Farfetch is upping its streetwear game. According to Highsnobiety, the luxury e-tailer has just purchased Stadium Goods — a sneaker retailer founded in 2015 — for a whopping $250 million.
“From early on it was a great culture and business model fit, as well as a [shared] outlook of where fashion was heading. We spent a long time focussing on these international markets and we saw how strong Farfetch was there. That was all part of making this decision,” Stadium Goods co-founder and co-CEO, John McPheters, told Highsnobiety.
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The deal seems to benefit both parties greatly. Stadium Goods will now be able to expand its reach globally. Meanwhile, Farfetch will have stronger footing in the streetwear market.
“For a few years we’ve seen the luxury streetwear category grow on Farfetch with brands like Off-White, A-COLD-WALL* and Heron Preston, as well as with luxury brands like Balenciaga moving into this space and limited edition releases from Nike and Adidas, which have been successful for us,” Farfetch CEO and co-chairman José Neves told Highsnobiety. “I met John and Jed [Stiller, Stadium Goods’ co-founder and co-CEO] a year ago and we started looking at the secondary market, an area where we, until now, didn’t have any presence.”