Farfetch is preparing itself for a listing on the New York Stock Exchange, with the online retailer poised to choose a bank to lead the float.
According to CNBC, the London-based business is meeting bankers in upcoming weeks ahead of its New York-based initial public offering (IPO), which could come as soon as this year.
Farfetch – an online marketplace that connects consumers from 190 countries with a curated network of over 700 boutiques and brands – is reportedly aiming for a valuation as high as $5 billion (£3.59 billion).
It has not publicly confirmed the plans as yet, although founder and chief executive José Neves previously said in 2016 that the “next financial milestone” for the online retailer would be to enter the stock market with an IPO.
Farfetch has been seeking ways to expand and scale up ever since it was founded in 2008.
In 2015, it purchased iconic London fashion retailer Browns, and is using it as one of its testing grounds for new retail technology in what it calls the “Store of the Future”.
Last year it announced a partnership with Chinese online retailer JD.com to boost sales in the country, which subsequently saw JD.com invest $397 million (£318 million) in Farfetch.
Farfetch also partnered with Condé Nast following the demise of the publisher’s ecommerce venture Style.com.
This year, it partnered with The Chalhoub Group in the Middle East to provide distribution and logistics support in the region in order to reach more consumers.
While Farfetch is not yet profitable, Neves has said it “delivered significant underlying profitability” in the fourth quarter of the 2016 fiscal year.