Luxury pureplay Farfetch, has announced plans to expand its menswear division and dive into overseas markets. The e-tailer will be placing an emphasis on the menswear range from autumn, while opening new spaces internationally and introducing same-day delivery options.
The announcement follows a £56m investment by Russian entrepreneur, Yuri Milner‘s DST Global firm, in March. Farfetch plans to launch its offices across new key global markets such as Germany, Korea and Spain; as well establishing partnerships with Japan and Australia boutiques.
Founder JosÃ© Neves says that he sees a growing potential for the menswear category which currently makes up 30% of the company‘s e-tail platform.
“We have a unique menswear proposition with fantastic boutiques and brands and we will look to grow this from the third quarter,” comments Neves.
The fashion retailer promotes the diversity and visions of its ‘fashion-forward‘ customers. Quirky designs and expressive prints inspire its apparel ranges found in 300 independent boutiques, which houses over 1000 “diverse and unique” labels.
Farfetch boutiques are located globally, from major fashion capitals Paris, New York and Milan, to smaller states in North America. When ordering from the brand‘s e-commerce website, customers‘ orders are delivered directly from the boutique to their doors.
Now the advance to offer convenient same-day deliveries has been made, this e-commerce innovation is starting in London but will be rolled out into other countries.
DST Global investment recently valued Farfetch at $1bn. The Russian led firm has previously invested in Facebook, Twitter, Air BnB and Spotify to which Neves said “We have had an amazing journey so far, and it‘s great to add DST to our already fantastic group of backers for the next stage of growth of Farfetch.
The challenge is now to keep innovating and focus on establishing a long-lasting global brand.”
Neves has cited the consideration of a potential float, but it would be a few years down the line:
“We won‘t be doing an IPO just yet. That is the next milestone for the business, but it will take a few years.”
By Natalie Whitmore