Luxury fashion marketplace Farfetch raises $66 million for Asian expansion

farfetch-screenLuxury fashion marketplace Farfetch has raised raised $66 million in Series D funding led by private equity firm Vitruvian Partners and a group existing investors that include Condé Nast International (the publisher and licensor of Vogue mag) and Advent Ventures. Richard Chen, a venture partner at Chinese VC Ceyuan, also participated in the round.

The company said in an announcement that new funds will be spent to grow the company internationally, particularly in the US, Brazil and Asia (read Chinese).

London-based venture is an e-commerce platform with a simple and sleek design, where luxury, and mostly independent, brands and boutiques sell their products globally. Launched in 2008, the platform has quickly become a prefer marketplace especially for emerging designers and boutiques from Europe and the U.S..

In addition to celebrities like Fendi, Gucci and Dolce&Gabbana, Farfetch also boasts nearly 300 smaller boutiques today from 27 cities around the world, 23 of which being from Europe. The company said its annual sales doubled to $275 million last year.

José Neves, the CEO of Farfetch, said “This round of investment will help fuel a number of our key strategic goals including facilitating our omni-channel proposition, escalating the development of local language sites for key new markets (Russia, Japan, China) and accelerating engineering developments to help facilitate a dynamic responsive experience”.

It was early 2012 when the company raised its last round of funding, with $18 million from Index Ventures.

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