Fashion e-commerce platform Farfetch agreed to buy US-based online sneaker and streetwear marketplace Stadium Goods yesterday in a $250m deal that will allow luxury goods producer LMVH to exit.
Stadium Goods sells new and second-hand streetwear apparel through an online marketplace and a brick-and-mortar store located in New York’s Soho neighbourhood.
LVMH Luxury Ventures, the strategic investment arm of LMVH, invested an undisclosed amount of funding in Stadium Goods in February 2018.
The company launched in 2015 with an undisclosed amount of funding from venture capital fund SM Ventures, before it closed $4.6m in series A funding fromover-the-top media company Chernin Group and Forerunner Ventures in January 2017.
Farfetch operates an online marketplace for luxury and high-end fashion items, selling pieces from over 1,000 boutiques and brands to customers in 190 countries, and Stadium Goods will operate as a standalone brand on the Farfetch platform following the acquisition.
The corporate went public in September 2018 in an initial public offering sized at approximately $885m, having raised funding from investors including media group Advance Publications and Kadi Group, a subsidiary of e-commerce firm JD.com.