U.K. luxury fashion online retailer Farfetch hired bankers from JPMorgan Chase & Co. and Goldman Sachs Group Inc. for its IPO listing in the U.S., the Financial Times reported March 10, citing people familiar with the matter.
Farfetch is reportedly seeking a valuation of about €5 billion, similar to the valuation of its Italian rival YOOX Net-A-Porter Group SpA, despite not having the same earnings. Farfetch has yet to make a profit, the report said, adding that the retailer is valued at over $1 billion. China's JD.com invested about $397 million in Farfetch in 2017.
According to the report, the retailer planned to enter the U.S. market after it reached deals with two major luxury brands — a distribution deal with Burberry Group PLC and a digital initiative with Chanel SA.
Farfetch, JP Morgan and Goldman Sachs declined to comment on the news, the report added.
