Farfetch acquires Stadium Goods for $250 million
Farfetch (NYSE: FTCH) has acquired Stadium Goods, a New York-based sneaker marketplace, for $250 million in cash and stock — a reminder that venture capitalists can hit home runs without billion dollar exits.
The details: Stadium Goods raised just a $4.6 million Series A round in early 2017, at what we hear was a pre-money valuation in the $20 million to $30 million range. Backers included Forerunner Ventures, LVMH, Chernin Group and Mark Cuban. "The lines are blurring: it's pretty clear that luxury customers are very very excited about streetwear and sneakers and streetwear guys are very excited about luxury," said Stadium Goods co-founder Jed Stiller, via GQ