The luxury giant boasts more than 2.3 million transactions through its online marketplace.

Farfetch U.K. Ltd. is taking its luxury apparel marketplace to Wall Street. The British company, No. 24 in the Internet Retailer 2018 Online Marketplaces database, filed paperwork for its initial public offering this week as the online luxury apparel market continues to grow.

Gross merchandise value, or the cumulative price of goods sold through the online marketplace, hit $909.8 million in 2017, a 55.3% rise over the $585.8 million GMV of 2016, according to the filing. That surpasses the median growth of 47.3% for all online apparel marketplaces in Internet Retailer’s estimate. Farfetch’s total revenue generated through online transactions rose 63.8% in 2017 to $296.4 million, but it has yet to generate a profit.

Beyond sales, the marketplace notes that active customers—those that made a purchase on the marketplace in the last 12 months—grew 43.6% to more than 935,000 from 652,000. The filing says 980 luxury sellers offer goods through the marketplace, with more than 5.7 million items available across 3,200 brands.

That growth attracted JD.com Inc. last year, when the Asian online retailer invested $397 million into the marketplace, helping Farfetch to expand its Chinese presence with the acquisition of a marketing firm, while also tapping into U.S. growth potential. JD will maintain its stake after the listing. Before this filing, Farfetch had raised a total of $721.5 million.

Farfetch ranked No. 2 in terms of gross merchandise value in the apparel marketplace category of Internet Retailer’s marketplace database, behind Wish. In addition to its online marketplace, Farfetch also owns bricks-and-mortar luxury goods boutique Browns, which sells online through the Farfetch platform. 

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Farfetch competes with other luxury sellers, such as Yoox Net-a-Porter, No. 20 in the Internet Retailer 2018 Top 1000, which was acquired by Richemont early this year for $3.3 billion. Another competitor, Moda Operandi (No. 403), completed a $165 million funding round last year.

The Internet Retailer 2017 Luxury E-commerce Report found that the top 93 global luxury sites grew an average of 17.5% in 2016.

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