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farfetch.com to expand in Europe, North America and Brazil with Advent capital

farfetch.com, the online fashion marketplace for independent fashion boutiques from across Europe and North America, has secured a USD4.5 million growth equity investment from Advent Venture Partners. As part of the deal, Frederic Court, General Partner at Advent, is joining the farfetch.com board.

 

farfetch.com has also announcing a key strengthening of its team with two key appointments: Susanne Tide-Frater – the former Creative Director at Harrods and Selfridges – is joining as Brand and Strategy Director, while Andrew Robb – previously managing director of membership-only retailer Cocosa – joins as Chief Operating Officer.
 
London based farfetch.com was founded by entrepreneur José Neves in October 2008. Initially open to European boutiques, it expanded to North American boutiques in 2009. The site has experienced rapid growth and now represents 44 boutiques that sell over 1,000 brands and 11,000 individual lines through its marketplace. Visitors have increased by more than 70 per cent every six months since launch, and this growth is also reflected in sales, which in the last six months have seen an uplift of 105 per cent on the previous six month period.
 
The site’s customers have access to a hand-picked collection of clothing, accessories and lifestyle pieces by designer brands, ranging from established names such as Comme des Garçons and Balenciaga to emerging designers such as Current Elliot and Bless. L’Eclaireur, the original Paris concept store, is the latest to offer online customers access to its array of global brands and fashion vanguards (from Christopher Kane to Junya Watanabe, Balmain to Tim Hamilton) via farfetch.com, joining the site for the AW10 season.
 
Advent’s new investment will be used by the company to continue expanding its operations in Europe and North America as well as to expand into Brazil. In Brazil farfetch.com is building a network of independent boutiques and designers who will sell through its Brazil-only marketplace. farfetch.com has already built a global following, with customers in over 100 countries. Approximately 40% of orders come from the UK and Europe, 30% from North America, 15% from Asia and the Middle East, 5% from Australia and 5% from Brazil and the rest of South America.
 
“Our customers tell us they love farfetch.com for our unique range of labels and for our informed fashion viewpoint and vision,” says José Neves (pictured), farfetch.com CEO and founder. “With Advent, Susanne and Andrew on board we are now in a very strong position to accelerate our growth, benefiting from their deep understanding of our market and proven expertise at building businesses. They will also help us provide our partners with the best tools and platform to help them better leverage this fast-growing channel.”

 

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