Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Yowza. Farfetch, the online boutique marketplace, has just picked up another $110 million in venture capital financing from Temasek, IDG Capital Partners, Eurazeo, and Vitruvian Partners to fuel its mission for global luxury e-commerce domination. Following an $86 million investment round last March, this brings the London-based company's total funding to north of $300 million.
It's no surprise that Farfetch would seek out more cash, given the busy year it's had. Last May, it acquired the London shop Browns with the intention of turning it into a laboratory for innovative retail experiences. In the past, Farfetch has explored the intersection of real world and online shopping with options like purchasing clothing online and picking it up in a nearby store.
By September, it had opened up a new wing of its business called Farfetch Black & White, which allows brands to use Farfetch's e-commerce platform on their own sites. (Manolo Blahnik was the first to jump on board this March.) With this venture, the eight-year-old company is hoping to take on that other luxury e-commerce powerhouse, Yoox Net-a-Porter Group, which powers the websites of brands like Alexander Wang, Dolce & Gabbana, and Moschino.
According to a statement from Farfetch, most of this $110 million will, unsurprisingly, go toward developing its platform — both for its own multi-brand website and for individual labels. Onward and upward it is, with lots of money to make it happen.