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Farfetch eyeing £4bn IPO

Published
Mar 12, 2018
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Farfetch has reportedly hired bankers from JDMorgan and Goldman Sachs to work on a US listing that could value the online luxury platform at around £4bn, it emerged on Monday.


Farfetch founder Jose Neves - Farfetch


The London-based business sells designer pieces from nearly 900 luxury brands from across the world, essentially connecting small and independent boutiques with well-heeled shoppers.

Whilst Farfetch was in financial 2016 still not yet profitable, with losses before tax of £35.4m, it is seeking to match its main rival Yoox Net-A-Porter in value, reported The Financial Times on Saturday.

Yoox Net-A-Porter revealed net profits of €51m on revenues of €2.1bn last year, and has a market valuation of €5bn (around £4.4bn).

Rumours of an IPO have surrounded Farfetch over the last two years. Its founder Jose Neves confirmed there was an interest last year when he told The Telegraph that an IPO would be “the next logical stage” for the company.

Indeed, Farfetch has been accelerating its top designer credentials over the past few months. In February, Chanel bought a minority stake in the business as part of a partnership to develop more digital services at its stores. Also in February, Farfetch signed a global partnership with British company Burberry. This week, the company unveiled a further luxury tie-up, this time with department store chain Harvey Nichols.

Farfetch also captured the attention of Chinese e-commerce giant JD.com, which invested almost $400m into the business last year, and Singapore’s Temasek, which led a $110m round of financing in 2016.

Farfetch, JPMorgan and Goldman Sachs have declined to comment about the potential IPO, reported The Financial Times.
 

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