And while you hear stories about tech companies making it big all the time, the fashion sector hasn’t really hit that mark. That is, until now. Farfetch is a London-based fashion retailer that recently raised $86 million, cranking its overall value to $1 billion. One. Billion. Dollars. It’s an unlikely reality in the fashion world, considering that major retailers like ASOS and Net-a-Porter haven’t hit that mark.
The company is only seven years old, and is now a “unicorn,” or, basically, part of a rare club that exists among tech people who have raised enough funding to surpass a $1 billion valuation.
So, what the heck is Farfetch? Well, the app and site essentially finds cool stuff all over the world in those out-of-the-way boutiques you might never manage to get to. The company has no stock, and it works with vendors around the world directly. Farfetch is the platform that gives you access; it isn’t a warehouse.
As of last year, the company sold $300 million worth of product, but the Financial Times says it is currently not a profitable company.
But $1 billion says someone out there is confident.