Luxury online apparel retailer Farfetch files for IPO

22 Aug '18

2 min read

Courtesy: Farfetch

London-based Farfetch Limited, a leading technology platform for the global luxury fashion industry, has filed a registration statement on Form F-1 with the US Securities and Exchange Commission relating to a proposed initial public offering (IPO) of its Class A ordinary shares. Farfetch has applied to list its shares on NYSE under the ticker symbol FTCH.

However, the number of shares to be offered and the price range for the proposed offering have not yet been determined.

Goldman Sachs & Co LLC, JP Morgan Securities LLC, Allen & Company LLC and UBS Securities LLC are acting as joint lead book-running managers for the proposed offering. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc and Wells Fargo Securities, LLC are acting as joint bookrunners for the proposed offering. Cowen and Company, LLC and BNP Paribas Securities Corp are acting as co-managers for the proposed offering.

In 2017, Farfetch’s gross merchandise value (GMV) or the cumulative price of goods sold through the online marketplace rose 55.3 per cent year-on-year to $909.8 million, according to the filing. The company’s total revenue generated through online transactions increased 63.8 per cent in 2017 to $296.4 million, but it has yet to generate a profit.

According to the filing, 980 luxury sellers offer goods through the Farfetch marketplace. These sellers make over 5.7 million items available across 3,200 brands.

In addition to its online marketplace, Farfetch owns bricks-and-mortar luxury goods boutique Browns, which sells online through the Farfetch platform. (RKS)

Fibre2Fashion News Desk – India

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