{"id":2652,"date":"2018-10-23T10:03:02","date_gmt":"2018-10-23T04:33:02","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=2652"},"modified":"2024-05-17T12:29:15","modified_gmt":"2024-05-17T06:59:15","slug":"farfetch-luxury-fashions-next-frontier","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/","title":{"rendered":"Brand Insight: Farfetch &#8211; Luxury Fashion\u2019s Next Frontier"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f84bb7eafc6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f84bb7eafc6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#%e2%80%9cim-not-the-best-in-the-world-at-fashion-and-im-not-the-best-in-the-world-at-technology%e2%80%94but-realistically-its-very-rare-to-find-people-who-understand-both-of-those-worlds%e2%80%9d-says-farfetch-ceo-and-founder-jose-neves\" title=\"&#8220;I&#8217;m not the best in the world at fashion, and I&#8217;m not the best in the world at technology\u2014but, realistically, it&#8217;s very rare to find people who understand both of those worlds,&#8221; says Farfetch CEO and founder Jose Neves.\">&#8220;I&#8217;m not the best in the world at fashion, and I&#8217;m not the best in the world at technology\u2014but, realistically, it&#8217;s very rare to find people who understand both of those worlds,&#8221; says Farfetch CEO and founder Jose Neves.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#early-days-and-how-farfetch-created-a-21st-century-business-model\" title=\"Early Days, And How Farfetch Created A 21St Century Business Model\">Early Days, And How Farfetch Created A 21St Century Business Model<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#the-brave-new-world-of-platform-businesses\" title=\"The Brave, New World Of Platform Businesses\">The Brave, New World Of Platform Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#farfetch-in-a-broader-context\" title=\"Farfetch in a broader context\">Farfetch in a broader context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#strategic-partnerships-catapult-farfetch-ahead\" title=\"Strategic partnerships catapult Farfetch ahead\">Strategic partnerships catapult Farfetch ahead<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.vue.ai\/blog\/leaders-in-retail\/farfetch-luxury-fashions-next-frontier\/#the-path-to-profitability-is-through-technology\" title=\"The path to profitability is through technology\">The path to profitability is through technology<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><span style=\"font-weight: 400;\">Farfetch is more than just a luxury fashion marketplace. It\u2019s on its way to becoming a luxury-retail-as-a-service company powered by technology, data and innovation. Its IPO announcement comes at a time when the definition of luxury is being reshaped by the disruptive impact of technology and rapidly changing consumer mindsets. For a company that\u2019s never turned a profit, its valuation of more than $8 billion is a big price tag. After making its promising debut on the New York Stock Exchange on September 21, Farfetch has, undoubtedly, gone from start-up darling to being luxury fashion\u2019s next frontier.<\/span><\/p>\n<figure id=\"attachment_2666\" aria-describedby=\"caption-attachment-2666\" style=\"width: 499px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2666\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-22-at-11.12.17-PM-300x201.png\" alt=\"Farfetch: Luxury Fashion\u2019s Next Frontier\" width=\"499\" height=\"334\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-22-at-11.12.17-PM-300x201.png 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-22-at-11.12.17-PM-768x514.png 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-22-at-11.12.17-PM.png 960w\" sizes=\"(max-width: 499px) 100vw, 499px\" \/><figcaption id=\"caption-attachment-2666\" class=\"wp-caption-text\">Source: www.forbes.com<br \/>Photographer: Luke MacGregor\/Bloomberg<\/figcaption><\/figure>\n<blockquote>\n<h3><span class=\"ez-toc-section\" id=\"%e2%80%9cim-not-the-best-in-the-world-at-fashion-and-im-not-the-best-in-the-world-at-technology%e2%80%94but-realistically-its-very-rare-to-find-people-who-understand-both-of-those-worlds%e2%80%9d-says-farfetch-ceo-and-founder-jose-neves\"><\/span><em><span style=\"font-weight: 400;\">&#8220;I&#8217;m not the best in the world at fashion, and I&#8217;m not the best in the world at technology\u2014but, realistically, it&#8217;s very rare to find people who understand both of those worlds,&#8221; <\/span><a href=\"https:\/\/www.wired.co.uk\/article\/lessons-in-entrepreneurship-jose-neves-ceo-and-founder-farfetch\"><span style=\"font-weight: 400;\">says<\/span><\/a><span style=\"font-weight: 400;\"> Farfetch CEO and founder Jose Neves.<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Neves\u2019 aspirations have shaped Farfetch\u2019s journey from being a startup to being a technology powerhouse that\u2019s disrupting the luxury fashion industry. Farfetch\u2019s ambitious IPO announcement holds promise because in its own words \u201cit\u2019s redefining how fashion is bought and sold through technology, data and innovation.\u201d The company in the past decade has made significant investments in technology, infrastructure, people and relationships, to become a trusted partner to luxury brands and retailers alike.