Farfetch.com Raises $18 Million to Bring High-End Fashion to the Web ~ Pare News

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The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark. If you would like to have your startup considered for inclusion, please see the details here.

Name: Farfetch.com

Quick Pitch: Shop the inventories of more than 200 high-end designer boutiques worldwide.

Genius Idea: Eliminates geographic barriers inherent in boutique shopping.

High-end boutiques — think Dover Street Market in London, or L'Eclaireur in Paris — tend to offer, from the perspective of discerning shoppers at least, some of the best product selections in the world. Yet few of those boutiques, lacking the resources or initiative to develop robust, international ecommerce offerings, have made their goods available for purchase on the web.

Enter Farfetch.com. To date, the four-year-old, London-based startup has made the inventories of some 200 boutiques in 12 countries available for purchase through its website. Its catalog of more than 35,000 products draws from well-known names at the luxe end of the fashion spectrum, including Balenciaga amd Yves Saint Laurent, as well as up-and-coming designers (Alexander Wang, Mary Katrantzou) and contemporary staples (Marc by Marc Jacobs, True Religion). The company has a current run rate of $60 million, up 200% year-over-year.

Its customer base is geographically diverse. Fifty percent of buyers come from new or emerging markets, says CEO José Neves. (Neves, interestingly, has a background in both fashion and technology, having founded a software company and a high-end suitwear business in his home country of Portugal while still in school.) The U.S. accounts for about 25% of sales, followed by the U.K., Australia, Brazil and France.

Farfetch.com announced Monday that it has raised a second round of funding of $18 million from Index Ventures, eVenture Capital Partners and existing investors Advent Venture Partners. The company plans to use the funds to continue to expand operations in Europe, North America, Asia and Brazil. Neves says he’s also working to build Farfetch.com’s brand so that the company can rely more on direct traffic, rather than on paid and natural search, to attract customers.

Series Supported by Microsoft BizSpark

The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark, a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.

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