Company:Farfetch

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Short description: Online fashion retail platform


Farfetch Limited
Farfetch logo 2020.svg
Screenshot
Farfetch Homepage Screenshot.png
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)
Websitefarfetch.com

Farfetch is an e-commerce company focused on luxury clothing 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 headquartered in London.[2] In 2023 Farfetch was bought by Coupang (Korean: 쿠팡),[3][4][5] the largest online marketplace in South Korea .

History

Farfetch was founded in October 2008 by Portuguese businessman José Neves as a marketplace for high-end fashion. The company was based in London and had a launch team of 5 people.[6] Initially registered as Far-fetch.com Ltd from 2007- 2010, then Farfetch.com Ltd from 2010 - 2013,[7] the company's idea was to small offline fashion boutiques with a global customer base using technology.[8]

In 2015, Farfetch announced its acquisition of one of the boutiques in its network, London high end retailer Browns.[9] According to Neves, the aim was a closer integration of online and offline shopping in a "seamless experience".[10]

In June 2017, Farfetch acquired fashion e-commerce website Style.com from Conde Nast,[11] the same month Chinese e-commerce company JD.com Inc. had bought a stake in Farfetch for $397 million.[12]

In September 2018, Farfetch (FTCH.N) listed on the New York Stock Exchange (NYSE).[13] The IPO raised $885 million after the issue of 33.6 million new shares and early investors sold up to 10.6 million shares.[14] It was reported that Neves will net $1.2 billion from the IPO.[15]

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.[16]

In December 2018, Farfetch acquired sneaker reseller, Stadium Goods, for $250 million.[17]

In February 2019, Farfetch agreed to merge its Chinese business with JD.com.[18]

In August 2019, Farfetch acquired New Guards Group, the parent organisation of Off-White designer label for $675million.[19] Immediately following the purchase, Farfetch's shares plunged by over 40 percent.[20]

In November 2020, Farfetch entered into a joint partnership with Richemont and Alibaba.[21] Alibaba and Richemont jointly invested $600 million in Farfetch, taking a combined 25% stake in Farfetch’s Chinese ventures.[22]

In October 2021, Farfetch launched its in-house fashion brand, There Was One.[23]

In January 2022 Farfetch acquired Los Angeles based beauty retailer Violet Grey for $55.7 million.[24]

In April 2022, Farfetch announced the acquisition of Wannaby Inc.[25]

In August 2022, Farfetch reached an agreement to purchsase a 47.5% stake in fashion e-commerce YNAP Group from Swiss luxury conglomerate Richemont, turning Net-a-Porter into a neutral platform with no controlling shareholder.[26]

In October 2023, CreditRiskMonitor reported that Farfetch was nearing a potential Chapter 11 bankruptcy filing.[27] Also in October 2023 after shutting down their own beauty department, Farfetch announced the sale of Violet Grey after less than 2 years of ownership.[28]

In November 2023, it was reported that luxury conglomerate LVMH is considering purchasing back the license for Off-White, or alternatively buying Farfetch outright.[29]

In December 2023, Farfetch began seeking other offers to purchase the company including one from Carmen Busquets, a cofounding investor of Net-a-Porter.[30] The deal to purchase YNAP Group from Richemont fell through following the precipitous drop in Farfetch's market capitalization and continued losses.[31] On 18 December 2023, Farfetch was acquired by South Korean e-commerce giant Coupang in a deal that would give Farfetch access to $500 million of capital.[32]

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[33] and ships to customers in almost 190 countries.[34]

