Farfetch Fashion Providers Targeting China Market

Recently, London's fashion platform Farfetch has introduced a new round of financing. Farfetch also said that the Chinese market is huge and will aim at the Chinese market to implement a series of activities.

Farfetch did not disclose the specific listing process.

As early as last March, the $86 million financing of DST Global led the Farfetch valuation to nearly $one billion.

The unicorn company in the electricity business area (in the business world, the unicorn usually refers to a start-up company valued at $1 billion).

Founded in 2008, Farfetch is full of "designer elements": its founder and CEO Jos e Neves is a designer origin; on the platform, there are more than 400 fashion buyer shops from all over the world, covering more than 1500 designer brands; the company has a team of 20 people responsible for finding buyers and cooperative brands that meet the platform tonality around the world; the buyer's shop of the platform is famous for its avant-garde style, unique fashion quality and diversified brand designers.

In 2015, Farfetch also attracted Alexander McQueen, Burberry, Chlo, Dolce&Gabbana and other luxury brands to enter the platform retail.

Farfetch provides service for photographing, paying, negotiating freight and so on to the buyer's shop in the platform, and the stock is resolved by the store itself.

The average price of Farfetch is $650, and the platform will charge two digit Commission for each paction.

Even so, Farfetch has yet to make profits.

The mobile app Farfetch Discover launched by Farfetch is different from the homepage shopping website. It pays more attention to content and provides "travel and shopping suggestions". Its built-in Google map navigation can directly guide users to recommend boutiques, restaurants, bars, famous places, etc.

Farfetch also attaches great importance to the all channel strategy.

In May last year, Farfetch bought Browns, a London boutique, trying to develop and try new retail and multi-channel development strategies.

Jos e Neves said, "we are living in a world of continuous switching online and offline, so the companies that integrate the physical retail and digital retail will become the industry winners, and we are striving to become such companies."

Farfetch official data show that in 2015, Farfetch

Over 500 million US dollars, an increase of 70% over the previous year, of which Asia Pacific accounts for 26% of Farfetch global pactions, while the Chinese market accounts for 12%.

Jos e Neves has also mentioned many times that it will further expand the Asia Pacific market, including China.

The huge number of Chinese consumers in the consumer market is a good opportunity for Farfetch to miss.

In October 2014, Farfetch's Chinese website was online.

In 2015, during the double 11 period, Farfetch also customised double eleven activities for luxury consumers in the Chinese market. This preferential service series includes 22% OFF ex gratia service implemented in November 11th.

Farfetch China Marketing Director Xiong Jie previously accepted the "curiosity daily" interview, said that Farfetch customers are often returnees, highly educated, not blind, the best sales are Givenchy, Dolce&Gabanna, Valentino and other non "bursting" luxury brands, women occupy the majority, the old customers repeat the average purchase rate of 4 times.

And participating in double 11 is hoping to expand the market and let more consumers understand Farfetch.

Speaking of the new round of $110 million financing, Farfetch official said it will continue to improve the technology platform and consolidate and expand the Asia Pacific market in China and Japan.

Jos Neves accepts the interview with The Business of Fashion, also said: "new investors, such as Temasek, have great influence in Southeast Asia and invest in all important Internet companies in Asia. The same is true for IDG capital, which is definitely a strategic move for Jos.

These investors know that all important competitors can build partnerships faster, recruit talents and provide insights.

It looks like Farfetch is ambitious. They will keep an eye on it.

It is trying to find more room to play in China's users with increasing volume and power consumption.