Farfetch

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Farfetch Limited
Screenshot
Type of businessPublic
Traded asNYSE: FTCH
FoundedJune 2007
HeadquartersLondon, England
Key peopleJosé Neves, founder and CEO
IndustryE-commerce
ProductsClothes, shoes, accessories, jewellery, designer
Employees5,441 (2020)
URLfarfetch.com

Farfetch is a British-Portuguese online luxury fashion retail platform that sells products from over 700 boutiques and brands from around the world.[1] The company was founded in 2007 by the Portuguese entrepreneur José Neves with its headquarters in London and main branches in Lisbon and Porto. There are many offices worldwide in Guimarães, Braga, New York, Los Angeles, Tokyo, Shanghai, Hong Kong, São Paulo, Dubai, New Delhi and Moscow.

The e-commerce company operates local-language websites and mobile apps for international markets in English, Spanish, French, Japanese, Chinese, Arabic, German, Portuguese, Korean, Italian and Russian.[2] Farfetch has offices in 14 cities and employs over 4,500 staff.[3]

History

Farfetch was founded in 2007 by José Neves.[4]

Farfetch announced its acquisition of London boutique retailer Browns in May 2015.[5] This boutique is run independently from Farfetch by CEO Holli Rogers who joined the business in July 2015. Rogers was the former fashion director of online retailer Net-A-Porter.[6]

Farfetch developed the proprietary business units Farfetch Black & White[7] and Store of the Future in 2015.[8]

In June 2017, it was announced that JD.com Inc. had bought a stake in Farfetch for $397 million; the Chinese e-commerce company’s largest overseas investment.[9]

In September 2018, the company went public.[10][11]

In October 2021, Farfetch launched its in-house fashion brand, There Was One.[4] In April 2022, Farfetch announced the acquisition of Wannaby Inc.[12]

Management

Farfetch is led by José Neves, the founder of the business.[13]

IPO

In September 2018, Farfetch (FTCH.N) listed on the New York Stock Exchange (NYSE),[14] pricing shares above the estimated targeted range leading to a valuation of over $5.8 billion. The IPO raised $885 million for the company after the issue of 33.6 million new shares. Early investors in Farfetch including Vitrurian Partners and Advent Venture Partners, sold up to 10.6 million shares.[15] It was reported that Neves will net $1.2 billion from the IPO.[16]

On 24 September 2018, animal rights activist organization PETA announced that they had purchased shares that would allow them to attend annual shareholder meetings and stop the company from selling fur products.[17]

Current operations

Farfetch achieves approximately 10 million site visits per month and ships to customers in almost 190 countries.[18] As of September 2014, "annual sales of merchandise through the Farfetch site…surpassed £167 million."

In December 2018, Farfetch acquired online sneaker platform, Stadium Goods, for $250 million.[19] In February 2019, Farfetch agreed to merge its Chinese business with JD.com.[20]

In August 2019, Farfetch acquired New Guards Group, the parent organisation of Off-White designer label for US$675million.[21] Immediately following the purchase, Farfetch's shares plunged by over 40 percent [citation needed].

In November 2020, Farfetch entered into a joint partnership with Richemont and Alibaba.[22] Alibaba and Richemont jointly invest $600 million in Farfetch, taking a combined 25% stake in Farfetch’s Chinese ventures.[23]

In January 2022 Farfetch was reported to acquire Los Angeles based retailer Violet Grey for an undisclosed amount.[24]

Awards and accolades

Farfetch and its representatives have received a number of industry and e-commerce awards:

  • Winner: Best New E-tailer Awards – The Drapers E-tail Awards[25]
  • Winner: CEO of the Year (José Neves) – Digital Masters Awards[26]

See also

References

  1. ^ "Online fashion curator FarFetch, which links shops to customers, grows in China". South China Morning Post. Retrieved 9 February 2017.
  2. ^ "Farfetch's Global Platform Play". The Business of Fashion. 5 April 2015. Retrieved 9 February 2017.
  3. ^ "Farfetch Careers". Retrieved 12 November 2020.
  4. ^ a b Bateman, Kristen (19 October 2021). "Farfetch Is Launching Its Own Fashion Brand, Shop It Now". Vogue.
  5. ^ Milligan, Lauren. "Farfetch Buys Browns". British Vogue. Retrieved 9 February 2017.
  6. ^ Binkley, Christina (12 May 2015). "Online Retailer Farfetch Buys London's Browns Fashion Boutique". Wall Street Journal. ISSN 0099-9660. Retrieved 9 February 2017.
  7. ^ "BoF Exclusive | Farfetch Opens E-Commerce Platform to Brands". The Business of Fashion. 9 September 2015. Retrieved 9 February 2017.
  8. ^ "Farfetch to unveil plans for its 'Store of the Future'". Fashion & Mash. 8 December 2016. Retrieved 9 February 2017.
  9. ^ "JD.com Pays $397 Million for Stake in Fashion Shop Farfetch". Bloomberg.com. 22 June 2017. Retrieved 22 June 2017.
  10. ^ "José Neves Nets $1.2 Billion in Farfetch IPO". The Business of Fashion. 21 September 2018. Retrieved 14 October 2018.
  11. ^ "Shares in Luxury Marketplace Farfetch Soar 50% After IPO, Minting a New Billionaire". Fortune. Retrieved 14 October 2018.
  12. ^ "Farfetch Announces First Quarter 2022 Results". Bloomberg.com. 26 May 2022.
  13. ^ "Strong Luxury Goods Brands May Be Immune to Crisis". Bloomberg.com. Retrieved 23 December 2014.
  14. ^ "FARFETCH LTD (FTCH) IPO". NASDAQ.com. Retrieved 23 November 2018.
  15. ^ White, Sarah. "Farfetch tops price range in IPO in boon to luxury market". Reuters.com. Retrieved 23 November 2018.
  16. ^ "José Neves Nets $1.2 Billion in Farfetch IPO". The Business of Fashion. 21 September 2018. Retrieved 23 November 2018.
  17. ^ Elven, Marjorie van. "PETA buys Farfetch shares to push company to stop selling fur". Retrieved 29 November 2018.
  18. ^ "UK leads world's ecommerce exports as fashion brands travel well". Retrieved 9 February 2017.
  19. ^ "Farfetch acquires online sneaker platform, Stadium Goods, for $250m". The Hustle. 14 December 2018. Retrieved 17 December 2018.
  20. ^ "Farfetch to merge China sales platform with JD.com". Financial Times. 14 December 2018. Retrieved 19 April 2019.
  21. ^ Fernandez, Chantal (8 August 2019). "Why Farfetch Bought New Guards Group". Business of Fashion. Retrieved 9 August 2019.
  22. ^ "Farfetch opens the floodgates for smaller luxury brands to enter China". Glossy. 9 November 2020. Retrieved 1 December 2020.
  23. ^ China, Tech In (16 November 2020). "Alibaba and Richemont jointly invest in Farfetch". Medium.com. Retrieved 1 December 2020.
  24. ^ "Online retailer Farfetch enters beauty sector with Violet Grey purchase". Reuters.com. 28 January 2022. Retrieved 4 February 2022.
  25. ^ "Best Online", Vogue (UK), 29 January 2010
  26. ^ "Digital Masters Award Winners 2015". The Guardian. Manchester, UK. 5 June 2015.
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