Luxury online marketplace Farfetch raises $110 million
May 4, 2016 03:19 PM
Luxury online apparel and accessories marketplace Farfetch has fashioned its most lavish round of funding to date.
Farfetch, No. 93 in the Internet Retailer 2015 Europe 500, closed a $110 million Series F funding round. The money will further Farfetch’s global expansion with a particular focus on the Asia Pacific region, which represents 26% of the company’s sales. China in particular will be key to the company’s growth, with sales there accounting for 12% of Farfetch’s revenue. The financing also will help Farfetch continue to upgrade its website. Farfetch said more than $500 million in merchandise was sold through its site last year, which represents year-over-year growth of more than 70%.
“This investment comes after strong interest from investors, some of which we felt could really help Farfetch in our largest and fastest growing markets,” CEO Jose Neves said.
Leading this round is Singapore-based investment firm Temasek, which also participated in a $140 million funding round for online marketplace Jet.com in February 2015. China-based IDG Capital Partners and French investment firm Eurazeo also participated in this round for Farfetch.
This latest funding eclipses Farfetch’s previous high round of $86 million in March 2015. According to CrunchBase, Farfetch has raised $304.5 million since its launch in 2008.
Late last year, the company began offering same-day delivery in nine cities in Europe and the U.S. including Los Angeles, London, New York and Paris. The company sells items such as a Salvatore Ferragamo logo letter patch sweatshirt ($1,169.89), a Christian Dior vintage double breasted flared dress ($2,509.41), and a Dolce & Gabbana leopard print backpack ($1,995).