Farfetch China has acquired JD.com’s luxury fashion platform Toplife for $50m, terming it a “win-win collaboration”.
Under the agreement, Farfetch will gain access to the JD.com app and its 300 million customers, with which it can target the more than 1,000 luxury brand and boutique partners that make up its network.
The strategic partnership builds on the already established relationship between the two, which started in July 2017. JD is now one of Farfetch’s largest shareholders.
The partnership allows Farfetch insight into the luxury brand consumer in China as well as leveraging JD.com’s logistics capabilities.
JD.com chief strategy officer Jon Liao said: “This win-win collaboration is a key development in our ongoing relationship with Farfetch. We are combining the best of global and local market expertise in the luxury segment.
“This is an important step for JD.com in developing its global fashion and luxury ecosystem. In just over a year of operation, Toplife has worked with many of the world’s top brands and has grown to become the platform of choice among China’s discerning luxury consumers and brands.
“Luxury is an integral part of our fashion offering, and we are excited to work together with Farfetch to create the ultimate destination for luxury shopping in China.”