Condé Nast International has led a $20m investment in farfetch, a leading e-commerce marketplace for independent fashion boutiques.
The deal was announced today by Condé Nast chairman and chief executive, Jonathan Newhouse. Existing investors, Advent Venture Partners, Index Ventures and e.ventures, also participated in the fundraising.
“farfetch has a unique position, connecting boutiques around the world by e-commerce to sophisticated fashion customers like our magazine readers and website users. It’s a natural for Condé Nast,” said Newhouse.
José Neves, founder and chief executive of farfetch, said: “This investment will fuel our entry to new markets while assisting our growth in existing ones. Our goal to build a unique curated global franchise in online designer fashion is brought several steps closer through the exciting involvement of Condé Nast.”
James Bilefield, president of Condé Nast International Digital, said: “As the leading multi-media publisher connecting people to the fashion brands they love, 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 investment, Bilefield will join the farfetch board.
Farfetch launched in 2008 and is claimed to bring together luxury brands from over 250 of the world’s most respected independent fashion boutiques for men and women. With 82,000 highly curated products from over 2,000 of the world’s best brands, farfetch currently has 150,000 customers in over 140 countries.
Farfetch is backed by Advent Venture Partners, Index Ventures, e.ventures and Conde Nast International.