The luxury platform bought Stadium Goods for €220m, and the acquisition is going to use a yet undetermined amount of Farfetch's capital and shares, according to its leader José Neves.
The online luxury fashion retail platform Farfetch bought the sneaker and streetwear marketplace Stadium Goods, in a deal that valued the company at $250 million (€220 million).
In a communiqué, the company led by Portuguese entrepreneur José Neves said the acquisition will use money and Farfetch’s shares but the exact amount is to be determined at the end of the deal, after the necessary procedures.
Stadium Goods will be wholly owned by the company founded in Portugal but will continue to be managed by the team that created it, benefiting from synergies with Farfetch.
The acquisition allows Neves’ company to increase its offer in sports footwear and streetwear, a market that is growing quickly.
Stadium Goods was founded in 2015 and specialised in limited models and unused second-hand items. The first store opened in Soho, New York.
The acquisition is still under normal authorisations but should be finalised in the first quarter of 2019, according to Farfetch.
Goldman Sachs advised the business in the financial part and the company Fenwick & West provided legal support.