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.
Continue Reading Below
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)