Online luxury fashion platform Farfetch Limited (FTCH) announced that it acquired sneaker marketplace Stadium Goods for a deal valued at $250 million.
The consideration payable by Farfetch in cash and Farfetch shares will exactly be determined at completion following customary adjustments.
“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,” Farfetch CEO José Neves said about the deal.
While Stadium Goods looks to benefit from Farfetch technology, logistics and data, the latter would gain from the Stadium Goods brand along with access to supply and staff who have already dealt with luxury streetwear.
Founded in 2015 by John McPheters and Jed Stiller, Stadium Goods is a premium sneaker and streetwear marketplace which deal with new and deadstock products. Estimates claim that premium sportswear market was worth $70 billion in 2017, a segment largely incremental to Farfetch’s existing market.
Stadium Goods has been on the Farfetch marketplace since April 2018. Following the acquisition, Stadium Goods would continue to operate as a standalone brand on the platform, while its inventory will be available on the Farfetch marketplace across all regions.
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings