Online luxury fashion company Farfetch has been valued at $1bn (£656m) after completing a round of investment led by software company DST Global.
The firm raised $86m, with existing shareholders Conde Nast International and Vitruvian Partners also participating, taking the total amount raised by the company at over $195m.
London-based Farfetch was established in 2008, with the aim of bringing together “more than 300 of the world’s best independent designer boutiques”. It operates across 180 countries.
The company said the latest investment funding will be used “specifically to focus on international expansion” with new local language sites, including German, Korean and Spanish. It will also open new offices in “key global markets” and will include the Japanese and Australian markets in the supply side of its operation.
Jose Neves, founder and chief executive of Farfetch, remarked: “We have had an amazing journey so far, and it’s great to add DST to our already fantastic group of backers for the next stage of growth of Farfetch. The challenge now is to keep innovating and focus on establishing a long-lasting global brand.”
Yuri Milner, founder of DST Global, said: “Farfetch has a strong team, impressive growth and great potential to capitalize on the fast growing luxury fashion e-commerce market.”