London-based farfetch.com was founded in 2008 by entrepreneur José Neves. The site sells designer fashion items sourced from shops across North America and Europe. Neves also created b Store, which won ‘Retailer of the Year’ at the 2006 British Fashion Awards, as well as founding the fashion footwear company SIX London.
Frederic Court, general partner at Advent, says: ‘Following an extensive review of the market, we decided to back farfetch.com which hit all our investment criteria: proven entrepreneurial team, fast-growing revenue, highly differentiated positioning and a strong ability to scale with limited capital requirements.’
Under the terms of the deal Court will join the farfetch.com board. The company has also appointed former Selfridges and Harrods creative director Susanne Tide-Frater as brand and strategy director, and former MD of online retailer Cocosa Andrew Robb as CEO.
The new investment will be used to continue expanding the company’s operations in Europe, North America and Brazil.