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|Type of business||Public|
|Traded as||NYSE: FTCH|
|Key people||José Neves, founder and CEO|
|Products||Clothes, shoes, accessories, jewellery, designer|
Farfetch is an e-commerce company focused on luxury fashion and beauty products. It operates as a digital marketplace that sells products from several hundred brands, boutiques and department stores from around the world. The company was founded in 2007 by the Portuguese entrepreneur José Neves and is headquartered in London.
Farfetch was founded in 2007 by José Neves. The company was previously known as Far-fetch.com Ltd from 2007- 2010 and Farfetch.com Ltd from 2010 - 2013.
Farfetch announced its acquisition of London high end retailer Browns in May 2015.
In 2015 Farfetch developed the proprietary business units Farfetch Platform Solutions, a white label e-commerce solution offered to fashion brands and retailers, and Store of the Future, a tech-powered retail experience aimed at driving innovation in retail that allow for a more seamless integration of online and offline elements, such as augmented reality.
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.
In September 2018, the company went public.
In October 2021, Farfetch launched its in-house fashion brand, There Was One. In April 2022, Farfetch announced the acquisition of Wannaby Inc.
Farfetch is led by José Neves, the founder of the business.
In September 2018, Farfetch (FTCH.N) listed on the New York Stock Exchange (NYSE), 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. It was reported that Neves will net $1.2 billion from the IPO.
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.
In December 2018, Farfetch acquired online sneaker platform, Stadium Goods, for $250 million. In February 2019, Farfetch agreed to merge its Chinese business with JD.com.
In August 2019, Farfetch acquired New Guards Group, the parent organisation of Off-White designer label for $675million. Immediately following the purchase, Farfetch's shares plunged by over 40 percent.
In November 2020, Farfetch entered into a joint partnership with Richemont and Alibaba. Alibaba and Richemont jointly invest $600 million in Farfetch, taking a combined 25% stake in Farfetch’s Chinese ventures.
In January 2022 Farfetch acquired Los Angeles based retailer Violet Grey for $55.7 million.
Farfetch currently operates marketplace websites and mobile apps in English, Spanish, French, Japanese, Chinese, Arabic, German, Dutch, Brazilian Portuguese, Korean, Italian, Danish, Swedish and Russian and ships to customers in almost 190 countries. The company has offices in 14 cities and employs over 6,000 staff.
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
- Winner: CEO of the Year (José Neves) – Digital Masters Awards
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- ^ Fernandez, Chantal (8 August 2019). "Why Farfetch Bought New Guards Group". Business of Fashion. Retrieved 9 August 2019.
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- ^ China, Tech In (16 November 2020). "Alibaba and Richemont jointly invest in Farfetch". Medium.com. Retrieved 1 December 2020.
- ^ "Online retailer Farfetch Discloses How Much It Paid for Violet Grey". Yahoo! News. 10 March 2023.
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- ^ https://craft.co/farfetch/locations
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- ^ "Digital Masters Award Winners 2015". The Guardian. Manchester, UK. 5 June 2015.