Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
London-based luxury online marketplace Farfetch filed for an IPO on Monday and plans to list on the New York Stock Exchange under the ticker FTCH.
Sources previously told CNBC the company is aiming for a valuation as high as $5 billion.
In fiscal 2017, Farfetch generated revenue of $385 million, a 59 percent jump over the previous year. It reported an after-tax loss of $112,275, down from a loss of $81,459 the previous year.
Farfetch and peer Yoox Net-a-Porter have been able to thrive by occupying a niche that Amazon has yet to be conquer: luxury fashion. The world's most elite labels have resisted selling on the Seattle giant's website, suspicious of its ability to maintain the integrity of their brand.
The global market for personal luxury goods was estimated to be worth $307 billion in 2017, according to the filing, citing Bain. It is expected to reach $446 billion by 2025.
Cementing the value luxury companies see in the upper echelons of online retail, Cartier-owner Richemont earlier this year offered up to 2.8 billion euros ($3.4 billion) to buy the stake of Yoox it did not previously own.
Unlike typical retailers, Farfetch does not own the inventory it sells, but rather serves as a conduit for brands and boutiques. As such, it can avoid the complicated task of predicting what customers want and the expense of holding it in stock. Such "marketplace" companies, like eBay, Amazon, JD.com and Alibaba often trade at a higher premium than traditional retailers. A $5 billion valuation would take advantage of that premium, pegging Farfetch against them.
Farfetch touts itself as a marketplace for the global fashion consumer. It connects shoppers to over 700 brands and boutiques internationally, selling established lines like Gucci and emerging ones like Gabriela Hearst. It prides itself on curation and inspiration, allowing shoppers to navigate by brand, item or its stylized edits. It express ships to more than 190 countries.
"We are a technology company at our core and have created a purpose-built platform for the luxury fashion industry. Our platform consists of three main components: applications, services and data," the company wrote in the filing.
Farfetch has grown through a number of partnerships that have helped it broaden its distribution, offerings and capabilities. Its deal with JD.com in Asia and the Chalhoub Group in the Middle East provide distribution and logistics support in those respective regions.
Its partnership with Conde Nast, announced last year, integrates the magazine publisher's content with Farfetch's shopping platform. Its Style.com website also now redirects to Farfetch.
In 2015, Farfetch purchased London fashion boutique Browns. It is using Browns as one of its testing grounds for new retail technology in what it calls the "store of the future." Offerings include touch-screen-enhanced mirrors and connected clothing racks.
Farfetch also launched Black and White, an infrastructure platform that luxury brands can use to develop their own e-commerce business.
Farfetch was founded in London in 2008 by Portuguese entrepreneur Jose Neves. It has offices in 11 cities, including London, Tokyo and Los Angeles.
Its global investor base includes France's Eurazeo and Singapore's sovereign wealth fund Temasek.