Online fashion retailer Farfetch announced today (December 12, 2018) it’s acquired Stadium Goods, a New York-based sneaker and streetwear reseller. Farfetch paid $250 million for the acquisition.
Stadium Goods will function as a subsidiary of Farfetch and will be led by John McPheters and Jed Stiller, who founded the company in 2015.
Farfetch was founded in London in 2007 and the company went public on September 21st. It trades on the New York Stock Exchange under the FTCH ticker. The company is currently valued at $6.8 billion.
In a press statement, Farfetch founder and CEO, José Neves, said, “We are thrilled to welcome Stadium Goods to the Farfetch family. Having already collaborated with its exceptional team via the Farfetch marketplace, it is clear that there is a great opportunity for our two companies to leverage each other’s strengths to go after a larger share of an exciting and fast-growing segment of luxury fashion.
McPheters, Stadium Goods co-founder and co-CEO, added, “Myself, Jed and our entire team couldn’t be more excited to join the Farfetch family as we enter the next stage in our evolution as a global brand and product offering. By leveraging Farfetch’s best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalize on the massive international demand for sneakers and streetwear. José and his team share a similar outlook for the future of fashion and retail, and together we believe the countless synergies and perfect cultural fit will make this a match made in heaven.”
Prior to the purchase, Stadium Goods has been a participant on Farfetch’s site, which uses a marketplace approach to create a platform selling goods from an array of boutique retailers based in 190 countries globally.