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E-Commerce Site Farfetch Raises $250M
The company plans to put the capital towards its expansion, particularly into the Chinese market.
A Farfetch “Store of the Future” in Thom Browne’s flagship store in New York in March 2018. The e-tailer recently raised $250 million to fuel its expansion. (Image courtesy of Farfetch)
London—Farfetch recently received a $250 million investment from Tencent Holdings and San Francisco-based investor Dragoneer as the e-tailer looks toward expansion.
The investors each purchased $125 million in convertible 5 percent senior notes issued by the company, due to mature on Dec. 31, 2025.
The additional capital will go toward its growth plans, especially in China, and operational profitability, said Farfetch.
The company’s cash and cash equivalents amounted to approximately $320 million as of Dec. 31, 2019.
RELATED CONTENT: Farfetch Is Selling This Never-Before-Worn Dior Jewelry“As we continue to execute on our long-term strategy, we believe that this investment supports Farfetch in delivering on the significant opportunity we see and scaling our business to achieve profitability in the medium term," said CEO and co-Chair José Neves in a statement.
Neves highlighted the investors’ technology expertise and the company’s existing partnership with Chinese tech company Tencent, connecting Western luxury brands to Chinese consumers via Tencent’s WeChat platform, a messaging, social media and mobile payments app.
In addition to operating as a traditional e-commerce site selling clothes, fine jewelry and other accessories, Farfetch offers more than 80 brands via WeChat, including Armani, Balenciaga, Saint Laurent, Ralph Lauren and Moncler, partnering with the brands for WeChat launches.
The company also organizes key opinion leader mini-programs, tapping influencers to bolster a brand’s social media reach.
“Tencent looks forward to supporting Farfetch’s mission to be a global technology platform for luxury fashion, and especially where we can support its efforts in China,” said Tencent President Martin Lau.
The tech giant announced last month that it would be increasing its investment in “smart retail,” building on its overall portfolio of more than 800 companies.
Dragoneer has a billion-dollar portfolio, previously investing in companies such as Airbnb, Etsy, Facebook, Netflix, Spotify and Uber.
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