Industry News

TechCrunch: Farfetch bets on sneakers with $250M Stadium Goods acquisition

Congratulations to Renovata client, Farfetch, on its $250M acquisition of sneaker specialists, Stadium Goods.

Founded in 2008 by Jose Neves, ‘fashtech’ pioneer Farfetch is a luxury fashion marketplace, founded in London and quoted on the NYSE. It’s carved a unique reputation for binding small, innovative and boutique players, offering them access to global markets and championing the luxury sector.

All of which may make the acquisition of a sneaker company sound strange. But Techcrunch reports that Stadium Goods has all the qualities of a typical Farfetch partner: a small, ambitious and growing challenger business with a strong founding team (plus backing from retail specialists, Forerunner Ventures), in a segment which is rapidly becoming Farfetch’s territory. In Techcrunch’s words: “The lines between streetwear and luxury fashion have blurred in recent years, especially as excitement around sneaker brands like Yeezy and Off-White has soared.”

Neves adds, “For many years now, we have had the largest collection of [luxury sneaker brand] Off-White, for example, on the internet … What we did not have was the resale, secondary market. It was clear this was an interesting opportunity.”

 

Read the full article here:

https://techcrunch.com/2018/12/12/farfetch-bets-on-sneakers-with-250m-stadium-goods-acquisition/