Farfetch has today announced a scheme to offer share options to all of its 1,300 employees across 11 global offices.
The “Farfetch for All” initiative equates to an investment of $40m (according the latest company valuation) and represents the largest single investment in the company to date.
Founder and CEO José Neves said the company wanted to reward the staff who had brought about the luxury fashion platorm’s “outstanding success” and to attract new talent to the business.
“The Farfetch Group is reshaping the role of technology within the luxury fashion sector. While doing that, we have become one of only 200 private companies globally to have achieved a valuation of over $1bn dollars.
“We are very proud of our achievements and want to reward our people who have helped to bring them to fruition. Our company culture and values have been built around the importance of working together and aspiring to a common vision. By launching ‘Farfetch For All’ we are reinforcing this message to our people and rewarding all who have participated in this journey so far; as well as hoping to attract new talent who embrace these values as we look to the future,” Neves said.
The Farfetch Group grew by 70% over the 12 months ended 31 December 2016, based on the value of goods traded across the platform. In the three months ending 31 December 2016 the core marketplace delivered significant underlying profitability and grew traded merchandise value by 75%.
Founded by Neves in 2008 as a platform to unite some of the world’s best fashion boutiques on one platform, the Farfetch business now comprises its main marketplace, which ships to 190 countries worldwide, luxury boutique Browns (acquired in 2015), as well as Black & White and Store of The Future, which provide key technology and business solutions for brands and retailers.
Late last year it announced it would be staging the FarfetchOS retail innovation event in London on 12 April.