See also

References

  1. ↑ "Online fashion curator FarFetch, which links shops to customers, grows in China" (in en). South China Morning Post. http://www.scmp.com/lifestyle/fashion-luxury/article/1976863/online-fashion-curator-farfetch-which-links-shops-customers. 
  2. ↑ "Farfetch Company Profile: Stock Performance & Earnings | PitchBook". https://pitchbook.com/profiles/company/53637-58#overview. 
  3. ↑ Coupang to Rescue Farfetch, Injecting $500 Million Into Troubled Firm Women's Wear Daily, SAMANTHA CONTI, EVAN CLARK, DECEMBER 18, 2023
  4. ↑ Farfetch Sold to South Korea’s Coupang Business of Fashion, MALIQUE MORRIS, 18 December 2023
  5. ↑ Farfetch Gets $500 Million Lifeline From Coupang New York Times, December 18, 2023
  6. ↑ "The Farfetch journey, 10 years from start-up to IPO". 9 October 2018. https://medium.com/felix-capital/the-farfetch-journey-10-years-from-start-up-to-ipo-aa734575b03b. 
  7. ↑ "FARFETCH UK LIMITED overview - Find and update company information - GOV.UK" (in en). https://find-and-update.company-information.service.gov.uk/company/06400760. 
  8. ↑ "Farfetch. 400 designer boutiques in one place, anywhere, anytime.". https://www.peterfisk.com/gamechanger/farfetch/. 
  9. ↑ Milligan, Lauren. "Farfetch Buys Browns" (in en-GB). British Vogue. http://www.vogue.co.uk/article/farfetch-buys-browns-london-boutique-sold. 
  10. ↑ "FARFETCH ACQUIRES LONDON RETAILER BROWNS AS IT WORKS TO REINVENT LUXURY SHOPPING". 12 May 2015. https://fashionista.com/2015/05/farfetch-acquires-browns. 
  11. ↑ "Farfetch Buys Style.com, Forges Global Partnership With Condé Nast". 2017-06-13. https://wwd.com/feature/exclusive-farfetch-buys-style-com-forges-global-partnership-with-conde-nast-10911996/. 
  12. ↑ "JD.com Pays $397 Million for Stake in Fashion Shop Farfetch". 22 June 2017. https://www.bloomberg.com/news/articles/2017-06-22/jd-com-pays-397-million-for-stake-in-fashion-retailer-farfetch. 
  13. ↑ "FARFETCH LTD (FTCH) IPO" (in en-us). https://www.nasdaq.com/markets/ipos/company/farfetch-ltd-1062291-87686. 
  14. ↑ White, Sarah. "Farfetch tops price range in IPO in boon to luxury market" (in en-US). https://www.reuters.com/article/us-farfetch-ipo-luxury/farfetch-tops-price-range-in-ipo-in-boon-to-luxury-market-idUSKCN1M11BQ. 
  15. ↑ "José Neves Nets $1.2 Billion in Farfetch IPO" (in en-GB). The Business of Fashion. 2018-09-21. https://www.businessoffashion.com/articles/news-analysis/farfetch-founder-stake-valued-at-1-2-billion. 
  16. ↑ Elven, Marjorie van. "PETA buys Farfetch shares to push company to stop selling fur" (in en-gb). https://fashionunited.uk/news/business/peta-buys-farfetch-shares-to-push-company-to-stop-selling-fur/2018092439087. 
  17. ↑ "Farfetch acquires online sneaker platform, Stadium Goods, for $250m" (in en-US). 2018-12-14. https://thehustle.co/farfetch-stadium-goods-sneakerheads-streetwear-hypebeast/. 
  18. ↑ "Farfetch to merge China sales platform with JD.com." (in en-US). 2018-12-14. https://www.ft.com/content/64649eb8-4307-11e9-b168-96a37d002cd3. 
  19. ↑ Fernandez, Chantal (8 August 2019). "Why Farfetch Bought New Guards Group" (in en). https://www.businessoffashion.com/articles/professional/farfetch-acquires-off-white-parent-new-guards-group. 
  20. ↑ "Farfetch Stock Plunges After Acquiring Off-White Licensee in $675 Million New Guards Deal". 8 August 2019. https://wwd.com/feature/farfetchs-stock-plunge-despite-new-guards-acquisition-1203236614/. 
  21. ↑ "Farfetch opens the floodgates for smaller luxury brands to enter China" (in en). 2020-11-09. https://www.glossy.co/fashion/farfetchs-partnership-with-alibaba-opens-the-floodgates-for-smaller-luxury-brands-to-enter-china/. 
  22. ↑ China, Tech In (2020-11-16). "Alibaba and Richemont jointly invest in Farfetch" (in en). https://techinchina.medium.com/alibaba-and-richemont-jointly-invest-in-farfetch-76efd0c7a211. 
  23. ↑ Bateman, Kristen (19 October 2021). "Farfetch Is Launching Its Own Fashion Brand, Shop It Now". Vogue. https://www.vogue.com/article/farfetch-clothing-line-launch. 
  24. ↑ "Online retailer Farfetch Discloses How Much It Paid for Violet Grey". 10 March 2023. https://finance.yahoo.com/news/farfetch-discloses-much-paid-violet-172413325.html. 
  25. ↑ "Farfetch Announces First Quarter 2022 Results". Bloomberg.com. 26 May 2022. https://www.bloomberg.com/press-releases/2022-05-26/farfetch-announces-first-quarter-2022-results. 
  26. ↑ "EX-99.1". https://www.sec.gov/Archives/edgar/data/1740915/000119312522228027/d390762dex991.htm. 
  27. ↑ "11 retailers at risk of bankruptcy in 2023" (in en). October 2, 2023. https://www.retaildive.com/news/retailers-at-risk-of-bankruptcy-2023/694548/. 
  28. ↑ Rao, Priya (2023-10-17). "Farfetch to Sell Violet Grey" (in en). https://www.businessoffashion.com/news/beauty/farfetch-to-sell-violet-grey/. 
  29. ↑ Salamone, Lorenzo (November 6, 2023). "Off-White: will Virgil Abloh's brand be bought by LVMH?" (in en). https://www.nssmag.com/en/article/34787. 
  30. ↑ Conti, Samantha; Clark, Evan (2023-12-13). "The Clock Is Ticking at Farfetch" (in en-US). https://wwd.com/business-news/mergers-acquisitions/clock-ticking-farfetch-1236072193/. 
  31. ↑ Jucca, Lisa (November 29, 2023). "Richemont Digital Strategy Goes Back to Square One". https://www.reuters.com/breakingviews/richemont-digital-strategy-goes-back-square-one-2023-11-29/. 
  32. ↑ Farfetch rescued in last-minute deal Draper's, EMMA FINAMORE, 18 DECEMBER 2023
  33. ↑ "Farfetch's Global Platform Play" (in en-GB). The Business of Fashion. 5 April 2015. https://www.businessoffashion.com/articles/fashion-tech/farfetchs-global-platform-play. 
  34. ↑ "UK leads world's ecommerce exports as fashion brands travel well". http://www.campaignlive.co.uk/article/1227803/uk-leads-worlds-ecommerce-exports-fashion-brands-travel. 



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