{"id":163314,"date":"2020-11-06T00:10:05","date_gmt":"2020-11-06T00:10:05","guid":{"rendered":"https:\/\/www.theindustry.fashion\/farfetch-alibaba-and-richemont-form-partnership-to-accelerate-the-digitisation-of-the-luxury-industry\/"},"modified":"2021-08-06T12:08:55","modified_gmt":"2021-08-06T12:08:55","slug":"farfetch-alibaba-and-richemont-form-partnership-to-accelerate-the-digitisation-of-the-luxury-industry","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/farfetch-alibaba-and-richemont-form-partnership-to-accelerate-the-digitisation-of-the-luxury-industry\/","title":{"rendered":"Farfetch, Alibaba and Richemont form partnership to \"accelerate the digitisation of the luxury industry\""},"content":{"rendered":"<p>Global online luxury platform Farfetch has confirmed a strategic partnership with Chinese e-commerce giant Alibaba and Swiss luxury conglomerate Richemont to provide brands with access to the Chinese market and to \"accelerate the digitisation of the luxury industry\".<\/p>\n<p><!--more--><\/p>\n<p>As part of the deal, Alibaba and Richemont (which is the parent of Yoox Net-A-Porter Group) <strong>will invest $300m each in Farfetch, the UK-based, New York listed business. <\/strong><\/p>\n<p>Farfetch will be <strong>launching luxury channels on Alibaba's Tmall Luxury Pavilion and Luxury Soho<\/strong> (an outlet destination within Tmall). The new channels will expand the reach of Farfetch\u2019s\u00a0global luxury platform to<strong> Alibaba\u2019s 757m consumers<\/strong>, offering luxury brands a multi-brand solution\u00a0through a single integration with Farfetch.<\/p>\n<p>This move will <strong>provide luxury labels with the opportunity to\u00a0elevate their brand awareness, while also significantly expanding their addressable market<\/strong> of luxury\u00a0consumers through their participation on Farfetch\u2019s global marketplace. For luxury consumers, this\u00a0provides multiple ways to shop either through the Farfetch integration, or\u00a0through the existing NET-A-PORTER integration on Tmall Luxury Pavilion.<\/p>\n<p>As well as the investment in Farfetch, <strong>Alibaba and Richemont will also invest $500m\u00a0($250m\u00a0each) in Farfetch China,<\/strong> taking a combined 25% stake in a new joint venture that will\u00a0include Farfetch\u2019s marketplace operations in the China region.<\/p>\n<p>In addition, Alibaba and Richemont <strong>have\u00a0an option to purchase a further combined 24% of Farfetch China<\/strong> after the third year of the joint\u00a0venture\u2019s formation. Alibaba and Richemont say they will also \"explore additional opportunities to work closely\u00a0with Farfetch to provide services to luxury brands\".<\/p>\n<p>Separately investor <strong>Artemis, which\u00a0is the controlling\u00a0shareholder of global luxury group Kering,\u00a0has also agreed to increase its existing investment<\/strong> in Farfetch with a $50m purchase of Farfetch\u2019s Class A ordinary shares.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Farfetch-Alibaba-Richemont-Global-Partnership-2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-158058\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Farfetch-Alibaba-Richemont-Global-Partnership-2.png\" alt=\"Farfetch Alibaba Richemont\" width=\"1125\" height=\"660\" \/><\/a><\/p>\n<p>As a result of the \u00a31.1bn deal Alibaba and Farfetch will be developing what they have dubbed the Luxury New Retail (or LNR) initiative, which will<strong> leverage the two companies'\u00a0omnichannel retail technologies,<\/strong>\u00a0to serve the needs of luxury businesses, including a full suite of\u00a0enterprise solutions powered by Farfetch.<\/p>\n<p>These solutions will serve both mono-brand and multi-brand\u00a0distribution strategies for luxury brands, including<strong> fully-connected e-commerce websites and apps,\u00a0<\/strong>omnichannel retail technology, and access to the Farfetch and Tmall Luxury Pavilion marketplaces via single integration.<\/p>\n<p>Farfetch and Alibaba have also formed a steering group to further enhance the LNR initiative, which is\u00a0aimed at leading the digitisation of the global luxury retail industry. Richemont Chairman, Johann\u00a0Rupert, and Artemis Chairman, Fran\u00e7ois-Henri Pinault, will join Farfetch and Alibaba on the LNR steering\u00a0group as founding members.