LONDON, Feb. 2, 2017 /PRNewswire/ -- Farfetch Group announced today that from 1 February all employees will be offered share options in the company through a new initiative called 'Farfetch For All.' On the date of launch a total of 1,300 people, from junior staff to executives across 11 offices globally will be included in the scheme.
The Farfetch Group grew at +70% over the 12 months ended 31/12/16 based on the value of goods traded across the platform. In the three months ending 31/12/16 the core marketplace delivered significant underlying profitability and grew traded merchandise value by +75%.
José Neves, CEO and Founder of Farfetch, commented: "We have enjoyed outstanding success. The Farfetch Group is reshaping the role of technology within the luxury fashion sector. While doing that, we have become one of only 200 private companies globally to have achieved a valuation of over USD1 billion dollars.
We are very proud of our achievements and want to reward our people who have helped to bring them to fruition. Our company culture and values have been built around the importance of working together and aspiring to a common vision. By launching 'Farfetch For All' we are reinforcing this message to our people and rewarding all who have participated in this journey so far; as well as hoping to attract new talent who embrace these values as we look to the future."
The incentive plan to reward all teams will equate to an investment of USD40M (based on the latest company valuation), which is the single largest investment the company has made to date and reflects Farfetch's continued commitment to investing in its people.
Looking ahead, Farfetch continues to invest in building a platform business that is API enabled to drive growth through innovation, third-party partnerships and access to new markets. One example of this is Store Of The Future, which is specifically focused on redefining the omni-channel retail experience for the customer, by leveraging the retail experience of our brand and boutique partners. Key elements and details of this will be shared at the FarfetchOS event, taking place in London on April 12, 2017.
Farfetch is the online platform to shop the world's greatest selection of luxury. The e-commerce platform partners with the world's best luxury boutiques and brands, located from Tokyo to Toronto and from Milan to Miami. This unique business model guarantees an unparalleled range of pieces to shop; from established luxury brands to the most interesting new designers and one-of-a-kind styles.
Founded in 2008 by the Portuguese entrepreneur José Neves, Farfetch is translated in 9 languages and services customers as a website and on-the-go app, making it easier than ever to shop luxury fashion. Offices are found in 11 cities globally and Farfetch express ships from partners to over 190 countries worldwide.
In 2015 Farfetch developed proprietary business units Farfetch Black & White and Store of the Future to provide key technology and business solutions for brands and retailers to facilitate growth and champion innovation. The Brand also added renowned London boutique Browns to its portfolio in 2015.
In May 2016 Farfetch secured a Series F round of investment of US $110 million, led by new investors Temasek, IDG Capital Partners and Eurazeo with existing investor Vitruvian Partners also participating in the round. The company is currently valued at over US $1 billion.