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though it started off as a luxury fashion platform, it has its eyes now set on building retail experiences of the future. Today, it\u2019s successfully created a community of <\/span><a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2018\/08\/21\/why-farfetch-is-worth-6b-in-its-pending-ipo\/#97098282765f\"><span style=\"font-weight: 400;\">2.3 million customers<\/span><\/a><span style=\"font-weight: 400;\">, 614 retailers and 375 luxury brands in 190 countries because of its founder\u2019s singular goal: to create something that could change the world.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"early-days-and-how-farfetch-created-a-21st-century-business-model\"><\/span>Early Days, And How Farfetch Created A 21St Century Business Model<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px;\">Born in Porto, Portugal, Jose Neves aspired to be an astronaut. But a lonely childhood drove him to explore the unfashionable world of computer programming at the age of 8. Technology fascinated him to no end, and somewhere deep down he knew that it was going to change the world.<\/span><\/p>\n<figure id=\"attachment_2657\" aria-describedby=\"caption-attachment-2657\" style=\"width: 500px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2657\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.02.55-PM-300x198.png\" alt=\"Jos\u00e9 Neves photographed by WIRED at Farfetch's headquarters in London\" width=\"500\" height=\"330\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.02.55-PM-300x198.png 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.02.55-PM-768x507.png 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.02.55-PM.png 805w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption id=\"caption-attachment-2657\" class=\"wp-caption-text\">Jos\u00e9 Neves photographed by WIRED at Farfetch&#8217;s headquarters in London<br \/>Credit: Andrew Woffinden<br \/>Source: www.wired.co.uk<\/figcaption><\/figure>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;If you don&#8217;t love what you do, you&#8217;ll probably fail. When I started programming, my first customers were fashion businesses. I thought, &#8216;This is a very cool, creative, interesting, international industry.&#8217; I fell in love,&#8221; <\/span><a href=\"https:\/\/www.wired.co.uk\/article\/lessons-in-entrepreneurship-jose-neves-ceo-and-founder-farfetch\"><span style=\"font-weight: 400;\">says<\/span><\/a><span style=\"font-weight: 400;\"> Neves, <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">who only decided to launch a men\u2019s shoe brand Swear in 1996 because his grandfather had owned a shoe factory back in Portugal. His brand sold to other shops. And sometime after the recession in 2008, Neves realized that the only boutiques that were successful were the ones that were selling online. And that\u2019s when the idea for Farfetch was born. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike its online luxury fashion rivals that it\u2019s often compared to\u2014Yoox Net-a-Porter and Matches Fashion\u2014Farfetch\u2019s business model is such that it\u2019s completely dependent on old-fashioned brick-and-mortar retailers for its inventory. Farfetch\u2019s appeal lies in the fact that it doesn\u2019t own the inventory it sells on its website. Instead, it helps luxury fashion brands like Gucci, Dolce &amp; Gabbana, Alexander McQueen and Tiffany sell their stock. The benefits? Farfetch is spared from the complexities of inventory management, which includes tackling unsold merchandise and overhead. Farfetch\u2019s revenues only come once an exchange is made.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cI was a shopkeeper, I saw how magical physical retailing can be when you have the interior decoration right, the products, the staff, the level of service, the music \u2013 it all creates an experience that cannot be repeated online,\u201d <\/span><a href=\"https:\/\/www.telegraph.co.uk\/business\/2017\/08\/28\/farfetch-boss-jose-neves-magic-bricks-and-mortar-shops-will\/\"><span style=\"font-weight: 400;\">Neves said<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Touted as a trailblazer in the field of building an e-commerce marketplace for the luxury fashion and luxury goods industries, Farfetch <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1740915\/000119312518252315\/d532260df1.htm\"><span style=\"font-weight: 400;\">said in its SEC filing<\/span><\/a><span style=\"font-weight: 400;\"> it has <\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201creal-time inventory data, global behavioral and transactional data and pricing data for over 335,000 SKUs (unique units) from more than 3,200 different brands&#8221; <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">on its marketplace at the end of June 2018.\u00a0<\/span><span style=\"font-weight: 400;\">The company\u2019s network includes 700 handpicked fashion boutiques located in 40 countries, including Mexico, Finland, and Japan. Shoppers can easily shop across the globe for an item, say a designer bracelet by Salvatore Ferragamo, and have it delivered to them hassle-free as Farfetch takes care of currencies, foreign exchange and duty.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cWe operate in real-time in the same way that you can search for reservations at restaurants that have availability at 9pm that evening on OpenTable. And then we have the logistics and the deliveries to get the food, or clothes to you, like Deliveroo,\u201d \u00a0Neves <\/span><a href=\"https:\/\/www.telegraph.co.uk\/business\/2017\/08\/28\/farfetch-boss-jose-neves-magic-bricks-and-mortar-shops-will\/\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">All of this as a result of the company\u2019s technology, which tracks the boutiques in its network that are selling both in store and online; this means, you as a shopper should never have to see the frustrating \u201csold out\u201d message when you want to buy an item.