Farfetch Buys Off-White, Heron Preston & Palm Angels For $675 Million

In an unprecedented turn of events, Farfetch has bought the New Guards Group for $675 million. Acquiring 100% of their shares as well as all of their high end brands, including Off-White, Heron Preston, Palm Angels, and Marcelo Burlon, this is the British luxury marketplace's first step into direct fashion engagement.

Since it was established in 2007, Farfetch has always been a platform where third party brands sell their own products, but now, it looks like the company wants to get into releasing their own fashion pieces, extending their "proposition upstream by expanding its capabilities to now include design, production and brand development.”

In a press release, CEO and Co-Chair, José Neves explained, “The addition of New Guards' brand platform brings a creative and industrial dimension to our suite of capabilities which, combined with our community of more than 650 boutiques, enables us to power and promote both new and existing creative names in the luxury industry to build the brands of the future.";

Following this industry-shaking news, Farfetch's stock price has plummeted by nearly 40%, falling from $18.25 per share to $10.10. This purchase comes just eight months after they bought Stadium Goods for $250 million - a move that we have yet to see the fruits of.

What do you think of this news? Will Off-White be the same, or is this the end of an era? Let us know what's on your mind, and be sure to keep it locked at The Sole Supplier for the latest and greatest news in the sneaker community!