Farfetch raises $110 million to fund Asia expansion
Fashion retailer Farfetch has raised $110 million in a new funding round as it looks to expand its presence in the Asia-Pacific region.
The round was led by new investors Temasek, IDG Capital Partners and Eurazeo with existing investor Vitruvian Partners also participating.
The funds will be used to consolidate Farfetch’s position in China, its second largest market, Japan and other APAC countries, and to expand its proprietary technology platform.
China represents 12% of the company’s sales with Asia-Pacific countries accounting for a further 14%.
Jose Neves, founder and chief executive of Farfetch, said: “The vision for Farfetch was always to seamlessly integrate physical retail with digital platforms, which we have been doing since 2008, first starting with boutiques and 12 months ago adding brands to our global platform. This investment comes after strong inbound interest from investors, some of which we felt could really help Farfetch in our largest and fastest growing markets, or had exposure to marketplaces and luxury fashion.”
During the past year, Farfetch has expanded the website’s roster of retail partners to include direct contracts with brands. This means Farfetch now has over 75 brands selling through the platform.
