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High-end fashion e-commerce platform Farfetch announced it has acquired New Guards Group, the owner of Off-White for US$675m in cash and Farfetch shares.
Created by Virgil Abloh in 2013, the Off-White brand is a phenomenon on social networks, e-commerce sites and trendy stores; it has become the reference of millennials. New Guards, the largest shareholder of Off-White, is a creator and incubator of labels, including Palm Angels, Marcelo Burlon and Heron Preston. At the end of April, its annual turnover reached US$345 million (+59%) and profits totalled US$95 million (+83%). Farfetch said the acquisition extends its “capabilities with new ‘Brand Platform’ layer and further enables its support of all areas of the luxury ecosystem by leveraging its global consumer base, large boutique network, significant data insights, and now, expert design capabilities”.
For the second quarter of 2019, Farfetch has posted record gross merchandise Value (“GMV”) of us$488 million and record revenue of US$209 million. Revenue grew 43% with platform services revenue Up 53% year-on-year and active consumers up 56%. “Farfetch continued to deliver market-leading growth in second quarter 2019, with Platform GMV expanding 44% to a record US$484 million, or approximately 49% growth on a constant currency basis”, said José Neves, Founder, CEO and Co-Chair, Farfetch. “Our unmatched proposition for luxury consumers drove growth beyond not only our expectations, but also the growth of the online personal luxury goods industry, as we continued to gain market share.”
Off-White collections include leather bags, footwear, jackets and accessories.