<\/p>\n<div id=\"attachment_113909\" style=\"width: 996px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Jose-Neves-FarfetchOS-1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-113909\" class=\"wp-image-113909 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Jose-Neves-FarfetchOS-1.jpg\" alt=\"Farfetch\" width=\"986\" height=\"519\" \/><\/a><p id=\"caption-attachment-113909\" class=\"wp-caption-text\">Jos\u00e9 Neves<\/p><\/div>\n<p>Farfetch chairman, CEO and founder Jos\u00e9 Neves said of the landmark deal:\u00a0\u201cThis announcement is<strong> a major step in our\u00a0mission to connect the curators, creators and consumers of the luxury fashion industry.<\/strong> The $1.15bn investment in Farfetch from Alibaba Group, Richemont, and Artemis is a strong validation of our\u00a0position as the global platform for luxury.<\/p>\n<p>\"The new initiatives with Alibaba Group and Richemont <strong>extend Farfetch\u2019s strategy to power the digital\u00a0transformation occurring across the luxury industry,<\/strong> which has been accelerated by the unprecedented\u00a0challenges resulting from the COVID-19 pandemic. The Luxury New Retail initiative will explore ways\u00a0we can help the wider industry move forward and thrive in the post-COVID world.\u201d<\/p>\n<p>Daniel Zhang, Chairman and CEO of Alibaba Group, said: \u201cThis highly complementary partnership<strong> brings\u00a0together some of the world\u2019s leading luxury retail and technology platforms,<\/strong> representing another\u00a0milestone in Alibaba\u2019s strategy to meet the rapidly growing demand for luxury products in China.<\/p>\n<p>\"The\u00a0Chinese luxury market \u2013 which is expected to account for half of global luxury sales by 2025 \u2013 consists\u00a0of <strong>hundreds of millions of young, digitally-native consumers.<\/strong> By partnering with Farfetch and expanding\u00a0our existing relationship with Richemont, we will accelerate the digitisation of the global luxury retail\u00a0industry and transform the luxury shopping experience for consumers.\u201d<\/p>\n<p>Johann Rupert, Chairman of Richemont, which is also the parent of brands such as Chlo\u00e9, Cartier and Dunhill, said: \u201cBuilding on our successful joint venture with Alibaba,\u00a0these developments represent a further meaningful acceleration of our journey towards Luxury New\u00a0Retail. This initiative<strong> brings together a powerful combination of highly complementary strengths<\/strong>\u00a0\u2013 notably with our Maisons\u2019 luxury retail expertise and YOOX NET-A-PORTER\u2019s deep brand partnerships,\u00a0expert curation and exceptional customer care - that will help us deliver a seamless omnichannel\u00a0experience to our discerning clientele.<\/p>\n<p>\"Partnerships make you stronger. I am delighted to partner with Daniel, Jos\u00e9, and Fran\u00e7ois-Henri to bring\u00a0our shared vision to fruition, setting new standards for the future of luxury.\u201c<\/p>\n<p>Fran\u00e7ois-Henri Pinault, Chairman, Artemis, said: \u201cThe growth potential of luxury e-commerce has never\u00a0been so promising, and <strong>the importance of China for the luxury industry is only becoming more obvious\u00a0every day.<\/strong> Thanks to the vision of Jos\u00e9 Neves, Farfetch played an important role in improving the\u00a0omnichannel experience for luxury customers in recent years. The investment by Artemis demonstrates\u00a0our belief in the future of Farfetch and I am personally looking forward to exploring the future of luxury\u00a0retail with this group of visionaries and experts.\u201d<\/p>\n<p>The confirmation of the deal<a href=\"https:\/\/www.theindustry.fashion\/alibaba-eyeing-up-a-stake-in-luxury-platform-farfetch\/\" target=\"_blank\" rel=\"noopener noreferrer\"> follows reports from earlier this week<\/a> that Alibaba was seeking to invest in Farfetch, along with Richemont.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-144088 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":141010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[12617,21,9921,10676,12657,9922,10046,10023,10060,10353],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Farfetch, Alibaba and Richemont form partnership to &quot;accelerate the digitisation of the luxury industry&quot; 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