Global online fashion marketplace Farfetch has confirmed longstanding rumours of an IPO by filing its intention float on the New York Stock Exchange.
The business said the float would take place in 2018 but has not yet disclosed the number of shares or the price at which they would be floated. Goldman Sachs, JP Morgan, Allen & Co, UBS, Credit Suisse, Deutsche Bank, Wells Fargo, Cowen and BNP Paribas are underwriting the flotation
Sources say that business, which will trade under the ticker FTCH, could be valued by as much as $5bn. London-based Farfetch was founded 10 years ago by entrepreneur Jose Neves and generated sales of $386m in financial year 2017. It has yet to turn a profit and after tax losses last year hit $112,275. Losses deepened to $68m in the first half of 2018, from $29m in the same period last year, as investments and costs increased its filing prospectus said.
As of 31 December last year the business said it had nearly 1bn active users worldwide, a figure that had grown by 43.6% year on year. Around 700 luxury brands are available on the platform from leading luxury boutiques worldwide, and it also works direct with brands such as Burberry, whose global inventory is now available via Farfetch.