LONDON and NEW YORK, March 5, 2015 /CNW/ - Farfetch announced today a US$86 million Series E round of investment led by DST Global. Farfetch's existing investors Condé Nast International and Vitruvian Partners also participated in the round.
Yuri Milner, founder of DST Global, said: "Farfetch has a strong team, impressive growth and great potential to capitalize on the fast growing luxury fashion e-commerce market."
This new investment, which values the company at US$1billion, puts Farfetch in a strong position to continue its rapid growth, focusing on international expansion and omni-channel propositions.
The funding will be used specifically to focus on international expansion with new local language sites, including German, Korean and Spanish; opening new offices in key global markets; and opening up new markets Japan and Australia to the supply side of the marketplace. It will also fuel the company's omni-channel growth and customer propositions including launching same-day delivery in multiple global markets, and the continued development of VIP and loyalty programs for Farfetch customers in 180 countries.
José Neves, Founder and Chief Executive Officer of Farfetch, remarked: "We have had an amazing journey so far, and it's great to add DST to our already fantastic group of backers for the next stage of growth of Farfetch. The challenge now is to keep innovating and focus on establishing a long-lasting global brand."
"Farfetch's development has been remarkably dynamic over the last few years. We are happy to support the talented management team who drive the company forward on its successful course. ", said Moritz von Laffert, Vice President and Director of Acquisitions and Investments at Condé Nast International.
Farfetch's current investors also include: - Advent Ventures Partners, Index Ventures, Novel TMT and e.Ventures. This latest investment puts the total amount raised by the company at over US$195 million.
NOTES TO EDITORS
Farfetch is a revolutionary way to buy fashion. The pioneering website brings together more than 300 of the world's best independent designer boutiques, from Paris, New York and Milan to Bucharest, Kuwait and Tokyo. The Farfetch partner boutiques occupy a total of 1,000,000 square feet of retail space across 30 countries, allowing Farfetch customers, across 180 countries to shop an unparalleled range of brands and unique pieces.
Our partner stores have been carefully selected for their unique approach, forward-thinking attitude and diversity, and include such renowned boutiques as Browns in London, L'Eclaireur in Paris, H. Lorenzo in LA, Fivestory in New York and Smets in Luxembourg.
Founded in 2008 by the Portuguese entrepreneur José Neves, Farfetch offers these bricks-and-mortar boutiques the opportunity to compete with the major players in online retail. And, for lovers of beautiful fashion, it offers the chance to indulge a passion and shop the world.
About DST Global
Founded in 2009 by Yuri Milner, DST Global is one of the leading investment groups globally to focus exclusively on internet related companies. DST Global's portfolio includes some of the world's leading and most valuable internet assets.
About Vitruvian Partners
Vitruvian is an independent private equity firm which specializes in middlemarket buyouts, growth buyouts and growth capital investments in Europe. Vitruvian focuses on investing in 'dynamic situations' in industries characterized by rapid growth and change, such as information technology, media, telecoms, financial services, business services, healthcare and leisure. Vitruvian is currently investing VIP II, its recently raised second fund of £1 billion. Its previous investments in the technology and internet sectors include Just Eat, Flexpay, Snow Software, Callcredit Information Group, Inspired Gaming, Openbet, IMD and ASP4All Bitbrains. Vitruvian has offices in London, Munich and Stockholm.
About Condé Nast International (CNI)
Condé Nast is a global media company producing the highest quality magazines, websites and digital content. Reaching more than 263 million consumers in 29 markets, the company's portfolio includes many of the world's most respected and influential media properties including Vogue, Vanity Fair, Glamour, Brides, Self, GQ, Condé Nast Traveller/Traveler, Allure, Architectural Digest, Wired, W and Style amongst others.
In addition to publishing 140 magazines and over 100 websites, the company operates a restaurant division and several ventures in education. Condé Nast Entertainment develops film, television and premium video programming.