Luxury online fashion marketplace and technology platform Farfetch sells products from over 700 designer global boutiques and brands. Founded in 2007 by Portuguese entrepreneur José Neves with headquarters in London, the platform has grown to operate offices in 11 cities and offer mobile apps and dedicated websites in 10 languages. It employs over 3,000 staff. Farfetch has established itself as a technological powerhouse. In 2017, it launched a beta version of its augmented retail store in two locations, partnering with Browns in London and Thom Browne in New York. The store features RFID-enabled racks to populate an online wish list, digital mirrors and facial recognition to create a single view of the customer. Farfetch differentiates itself from rivals Yoox Net-a-Porter and Matchesfashion by positioning itself as a technology company rather than a retailer, as it does not hold any of its own stock. Instead, Farfetch connects bricks-and-mortar stores with little online presence to global customers, leveraging its technology to help day-to-day operations.
Farfetch has achieved its first-ever positive EBITDA despite a tough year for fashion retailers.
Just a few months before Marks & Spencer reported its first loss as a public company, Farfetch disclosed a quarterly loss of a much greater magnitude than M&S’ £88m.
Farfetch has suffered widening losses during its third quarter despite a spike in sales.
Ecommerce giant Alibaba and luxury goods powerhouse Richemont are to invest in upscale online retailer Farfetch as the trio launch a Chinese partnership.
Chinese goliath Alibaba is in talks to invest $300m (£231m) in luxury fashion platform Farfetch.
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