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-brave-new-world-of-platform-businesses\"><\/span>The Brave, New World Of Platform Businesses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now though Macy\u2019s can boast of revenues nearly 60 times greater than those of Farfetch, it is, what Alex Moazed describes as, a \u201c<\/span><i style=\"font-size: 16px;\"><span style=\"font-weight: 400;\">linear company<\/span><\/i><span style=\"font-weight: 400;\">\u201d. Essentially, Macy\u2019s owns the inventory that shows up on its balance sheet. Farfetch, on the other hand, has a platform-based business model, which means it creates value by connecting retailers, brands and consumers so that meaningful exchanges can be made.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cPlatforms don\u2019t, to use a common phrase, own the means of production\u2014instead, they create the means of connection,\u201d <\/span><a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2018\/08\/21\/why-farfetch-is-worth-6b-in-its-pending-ipo\/#49602c5f2765\"><span style=\"font-weight: 400;\">revealed Moazed<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">who\u2019s the co-author of <\/span><i><span style=\"font-weight: 400;\">Modern Monopolies: What It Takes to Dominate the 21st Century Economy. <\/span><\/i><span style=\"font-weight: 400;\">Companies like Netflix, for example, are linear companies; they\u2019re not platform businesses. Netflix owns or licenses its content.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, it\u2019s not at all farfetched to compare Farfetch to the Ubers, eBays and Amazons of the world that are hugely successful platform businesses themselves. Platform models create value for the entire network. And, according to Moazed such businesses perform well both in the short and long term. Platform businesses experience better return on capital, larger profit margins and faster growth. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moazed states that by 2020, platforms will make up 5% of the overall S&amp;P 500 (i.e. 5% of the total number of companies). He <\/span><a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2018\/08\/21\/why-farfetch-is-worth-6b-in-its-pending-ipo\/#27b73ed92765\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> platforms could comprise the majority of the top valuations in that list in the next five to ten years.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cFarfetch is benefitting from being at the crossroads of two extremely highly valued industries: luxury and online marketplaces,\u201d <\/span><a href=\"https:\/\/www.glossy.co\/fashion\/its-the-amazon-approach-post-ipo-farfetchs-path-to-profitability\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> Adrien Nussenbaum, <\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">the CEO and co-founder of Mirakl, a retail marketplace platform. <\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cAs a result, it\u2019s being valued at the same multiples of the Amazons and Alibabas of the world. At some point, investors will want to see profitability, but with marketplaces, investors have proven to be patient with profitability.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Interestingly, massive companies like LVMH should have been first movers in platforms, but not having embraced the idea of a platform model makes them lose out on a huge competitive advantage. For Yoox Net-a-Porter, too, that\u2019s often been pitted against Farfetch, it\u2019s been <\/span><a href=\"http:\/\/www.thefashionlaw.com\/home\/in-the-rivalry-between-farfetch-net-a-porter-which-e-commerce-giant-is-the-better-bet\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\">, \u201cNet-a-Porter risks being left behind by the industry\u2019s changes when it comes to technological advances in the industry and luxury brands\u2019 strategies.\u201d<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"farfetch-in-a-broader-context\"><\/span><b>Farfetch in a broader context<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><em><span style=\"font-weight: 400;\">\u201cLuxury is in the midst of a metamorphosis. While luxury once meant the most expensive or the most well known product or experience, it\u2019s now become a way of being or moving throughout the world,\u201d <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">&#8211; <\/span><a href=\"https:\/\/skift.com\/2018\/01\/30\/the-definition-of-luxury-is-being-reshaped-by-changing-consumer-behavior\/\"><span style=\"font-weight: 400;\">Samantha Shankman<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/em><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Technology\u2019s exponential growth is having an influencing impact on societal norms, cultural beliefs\u2014and the very notions of luxury. Changing consumer values and preferences accompanied by the changes in mindsets, globalization, and the disruptive power of technology are shaping the luxury industry. The next generation of luxury customers has a much broader, multidimensional perspective on what luxury and quality can be.