Farfetch Acquires Stadium Goods
Luxury fashion technology platform Farfetch has signed an agreement to acquire sneaker and streetwear marketplace Stadium Goods.
The deal is valued at $250 million, which Farfetch will pay via cash and Farfetch shares.
Exact amounts will be determined following customary adjustments.
"We are thrilled to welcome Stadium Goods to the Farfetch family,” says José Neves, founder, chief executive officer and co-chairman, Farfetch. “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.”
Stadium Goods, founded in 2015 by John McPheters and Jed Stiller, is a retailer of premium sneaker and streetwear goods that specializes in new and deadstock (brand new, never-been-worn, second-hand) products. According to a company statement, the premium sportswear market was worth $70 billion in 2017.
Prior to the acquisition, Stadium Goods began participating in the Farfetch marketplace in April.
Stadium Goods will continue to operate as a standalone entity on the Farfetch platform, overseen by its current management team. Stadium Goods’ inventory will be absorbed into the Farfetch marketplace worldwide.
The acquisition is set to close in Q1 of 2019.