Yuri Milner’s Farfetch, an online fashion retailer, announced an $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.
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.
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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.
The company stated that the new investment, which values it at $1 billion, puts Farfetch in a strong position to continue its rapid growth, focusing on international expansion and omni-channel propositions.
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.”
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.
Farfetch describes itself as a revolutionary way to buy fashion. The website brings together more than 300 of the world’s independent designer boutiques, from Paris, New York and Milan to Bucharest, Kuwait and Tokyo. Its 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.