Fashion website Farfetch plans US share float

Nassos DrakosGlobal Markets

Luxury shopping website Farfetch has announced plans to list its shares on the New York Stock Exchange.

The London-based firm, founded in 2008 by Portuguese entrepreneur Jose Neves, sells designer clothing online from firms including Gucci and Burberry.

Farfetch said it had not yet decided how many shares to issue or what level they would be priced at.

However, reports have suggested that the float could value the firm at as much as $5bn (£4bn).

In 2016, Mr Neves told the BBC that a share flotation would be “the next financial milestone” for the company.

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Farfetch said it had filed a registration statement with the US Securities and Exchange Commission, but that it had not yet become effective.

In the past 10 years, Farfetch has forged a reputation as an online platform for high-end boutiques,

In February, it signed a deal with Burberry to sell its clothing worldwide.

Last year, it began offering a 90-minute delivery service for Gucci products to online shoppers in 10 cities including London, New York, Dubai and Los Angeles.

Farfetch employs more than 1,000 people and ships products to more than 190 countries.

Source: bbc.com