London-based high-end online marketplace FarFetch has announced it has raised $86 million USD led by a $1 billion USD valuation by venture capital firm DST Global. According to the company’s founder and CEO Jose Neves, the funding will be used to expand its operations on a global scale though it has already managed to gain a foothold in China, Russia and Japan, in addition to its core markets in Europe and the U.S. The growing number of fashion-savvy consumers who don’t have access to high-end boutiques are the target populations, with South Korea and some countries in Latin America fitting the same mold. The growth of FarFetch has been astounding as the company’s gross merchandise value in 2010 was a mere $25,000 USD per day, whereas today it is valued at around $1 million USD. Despite this substantial growth Neves maintains that “We have no plans to launch a private label or add any inventory,” and that the plan remains “to continue to be a marketplace and connect global retailers.”
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