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Business of Fashion reports that e-commerce site Farfetch has just reeled in an $86 million investment from DST Global, along with contributions from existing investors like Condé Nast International. To date, the company has raised over $195 million, and the latest round of investment bumps Farfetch's valuation up to $1 billion—launching it into the same field as buzzy tech startups like SnapChat and Slack.
The report points out that obtaining a $1 billion valuation, especially in the fashion industry, is extremely rare—Asos, Yoox, and Net-A-Porter have been contenders but none have actually reached that mark.
Farfetch will reportedly use the investment to expand its international presence, opening offices, and signing on more boutiques to better serve its customers in 180 countries.