Luxury fashion website Farfetch is said to be getting ready for an Initial Public Offering (IPO) that would value it at around $6 billion.
Farfetch has hired bankers from J.P. Morgan and Goldman Sachs to lead an IPO in the U.S. this year, according to the Financial Times. Main rival Yoox Net-A-Porter has a market value of €5 billion ($6.16 billion) and analysts have said Farfetch is seeking a similar valuation, the FT reported.
Founder Jose Neves told The Daily Telegraph in August that a flotation was the “next logical stage” for the company, which made headlines in February 2017 when Net-A-Porter founder Natalie Massenet joined as non-executive co-chair.
Farfetch lets individual fashion boutiques sell to consumers, rather than holding stock itself; the site has around 280,000 items for sale at any one time. Chief Marketing Officer John Veichmanis told CNBC in December that he would like people to be able to discover up-and-coming designers via a Spotify-type algorithm.