Farfetch

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.[1] The company was founded in 2007 by the Portuguese entrepreneur José Neves and is headquartered in London.[2]

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

History

Farfetch was founded in 2007 by José Neves.[3] The company was previously known as Far-fetch.com Ltd from 2007- 2010 and Farfetch.com Ltd from 2010 - 2013.[4]

Farfetch announced its acquisition of London high end retailer Browns in May 2015.[5]

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.[6]

The same month, Farfetch acquired fashion e-commerce website Style.com from Conde Nast[7]

In September 2018, Farfetch (FTCH.N) listed on the New York Stock Exchange (NYSE),[8] 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.[9] It was reported that Neves will net $1.2 billion from the IPO.[10]

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.[11]

In December 2018, Farfetch acquired sneaker reseller, Stadium Goods, for $250 million.[12]

In February 2019, Farfetch agreed to merge its Chinese business with JD.com.[13]

In August 2019, Farfetch acquired New Guards Group, the parent organisation of Off-White designer label for $675million.[14] Immediately following the purchase, Farfetch's shares plunged by over 40 percent.[15]

In November 2020, Farfetch entered into a joint partnership with Richemont and Alibaba.[16] Alibaba and Richemont jointly invested $600 million in Farfetch, taking a combined 25% stake in Farfetch’s Chinese ventures.[17]

In October 2021, Farfetch launched its in-house fashion brand, There Was One.[3]

In January 2022 Farfetch acquired Los Angeles based retailer Violet Grey for $55.7 million.[18]

In April 2022, Farfetch announced the acquisition of Wannaby Inc.[19]

In October 2023, CreditRiskMonitor reported that Farfetch was nearing a potential Chapter 11 bankruptcy filing.[20]

Current operations

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[21] and ships to customers in almost 190 countries.[22] The company has offices in 14 cities and employs over 6,000 staff.[23]

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 Company Profile: Stock Performance & Earnings | PitchBook".
  3. Bateman, Kristen (19 October 2021). "Farfetch Is Launching Its Own Fashion Brand, Shop It Now". Vogue.
  4. "FARFETCH UK LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 28 February 2023.
  5. Milligan, Lauren. "Farfetch Buys Browns". British Vogue. Retrieved 9 February 2017.
  6. "JD.com Pays $397 Million for Stake in Fashion Shop Farfetch". Bloomberg.com. 22 June 2017. Retrieved 22 June 2017.
  7. "Farfetch Buys Style.com, Forges Global Partnership With Condé Nast". WWD. 13 June 2017.
  8. "FARFETCH LTD (FTCH) IPO". NASDAQ.com. Retrieved 23 November 2018.
  9. White, Sarah. "Farfetch tops price range in IPO in boon to luxury market". Reuters.com. Retrieved 23 November 2018.
  10. "José Neves Nets $1.2 Billion in Farfetch IPO". The Business of Fashion. 21 September 2018. Retrieved 23 November 2018.
  11. Elven, Marjorie van. "PETA buys Farfetch shares to push company to stop selling fur". Retrieved 29 November 2018.
  12. "Farfetch acquires online sneaker platform, Stadium Goods, for $250m". The Hustle. 14 December 2018. Retrieved 17 December 2018.
  13. "Farfetch to merge China sales platform with JD.com". Financial Times. 14 December 2018. Retrieved 19 April 2019.
  14. Fernandez, Chantal (8 August 2019). "Why Farfetch Bought New Guards Group". Business of Fashion. Retrieved 9 August 2019.
  15. "Farfetch Stock Plunges After Acquiring Off-White Licensee in $675 Million New Guards Deal". WWD. 8 August 2019.
  16. "Farfetch opens the floodgates for smaller luxury brands to enter China". Glossy. 9 November 2020. Retrieved 1 December 2020.
  17. China, Tech In (16 November 2020). "Alibaba and Richemont jointly invest in Farfetch". Medium.com. Retrieved 1 December 2020.
  18. "Online retailer Farfetch Discloses How Much It Paid for Violet Grey". Yahoo! News. 10 March 2023.
  19. "Farfetch Announces First Quarter 2022 Results". Bloomberg.com. 26 May 2022.
  20. "11 retailers at risk of bankruptcy in 2023". Retail Dive. 2 October 2023. Retrieved 3 October 2023.
  21. "Farfetch's Global Platform Play". The Business of Fashion. 5 April 2015. Retrieved 9 February 2017.
  22. "UK leads world's ecommerce exports as fashion brands travel well". Retrieved 9 February 2017.
  23. "Farfetch Corporate Headquarters, Office Locations and Addresses | Craft.co".
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