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Online Luxury Goods Hub Farfetch's IPO Raises $885 Million

Alex Barinka
An employee uses a smartphone app linked to store products hanging on a clothes rail at the launch of the Farfetch U.K. Ltd. "Store of the Future" pop-up exhibition, at the Design Museum in London, U.K., on Wednesday, April 12, 2017. Thanks to a partnership with London-based fashion technology company Farfetch, you can soon get Gucci clothing and accessories whisked to your door within 90 minutes. Photographer: Luke MacGregor/Bloomberg

Farfetch Ltd., which sells luxury clothing online, sold shares above its marketed range in a U.S. initial public offering that raised $885 million.

The London-based company said Thursday in a statement that it and an existing shareholder sold a combined total of 44.2 million shares for $20 each. Farfetch had marketed the shares for $17 to $19 each.

Farfetch’s website helps global, deep-pocketed shoppers get their hands on high-end goods such as an $8,287 leopard-print coat or $980 sneakers.

The company also offers services that help sellers create content for online boutiques, manage product returns and analyze consumer data to determine pricing and inventory.

Farfetch had 935,772 active consumers as of Dec. 31, an increase of almost 44 percent from a year earlier, according to a regulatory filing.

It lost $58 million last year on $386 million of revenue. That compared with a net loss of $53 million on $242 million in sales in 2016.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Allen & Co. and UBS Group AG led the offering. The shares are expected to trade Friday on the New York Stock Exchange under the symbol FTCH.

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