MASSENET TO LEAD ANOTHER HIGH FASHION MARKET FLOAT

FARFETCH has scored a deal with Harvey Nichols as rumours swirl it is preparing for a £3.6bn listing in the US.

The London-based online fashion firm, which sells more than 880 luxury brands through its website and is backed by Net-APorter founder Natalie Massenet (pictured), is said to be gearing up for an IPO in the US this year.

According to the FT, Farfetch has lined up bankers from JP Morgan and Goldman Sachs to lead the float

Though Farfetch is worth around £720m it is understood to be seeking to list at a value similar to rival Yoox Net-a-Porter, which is worth £3.6bn.

Farfetch was founded in 2008 by Portuguese entrepreneur Jose Neves and is cochaired by Massenet.

Net-a-Porter merged with Italian firm Yoox in 2015 and is the world’s largest online luxury retailer. Massenet surprisingly left on the eve of the merger. The daughter of a publicist and model, she was a fashion journalist, working at Tatler, before founding her own firm. The 52-year-old mother of three was made a Dame in 2016 and is on the British Fashion Council, the industry body.

Harvey Nichols, the luxury department store, will start selling its goods through Farfetch later this year. It has eight stores in the UK and Ireland with seven in Hong Kong, Turkey, Kuwait, Saudi Arabia and the UAE.