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A British fashion tech unicorn is plotting its $5bn float on the New York stock exchange

London-headquartered Farfetch is reportedly planning a floatation on the New York stock exchange that could value the company at $5bn (£3.9m).

According to Sky News, the luxury fashion retailer is looking to go public within 18 months and is close to appointing bankers to oversee its floatation.

The firm, which is one of the UK’s most valuable tech companies, is believed to be set on a New York listing but is still rumoured to be open to a London listing too, in what would be a major IPO when it eventually occurs.

Launched in 2008, the tech firm works with luxury and independent fashion brands to help them sell their wares online and it now employs 1,200 people across the world in countries including the US, UK and China.

The company has also raised significant amounts of funding, including a recent $110m funding round which valued the company at around $1.5bn and, despite not turning a profit, Farfetch has its sights set on becoming profitable within the next few years - something that will no doubt be foremost on the minds of potential shareholders.

In quotes reported by Sky News, Farfetch’s Chief Executive Officer, Jose Neves, said: “An IPO (initial public offering) is something we may consider in the future, but we are currently focusing on growing the business, with investors that fully support a business plan of investing to build THE technology platform for the global luxury industry.”