Iconic London fashion boutique Browns has been sold to online fashion retailer Far Fetch.
Browns, a cornerstone of London’s fashion scene since 1970, has been acquired by Farfetch, a digital luxury retailer, recently valued at $1 billion dollars.
Browns was founded by Joan Burstein, with her late husband, Sidney. She will remain with the business as honorary chairwoman, while her son and daughter, will get seats on the board.
Browns was among the first to snap up John Galliano, along with Comme des Garçons and Ralph Lauren.
Farfetch, which was set up by José Neves, a Portuguese entrepreneur, is keen to diversify from being a purely online seller to offering click-and-collect services and to shops.