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.”
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