March 4, 2015 / 6:40 PM / 3 years ago

Online fashion company Farfetch raises $86 million from DST Global, others

(Reuters) - British online luxury fashion company Farfetch said it raised $86 million from investment firm DST Global and existing shareholders, valuing the company at $1 billion.

Farfetch, which brings together more than 300 of the world’s top designer boutiques on its website Farfetch.com, has raised a total of more than $195 million.

The company will use the funds to launch local language websites, including those in German, Korean and Spanish, it said in a statement.

London-based Farfetch’s shareholders include media company Conde Nast International and private equity firm Vitruvian Partners.

DST Global is run by Silicon Valley-based Russia-born billionaire Yuri Milner, who had once backed Facebook Inc, Alibaba Group Holding Ltd and online home rental company Airbnb.

Farfetch’s announcement comes a day after one-time high-flying shopping site Fab.com was sold to hardware products company PCH International in a firesale. Fab had raised more than $300 million.

Fab grew too fast and did not have the high-end focus of Farfetch, analysts said.

Reporting by Subrat Patnaik in Bengaluru and Sarah McBride in San Francisco; Editing by Kirti Pandey

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