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The online luxury fashion retail platform has agreed to acquire the U.S. based sneakers and streetwear online marketplace for US$250 million.
With the acquisition, Farfetch would gain a fast-growing streetwear brand that it can leverage across its online platform and appeal to younger demographic consumers increasingly interested in the connection between streetwear and luxury. New York-based Stadium Goods was founded in 2015 to develop a high-end sneaker and streetwear marketplace for consumers interested in both online and offline shopping.
According to a market research report by Bain & Company, the streetwear subsector helped raise global sales of luxury personal goods market by 5% 2017 to an estimated US$309 billion and is projected to grow at a steady 5% rate through 2020.
Source: Seeking Alpha