It’s official. UK-based Farfetch is now going public. The luxury marketplace, which includes e-commerce platforms for international boutiques as well, plans to list on the New York Stock Exchange under the ticker FTCH.
On Monday morning, Farfetch filed a Form F-1 with the U.S. Securities and Exchange Commission 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, say reports.
The company claims to be the world’s largest marketplace today for luxury goods, with nearly a million active consumers as of December 31, 2017. Last fall, Farfetch reported that its revenue saw a hefty 74 percent jump in 2016, according to Fashionista.
Farfetch’s IPO is being marketed more as a tech company than a retailer, as it’s much smaller than say, a Macy’s. In its filing prospectus, Farfetch describes itself that way as well.
“We are a technology company at our core and have created a purpose-built platform for the luxury fashion industry. Our platform consists of three main components: applications, services and data,” the company wrote in the filing.
Farfetch will also be appealing to investors as it runs in the luxury space, an area that behemoth Amazon is lacking. With designer names like Gucci, Dolce & Gabbana, and Tiffany, Farfetch overall features 335,000 different items from 3,200 different brands on its marketplace.