Farfetch launches BEAT, a new weekly global drop strategy
Farfetch is launching a weekly global drop strategy titled BEAT. The online luxury marketplace will use the initiative to showcase its vast portfolio of boutiques, partner brands and new acquisitions including Opening Ceremony, Stadium Goods and New Guards Group.
The aim of the new drop strategy is to bring exclusive fashion, limited edition ranges, streetwear and trainers to consumers worldwide.
The drops will go live on the luxury etailer's app every Wednesday in all of Farfetch's markets, with some drops expected to be available through its group of boutiques in the future.
Chief Customer Officer at Farfetch, Stephanie Phair said: “Many luxury brands are evolving their strategies and we expect an even greater shift in the industry, away from traditional cycles to a drop model."
Farfetch said that BEAT has been set up by its Chief Brand Officer, Holli Rogers in order “to curate the best product for Beat” and “bring together an incredible, global group of industry tastemakers and culture-definers”.
Rogers will be joined in BEAT by New Guards Group’s Chief Marketing Officer Cristiano Fagnani, Co-Creative Directors of Opening Ceremony Carol Lim and Humberto Leon, Stadium Goods’ Chief Executive John McPheters and Browns’ Buying Director, Ida Petersson.
The luxury marketplace said: “Together, they bring some the of the industry’s deepest experience in spotting, launching and nurturing fashion brands and product, and have created some of the strongest culture-defining moments in fashion". Farfetch added that new members will join the strategy “either as guest creatives or as permanent members”.
The online luxury retailer continued to say its new strategy “forms a part of the company’s overall brand positioning, Only On Farfetch, which highlights a unique ability to give luxury customers access to products, brands, services and a community of the best curators in the world through its boutique network, which can’t be found elsewhere in luxury fashion”.
There has been a growing trend in luxury retailers and etailers collaborating with different brand and designers to create exclusive collections. Limited-edition ranges formed by such partnerships between different retailers has resulted in brands needing to fulfil a growing demand for "newness", most commonly sought amongst Generation Z consumers.