Farfetch receives $66 million in funding
Farfetch is an e-commerce website that has received $66 million in funding from Vitruvian Partners, Condé Nast International, Advent Ventures, and Richard Chen.
“The Farfetch platform enables, the world’s leading fashion boutiques to present the largest range of premium luxury brands and carefully curated products available in the market today. With an international omni-channel service capability and excellent product availability on coveted fashion items, Farfetch’s ability to serve the luxury consumer is unique. The growth of Farfetch, and the brands and boutiques it serves, has been very impressive as a result. We are delighted to have this opportunity to partner with a first-class entrepreneurial team and investor group. We trust that our investment will give Farfetch a very strong financial platform for its development plans,” stated Mike Risman, Managing Partner of lead investor Vitruvian Partners.
Farfetch will be using the funding to build out its global presence, investment in technology, and for developing the organization’s unique omni-channel offering.
Farfetch hit annual sales of $275 million and a year-on-year growth of 100%. It has a network of 300 global boutiques with over 1,000 outlets offering 105,000 highly curated products from a line of luxury labels.
This round of investment will help fuel a number of our key strategic goals including facilitating our omni-channel proposition, escalating the development of local language sites for key new markets (Russia, Japan, China) and accelerating engineering developments to help facilitate a dynamic responsive experience,” added José Neves, founder and CEO of Farfetch.