Farfetch introduces share option scheme for all employees
Farfetch Group, the online marketplace for luxury fashion boutiques, has announced that all employees will be offered share options in the company through a new initiative called ‘Farfetch For All.’
A total of 1,300 staff members across 11 offices around the world will be included in the scheme.
The Farfetch Group grew at 70% in the year to 31 December 2016 based on the value of goods traded across the platform. The company said its core marketplace delivered “significant” underlying profitability in the three months to end December and grew traded merchandise value by 75%.
José Neves, chief executive and founder of Farfetch, said: “We have enjoyed outstanding success. 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 €1billion.
“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.”
The incentive plan to reward all teams will equate to an investment of €40 million, based on the latest company valuation, which is the single largest investment the company has made to date.
