British luxury marketplace Farfetch files for IPO
The British luxury online marketplace, Farfetch, has confirmed that it has filed for an IPO and plans to list on the New York Stock Exchange under the ticker FTCH.
The IPO comes shortly after the luxury platform recorded a revenue spike.
In the 2017 fiscal year, the London-based retailer generated revenue of $385mn, a 59% jump compared to the previous year.
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Founded in 2008, Farfetch offers a website and app which gives customers easy access to luxury fashion brands.
Farfetch has offices in 11 cities globally and today the firm express ships from partners to over 190 countries worldwide.
"We are a technology company at our core and have created a purpose-built platform for the luxury fashion industry," Farfetch wrote in the IPO filing.
"Our platform consists of three main components: applications, services and data."
In July, Farfetch acquired CurioustyChina — a marketing firm that specialises in leveraging social media (particularly WeChat) — to target users and sell goods.
Chinese e-commerce firm JD.com also invested US$397mn in the firm which will help the firm double down on China, one of the fast-growing markets for luxury goods.
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