Farfetch to acquire Stadium Goods for $250mn
Farfetch, operator of the world’s leading technology platform for luxury fashion, announced today the completion of an agreement to acquire Stadium Goods, a leading digital sneaker and footwear marketplace. The deal will see Farfetch pay a total of US$250mn in cash and Farfetch shares.
Headquartered in London, Farfetch raised $885mn in September when the company exited the startup phase, pricing its shares at $20 each. Stadium Goods is a New York-based streetwear brick-and-mortar and e-commerce outlet, specializing in vintage and collectible streetwear. The company specializes in brands like Nike, Adidas, Yeezy and Converse. Shoes available on the company site range from $45 for a pair of Asics Gel Lite 5’s, to $25,000 for the Fila T-1 Mid.
The collectible and premium sportswear market was estimated to be worth $70bn in 2017, and is expected to grow consistently over the coming fiscal year.
Stadium Goods is the third e-commerce venture backed by venture capitalist Kirsten Green to exit the startup phase, according to TechCrunch. Green also supported the exits of the Dollar Shave Club, which received an offering of $1bn, and Bonobos, which received £310mn.
"The Stadium Goods team has built an incredible company, with a host of talented people, dedicated and loyal customers and remarkable brand equity”, said Jose Neves, CEO of Farfetch. “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.”
Stadium Goods co-founder and co-CEO, John McPheters, said “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.”
The acquisition is scheduled for completion in Q1 2019.