Luxury etailer Farfetch has bought sneaker and streetwear marketplace Stadium Goods for $250m (£198m).
Farfetch said the acquisition would allow it to expand its offer in the premium sportswear market – estimated to be worth $70bn (£55.4bn) in 2017.
Stadium Goods will be a wholly owned subsidiary and will continue to be led by its founding team. It will be supported by Farfetch’s technology, logistics, supply, brand and marketing.
José Neves, founder, CEO and co-chairman of Farfetch said: “Having already collaborated with [Stadium Goods] 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.
“The Stadium Goods team has built an incredible company, with a host of talented people, dedicated and loyal customers and remarkable brand equity. I am confident that we can help Stadium Goods grow its international presence for sneakerheads around the world through our expertise in technology, logistics and data. Farfetch will benefit from Stadium Goods’ brand, access to supply and a team with a strong passion for and knowledge of luxury streetwear. We can’t wait to get started with John, Jed and the rest of the Stadium Goods team.”
John McPheters, Stadium Goods co-founder and co-CEO, said: “Myself, Jed [Stiller, co-founder] and our entire team couldn’t be more excited to join the Farfetch family as we enter the next stage in our evolution as a global brand and product offering. By leveraging Farfetch’s best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalize on the massive international demand for sneakers and streetwear. José and his team share a similar outlook for the future of fashion and retail, and together we believe the countless synergies and perfect cultural fit will make this a match made in heaven.”
Founded in 2015, Stadium Goods is a premium sneaker and streetwear marketplace specialising in new product and deadstock – pieces that are second-hand, but have never been worn and are generally in their original box. It sells online and its two New York stores. Stadium Goods has participated in the Farfetch marketplace since April 2018, enjoying strong sales growth since its introduction to the platform.