Almost three years after being valued at $1 billion USD, London-based online retailer Farfetch is now aiming for a valuation five times higher in its IPO. According to sources, the company is set to begin interviewing bankers in the coming weeks to lead its New York-based IPO.
2016 saw Farfetch generate a revenue of almost $210 million USD, up 74% from the previous year, although the company also reported loses of $47.3 million USD during the same period. The last few years have been successful for Farfetch, with the online store purchasing London retailer Browns in 2015, before partnering with Condé Nast to replace the publisher’s Style.com project in mid-2017.
In related news, Gucci has announced a quarterly sales rise of 45%.