International ecommerce platform Farfetch has secured a major tranche of funding to help drive expansion into new markets and bring in improvements to its etail technology.
The luxury clothes etailer will be boosted by $66m of investment from a series of backers, led by private equity Vitruvian Partners. Other investors including US publishing giant Conde Nast International and growth capital specialist Advent Partners also released extra funding.
Farfetch founder and CEO José Neves said: “This round of investment will help fuel a number of our key strategic goals including facilitating our omnichannel proposition, escalating the development of local language sites for key new markets and accelerating engineering developments to help facilitate a dynamic responsive experience.”
The site, which is geared towards independent fashion brands, has identified China, Russia and Japan as key target markets, and will use the extra funding to increase its presence in those countries.
Farfetch currently counts some 300 fashion brands on its platform with a total of 1,000 outlet stores globally generating sales of $275m annually.