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe global luxury market is evolving, driven by an accelerating shift of consumers to online discovery and purchase, the increasing importance of millennials and the growth of luxury consumption in China and other emerging markets. We connect a global consumer base to the highly fragmented supply of luxury fashion, and we have established ourselves as the innovation partner to the luxury industry,\u201d <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1740915\/000119312518252315\/d532260df1.htm\"><span style=\"font-weight: 400;\">reveals Farfetch in its SEC filing<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Farfetch found itself in the unique position of working with boutiques and fashion houses that had yet to establish any kind of online commerce profile of their own. So by leveraging its scale and reach it was able to create a high-end experience for people worldwide. It tapped into this opportunity at a time when two things were happening.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, we were <\/span><a href=\"https:\/\/techcrunch.com\/2018\/08\/20\/farfetch-files-for-ipo-to-trade-on-nyse-as-ftch-has-nearly-1b-active-users-of-its-luxury-goods-marketplace\/\"><span style=\"font-weight: 400;\">witnessing the e-commerce revolution<\/span><\/a><span style=\"font-weight: 400;\"> where even luxury customers wanted to shop day in, day out, and complement their physical store experience with digital shopping. Second, a number of less mature economies have been on the rise; this has created a new segment of wealthy buyers, who may not reside in urban centers that many fashion houses call their homes. In this context, Farfetch came to their rescue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through initiatives like 90-minute delivery, personalized recommendations, and white-glove concierge service, Farfetch is shaping the way the next generation of luxury customers shop. Its service F90, in partnership with Gucci, delivers select Gucci styles in 90 minutes and <\/span><a href=\"https:\/\/www.farfetch.com\/in\/editorial\/gucci-in-90-minutes.aspx\"><span style=\"font-weight: 400;\">is available in 10 cities globally<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<blockquote><p><em><span style=\"font-weight: 400;\">\u201cIn a lot of ways, it\u2019s the Amazon approach: Don\u2019t focus on inventory. Focus on customer experience, data capturing and perfecting the marketplace model,\u201d <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">Nussenbaum <\/span><a href=\"https:\/\/www.glossy.co\/fashion\/its-the-amazon-approach-post-ipo-farfetchs-path-to-profitability\"><span style=\"font-weight: 400;\">added<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/em><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The company competes in the personal luxury goods market, which Bain &amp; Company predicts will be a $446 billion market by 2025! Revenues in 2017 exceeded $386 million, and sales through the first half of 2018 are running 55% ahead of last. That\u2019s impressive.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cAs of June 30, 2018, we had 1,118,047 active consumers, up from 796,297 as of June 30, 2017,\u201d <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1740915\/000119312518252315\/d532260df1.htm\"><span style=\"font-weight: 400;\">the company brags<\/span><\/a><span style=\"font-weight: 400;\">\u2014with good reason.<\/span><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"strategic-partnerships-catapult-farfetch-ahead\"><\/span><b>Strategic partnerships catapult Farfetch ahead<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The company has navigated global expansion nimbly: It\u2019s inked deals with Chalhoub Group in the Middle East and JD.com in China to bolster its distribution, offerings and capabilities. Last year, Farfetch forged a new strategic partnership with Cond\u00e9 Nast after it acquired\u00a0Style.com&#8217;s\u00a0trademark, intellectual property and customer database. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">JD.com, China\u2019s second-largest e-commerce company after Alibaba pumped nearly $400 million into\u00a0Farfetch in 2017; this strategic alliance with JD.com gave the luxury fashion platform access to JD.com\u2019s wide logistics network, social media resources (i.e. WeChat), big data and online payment and consumer microcredit tools. That\u2019s not all. It gained access to 270 million Chinese consumers who shop on JD.com plus a mind-boggling 900 million users on WeChat, owned by JD\u2019s majority shareholder Tencent. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This partnership has helped Farfetch stake its territory in China, and has fueled its ambitions of being more than just a luxury e-retailer.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-path-to-profitability-is-through-technology\"><\/span><b>The path to profitability is through technology<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cIf you piece it all together, Farfetch is in a position to replace wholesale, at its most ambitious,\u201d <\/span><a href=\"https:\/\/www.glossy.co\/fashion\/its-the-amazon-approach-post-ipo-farfetchs-path-to-profitability\"><span style=\"font-weight: 400;\">said Thomas Sineau, retail analyst at CB Insights<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIt\u2019s an intermediary retailer brands can use to raise awareness and reach, as well as improve their own direct channels. To justify its valuation, you would have to believe that Farfetch is more than a luxury marketplace: that it\u2019s a company with a high level of proprietary technology. Otherwise, you run the risk of having third-party technology providers also working with a bunch of similar companies.