerce company announced that it is has raised $86 million - from investment company DST Global as well as with the help of shareholders Condé Nast and Vitruvian Partners – in its Series E round of investment.
Following this latest injection, the online marketplace is now valued at $1 billion. As a result it joins ranks with companies such as Shazam or TransferWise, as part of the “unicorn club”, a label ascribed to private companies valued at $1 billion or more.
Farfetch, which is based in London, was set up in 2008 by Portuguese entrepreneur José Neves. It brings together 300 independent luxury boutiques from across the world on an online platform, with the site reaching annual sales of $300 million. DST’s founder, Yuri Milner commented in a statement: “Farfetch has a strong team, impressive growth and great potential to capitalize on the fast growing luxury fashion e-commerce market.”
The latest investment will help fund new local language sites targeting customers from Germany, Korea and Spain, as well as enabling the company to set up additional offices in key markets across the world. It may only be seven years old, but with the help of this new financial boost, Farfetch is well and truly cementing its status as a global luxury fashion e-tailer.