E-commerce platform Farfetch has built an enviable digital global business, partnering with brands and retailers who want a broader digital retail reach. With offices in 11 cities, luxury-focused Farfetch connects hundreds of brands as well as over 500 independent upscale boutiques around the world to consumers across 190 countries.
In recent news, high-end British department store Harvey Nichols is the first retailer of its kind to sign onto the platform, underscoring Farfetch’s potential for larger partners as well. Harvey Nichols will start selling its accessories and ready to wear through Farfetch’s platform the second half of this year. Harvey Nichols currently only does 10% of its sales online, and aims to use the Farfetch relationship to grow its online presence. According to Reuters, the companies will “explore additional retail and technology initiatives” in the United Kingdom.
The Harvey Nichols deal is just the latest international partnership news for Farfetch as it marches toward an IPO this year (estimated by Financial Times to be worth £4bn, or $5.5 billion in U.S dollars). French fashion house Chanel took a stake in Farfetch shortly after British fashion house Burberry partnered with the digital platform.
Unlike most online retailers, Farfetch doesn’t actually stock inventory, but rather acts as a connector. After consumers purchase items through the Farfetch platform, participating brands and boutiques ship their respective merchandise directly to consumers.
Harvey Nichols’ commitment to embracing cutting-edge digital technology, to create a model of the future,” said Sir Dickson Poon, Chairman and Owner of Harvey Nichols, in a statement. “We are delighted to be working with Farfetch, given its clear expertise in digital, and look forward to exploring where we can take this partnership in years to come. Harvey Nichols’ curation of the world’s best-loved brands will now be available all over the world.”