It's been more than a year since it was first speculated, back in June 2017, that Farfetch was gearing up to IPO in New York this September. And though the reports weren't exactly confirmed at the time, the luxury e-marketplace gave no indication that this wasn't entirely plausible. After all, this was just coming off the heels of the news that Farfetch had inked a mega-deal with one of the Middle East's largest luxury distributors, effectively allowing the London-based company to touch down in the region. Then, last fall, Farfetch reported that its revenue saw a 74 (!) percent jump in 2016. The ball was clearly in its court.
Now, the conjecture is over: On Monday morning, Farfetch filed a Form F-1 with the U.S. Securities and Exchange Commission so to proceed with its proposed $100 million initial public offering of Class A ordinary shares on the New York Stock Exchange, under the ticker symbol "FTCH." The listing could put Farfetch's valuation at $5 billion, reports Business of Fashion.
According to a release, issued on Monday, the number of shares to be offered and the price range for the proposed offering have not yet been determined. Goldman Sachs & Co., J.P. Morgan Allen & Company and UBS are serving as joint lead book-running managers, while Credit Suisse, Deutsche Bank and Wells Fargo are acting as joint book-runners. Cowen and Co. and BNP Paribas Securities Corp are the listing's co-managers.
Though Farfetch is, of course, on a roll in its own right, it's still often compared to fellow fashion giant Yoox Net-a-Porter Group. Interestingly, in January, Swiss luxury conglomerate Richemont dropped a $3.3 billion bid to have full control over YNAP, and in June, delisted YNAP from the Milan Stock Exchange. Both Farfetch and YNAP couldn't be on more different growth trajectories of late, but that's what makes this e-commerce race so interesting.