Farfetch Continue Digital Takeover
Farfetch, the online fashion retail platform connecting 190 countries with over 700 boutiques and brands, has recently struck a partnership deal with Chanel, just weeks after being linked with Burberry.
In an undisclosed deal, Chanel will be investing in Farfetch’s Augmented Retail programme to deploy its new operating system in order to enhance its boutique experience. However, the partnership between the pair does not mean the luxury French label is ready to start selling ready-to-wear merchandise on the platform; “We are not starting to sell Chanel on the Farfetch marketplace — I want to be very clear on that,” Chanel’s fashion president Bruno Pavlovsky said. “Our position on ecommerce is the same. We want to connect our customers with our product and our boutiques are the best way to do so. “We are very consistent in our strategy, but we are using Farfetch’s know-how to accelerate this.”
The deal is the latest of many moves made by Farfetch recently. Only last week, the London-based online retailer announced a new partnership with Burberry in a deal extending its products online to over 150 countries; allowing the first time for the luxury label to have its entire global inventory available for ecommerce buying. The British design house also recently worked with Farfetch to execute their “show to door” London delivery service for the 24 hours after Burberry’s AW18 collection debut, at London Fashion Week.
Prior to this, Farfetch announced partnerships with JD.com, Conde Naste’s Style.com and a revolutionary 90-minute delivery service with Gucci. Partnerships aren’t the only thing on the companies mind with plans to float on the New York Stock Exchange with initial valuations of $5 billion (£3.59 billion).
Farfetch founder and chief executive José Neves said, “The mission of Farfetch is to reinvent the luxury shopping experience online as well as offline. Fashion cannot be digitised like music. The physical experience is going to continue to be where the majority of the action takes place.”