Farfetch has taken a major step forward in the premium sportswear market after purchasing US retailer Stadium Goods for $250 million (£198 million).
The purchase, which included a combination of cash and stock, will see Farfetch acquire the streetwear and sneaker specialist as a wholly-owned subsidiary.
Stadium Goods, which has been trading on Farfetch’s market place since April this year, will continue to be run by the team who founded it in 2015, but will now benefit from Farfetch’s market leading logistics and technology arms.
The young fashion retailer specialises in premium and rare sneakers, often selling valuable deadstock no longer produced by the manufacturer.
It currently trades from two stores in its hometown of New York, as well as through its own website.
“Having already collaborated with (Stadium Goods) exceptional team via the Farfetch marketplace, it is clear that there is a great opportunity for our two companies to leverage each other’s strengths to go after a larger share of an exciting and fast-growing segment of luxury fashion,” Farfetch chief executive José Neves said.
“I am confident that we can help Stadium Goods grow its international presence for sneakerheads around the world through our expertise in technology, logistics and data.
“Farfetch will benefit from Stadium Goods’ brand, access to supply and a team with a strong passion for and knowledge of luxury streetwear. We can’t wait to get started with John, Jed and the rest of the Stadium Goods team.”
Stadium Goods’ co-founder and co-chief executive John McPheters added: “By leveraging Farfetch’s best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalise on the massive international demand for sneakers and streetwear.”