Farfetch.com , the fashion marketplace that brings together 400 boutiques as far afield as New York, Copenhagen, London and Milan to sell online, has won new investment worth $4.5m (£2.98m).
The cash injection comes from Advent Equity Partners
and will be used to help the site grow around the world.Farfetch.com
, based in London, was founded by entrepreneur José Neves in October 2008. At first it was open to European boutiques only, but it opened to North American boutiques in 2009. Today the fashion marketplace sells more than 1,000 brands and 11,000 individual lines. Visitors, says farfetch, have grown by more than 70% every six months, a growth reflected in sales. In the last six months sales have grown by 105%, compared to the previous six months.
The new investment will be used as the company looks to move into Brazil and further grows its presence in Europe and North America.
Farfetch also announced new appointments. Susanne Tide-Frater, former Harrods Creative Director and also previously of Selfridges joins as brand and strategy director. Andrew Robb, previously managing director of membership-only online retailer Cocosa, joins as chief operating officer. Meanwhile, Frederic Court, general partner at Advent, will join the board.
Tide-Frater said: “farfetch.com is one of the most innovative and fast-emerging fashion websites and has the opportunity to become the experiential online destination for forward-thinking fashion shoppers. This is a natural evolution for me and I am very keen to be part of it.”
Neves said: “Our customers tell us they love farfetch.com for our unique range of labels and for our informed fashion viewpoint and vision. With Advent, Susanne and Andrew on board we are now in a very strong position to accelerate our growth, benefitting 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.”