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Farfetch\u2019s fashion marketplace is truly the tip of the iceberg. Its powerful technology offerings are propelling the future of luxury fashion. Its team of 631 engineers and data scientists is investing in the data technology, including machine learning and algorithms that inform its marketing and e-commerce decisions. This data is then fed back to brand partners so that Farfetch is positioned as an invaluable source of customer insight. It\u2019s also aggressively investing in technology that has the potential to change the way people shop both online and in stores, like augmented reality and <a href=\"https:\/\/www.vue.ai\/solutions\/ai-personalization-engine\/\">personalization<\/a> capabilities.<\/span><\/p>\n<figure id=\"attachment_2660\" aria-describedby=\"caption-attachment-2660\" style=\"width: 501px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2660\" src=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.20.27-PM-300x167.png\" alt=\"Farfetch: Luxury Fashion\u2019s Next Frontier\" width=\"501\" height=\"279\" srcset=\"https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.20.27-PM-300x167.png 300w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.20.27-PM-768x428.png 768w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.20.27-PM-1024x571.png 1024w, https:\/\/www.vue.ai\/blog\/wp-content\/uploads\/2018\/10\/Screen-Shot-2018-10-18-at-7.20.27-PM.png 1102w\" sizes=\"(max-width: 501px) 100vw, 501px\" \/><figcaption id=\"caption-attachment-2660\" class=\"wp-caption-text\">Source: aboutfarfetch.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Therefore, the road to profitability for it could start with building technology solutions for other fashion companies. Its robust offerings include: <\/span><i><span style=\"font-weight: 400;\">Farfetch Black &amp; White<\/span><\/i><span style=\"font-weight: 400;\"> e-commerce management platform; and <\/span><i><span style=\"font-weight: 400;\">Farfetch Store of the Future<\/span><\/i><span style=\"font-weight: 400;\">, an in-store technology platform, which is being used most notably by Chanel. <\/span><i><span style=\"font-weight: 400;\">Store of the Future<\/span><\/i><span style=\"font-weight: 400;\"> could prove to be one of Farfetch\u2019s most crucial moves yet. As luxury e-commerce booms, the portion of purchases that happen online is <\/span><a href=\"https:\/\/www.forbes.com\/sites\/pamdanziger\/2018\/08\/21\/why-farfetch-is-worth-6b-in-its-pending-ipo\/#27b73ed92765\"><span style=\"font-weight: 400;\">expected to rise to 25%<\/span><\/a> <span style=\"font-weight: 400;\">by 2025<\/span> <span style=\"font-weight: 400;\">from about 9% in 2017. This means that for the foreseeable future, the vast majority of purchases will still take place in physical stores.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Store of the Future <\/span><\/i><span style=\"font-weight: 400;\">is a suite <\/span><span style=\"font-weight: 400;\">of technologies, which aims to improve retail productivity by capturing consumer data and enhancing interactions between shoppers and sales associates, both in store and online. The open innovation approach to its operating system means brands and retailers both can also use third-party technologies on its platform. Thus, every brand or retailer can create a customized offering keeping its in-store and online strategy intact. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In February 2018, Farfetch announced an exclusive multi-year global innovation partnership with Chanel, through which it will collaborate to develop a range of digital initiatives to deliver a superior consumer experience both online and offline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a number of lessons embedded throughout Farfetch\u2019s 10-year long journey to becoming a technology company, for other luxury retailers. Farfetch\u2019s success story all began with Jose Neves wanting to transform the world through technology. It took vision, an unending hunger for innovation, and a deep view of how consumers are evolving to redefine the future of luxury fashion retail.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to companies like Farfetch, we see a future of fashion that brings together the magic of the physical store experience and the ease of online and digital shopping, underpinned by data and AI. The 2.3 million affluent shoppers Farfetch has cultivated have an appetite that extends far beyond fashion. We see great possibilities for the company in the future. Its love for technology is the key to that success.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">9<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Farfetch is more than just a luxury fashion marketplace. It\u2019s on its way to becoming a luxury-retail-as-a-service company powered by technology, data and innovation. Its IPO announcement comes at a time when the definition of luxury is being reshaped by the disruptive impact of technology and rapidly changing consumer mindsets. For a company that\u2019s never  &#8230;<\/p>\n","protected":false},"author":23,"featured_media":2665,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1160,1522],"tags":[164,106,150],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brand Insight: Farfetch - Luxury Fashion\u2019s Next Frontier | Vue.ai Blog<\/title>\n<meta name=\"description\" content=\"Farfetch\u2019s appeal lies in the fact that it doesn\u2019t own the inventory it sells on its website. 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