(Yicai Global) Aug. 21 -- Farfetch, a London-based high-end shopping website that counts Chinese e-commerce giant JD.Com as one of its largest shareholders, has filed for an initial public offering in the US, aiming to raise up to USD100 million.
Farfetch submitted its application to go public with the New York Stock Exchange, its prospectus shows. The money-losing company did not disclose the size of the planned share issue nor its pricing range.
The firm reported that its loss for the first half of this year more than doubled to USD68.4 million despite a 55 percent jump in revenue to USD268 million.But the platform has attracted a large number of customers thanks to fast deliveries and close ties with haute couture brands such as Chanel, Gucci, and Balenciaga.
Beijing-based JD.Com invested USD397 million in the company in June last year, after which its chief executive joined Farfetch’s board of directors.
The company’s IPO target is modest in comparison with other recent Chinese listings, the biggest of which have, in fact, fallen short of their goals. At USD6.9 billion, telecom infrastructure giant China Tower garnered less than 80 percent of its initial aim early this month, while smartphone maker Xiaomi also underwhelmed with USD4.7 billion raised in June, less than half of its original target.
The global market for personal luxury goods was estimated to be worth USD307 billion last year and is expected to rise 45 percent to USD446 billion by 2025, the prospectus said, citing data from US consultancy firm Bain.
Underwriters for Farfetch’s offering include Goldman Sachs, Credit Suisse, JP Morgan and UBS Investment Bank.
Editor: Emmi Laine