Publishing house Conde Nast International has led a $20 million (£13.3 million) investment into farfetch, with help from existing backers Advent Venture Partners, Index Ventures and e.ventures.
Launched in 2008, London-headquartered farfetch collates 250 fashion boutiques from around the world and has a reported 4.3 million site visits a month. It has achieved annual sales of $129 million and has a growth rate of 145 per cent.
The business first secured venture capital backing in July 2010 when Advent Venture Partners led a $4.5 million round. Index Ventures and e.ventures then joined the investment consortium when, in January 2012, the firms took part in an $18 million commitment.
Conde Nast International, which produces titles including Wired, GQ, Vogue and Vanity Fair, has recently launched Conde Nast Traveller in India and Russia as well as GQ in Brazil and Turkey.
Jose Neves, founder and chief executive of farfetch says the new funding will ‘fuel’ entry into new markets and assist with the growth it is achieving in its current markets.
He adds, ‘Our goal to build a unique curated global franchise in online designer fashion is brought several steps closer through the exciting involvement of Conde Nast.’
More on fashion-based venture capital deals:
- Imran Amed’s The Business of Fashion dressed for growth
- Scottish Equity Partners struts its stuff
- Index Ventures backs US fashion e-tailer
James Bilefield, president of Conde Nast International Digital, comments, ‘This investment underlines our commitment to extend the scope of our activities and back great entrepreneurs.
‘It follows the recent news of our involvement with the e-commerce businesses Monoqi and Renesim in Germany, plus the investment activity of our parent company Advance Publications in the USA.’
As part of the deal, Bilefield will be joining the board of farfetch alongside existing members such as Advent Venture Partners’ general partner Frederic Court and Robin Klein, venture partner at Index Ventures.
Other online fashion investments made by London-based Conde Nast International include its November 2012 participation in a $20 million funding round for Rent The Runway alongside Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caulfield & Byers.
