Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Retail Design & New Openings

  • Home
  • Retail Design & New Openings
  • Farfetch gears up for fashion store of the future

Farfetch gears up for fashion store of the future

  • Categories Retail Design & New Openings
  • Date February 1, 2018
  • Comments 0 comment

Farfetch, long tipped for a stock market listing, runs an online marketplace allowing people to buy luxury clothes or accessories from more than 700 brands and boutiques worldwide.

After buying London boutique Browns in 2015, Farfetch is also working on technology that allows customers to flag a wish list of items via their phones when they stroll into a store, or even tell assistants that they are not feeling chatty.

Portuguese CEO and founder Jose Neves, who previously started a shoe brand, said Farfetch is trialling such services and will start adapting them for other brands or boutiques.

“The plan is to this year start rolling out very selectively to other partners,” Neves said in an interview. “We think it’s a tremendous opportunity and it’s actually inevitable. Retail shops still operate in the 80s.”

Luxury goods firms including industry leaders like Louis Vuitton owner LVMH or Gucci parent Kering have recently made a big push to sell their wares online, launching and revamping e-commerce sites for various labels.

Cartier owner Richemont last week said it would bid for full control of Farfetch’s larger rival, luxury retailer Yoox Net-A-Porter, as it tries to do more on the web.
Unlike Yoox, Farfetch does not have to stock inventory.

Online sales of high-end items such as shoes, clothing, jewellery, perfumes and handbags should rise to at least a fifth of the luxury goods market by 2025 from 8 percent in 2016, consultants McKinsey said in a report this week.

Neves did not disclose how much Farfetch was investing in technology, and declined to comment on when the firm would turn a profit or potentially float.

Farfetch doubled its pool of engineers to just under 1,000 between 2016 and 2017 – out of a total staff of 2,000 – and expects that figure to reach around 1,600 this year, with some 90 engineers working on the “store of the future”, up from 60 now, Neves said.

According to the latest available UK filings, Farfetch revenues increased by 74 percent in 2016 to 151.3 million pounds ($215 million), while net losses widened, to 34 million pounds.

Neves said in late 2016 that a flotation could be on the cards in two or three years, while investment banks have recently been pitching to work on a possible U.S. listing, two sources familiar with the matter told Reuters this week.

A fundraising round in 2016 valued the firm at around $1.5 billion. China’s second-biggest e-commerce site, JD.com, has since invested in and partnered with Farfetch.

http://hk.fashionnetwork.com/news/Farfetch-gears-up-for-fashion-store-of-the-future,942696.html#utm_source=newsletter&utm_medium=email

  • Share:
gsiino

Previous post

Walmart in talks to buy minority stake in India's Flipkart
February 1, 2018

Next post

Brand Finance Global 2017
February 1, 2018

You may also like

mangoteen
Mango Teen opens new store in Barcelona
27 July, 2022
solana
Crypto project Solana is opening a store in NYC. Take a look inside
27 July, 2022
aldi-new-store-trigo
Trigo, ALDI Nord Open Netherlands’s First AI-Powered Frictionless Supermarket
19 July, 2022

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

Mango Teen opens new store in Barcelona
27Jul2022
Crypto project Solana is opening a store in NYC. Take a look inside
27Jul2022
Co-op extends robot deliveries to Bedford
25Jul2022
Health deal shows how Amazon keeps ahead of regulators and rivals
22Jul2022
Retail Media Arms for Walmart and Kohl’s Get Major Boost
22Jul2022

Twitter:

GRA_World Follow

An association made up and dedicated to the retail industry world's leading companies. Become a member today!

Gra_World
Retweet on Twitter GRA_World Retweeted
meshaalbomairh Meshaal Bin Omairh @meshaalbomairh ·
19 May

Very happy to announce that I am now a member of the GRA, one of the world’s most important associations for #retail industry leaders.
يسعدني جدًا أن أعلن أنني أصبحت عضوًا في GRA ، وهي واحدة من أهم الجمعيات في العالم لقادة صناعة البيع بالتجزئة: https://twitter.com/Gra_World/status/1526975525411033089

gra_world GRA_World @gra_world ·
20 May

🚀Los invitamos al próximo #webinar #GRA donde un panel de líderes de #Latinoamerica van a compartir tendencias, experiencia y el futuro de #Marketplaces✍🏻: https://bit.ly/3yNggfI

Load More...

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy