London-based online luxury fashion retailer Farfetch is closer to launching its initial public offering (IPO) after hiring US banks to lead the process.
According to the Financial Times, Farfetch has drafted bankers from JPMorgan and Goldman Sachs to take the company public.
Its estimated market value stands at £4 billion, close to that of high street stalwart Marks & Spencer.
This valuation places the online retailer in league with other UK fashion giants including Asos and Burberry, valued at £6.3 and £7 billion respectively.
News of the IPO follows the unveiling of a new partnership with luxury department store Harvey Nichols today.
This comes after a string of partnerships with leading luxury brands like Burberry and Chanel as its reputation continues to grow.
The IPO has been on the cards for two years, with its chief executive José Neves stating in 2016 that the company’s “next financial milestone” would be going public.
Its most recent financial accounts, published in 2016, state that Farfetch is yet to become profitable, posting losses before tax of £35.4 million for the year to December 31 2016.
“While many digital retailers have launched over the past decade, very few have been able to reach scale,” Jefferies’ analyst Randal Konik said earlier this year.
“Farfetch is one of the few who has scaled significantly.”