Good news at Farfetch.
The company grew by 70% and managed to get Natalie Massenet on board. PR release:
The Farfetch Group announces that Dame Natalie Massenet, Founder of the Net-A-Porter Group and Chairman of the British Fashion Council, will join the Board of Directors as non-executive Co-Chairman of Farfetch, partnering with José Neves, CEO, Founder and executive Co-Chairman of Farfetch to continue to revolutionise the way the world shops for luxury fashion.
This is a big win for Farfetch.
The timing of her arrival into the C-suite could prove financially fortuitous for Ms. Massenet; Farfetch, which was valued at almost $1.5 billion in its most recent funding round last year, is reported to be planning an initial public offering for late this year — the same period in which the company could become profitable. Both Mr. Neves and Ms. Massenet declined to comment on the possible stock market float on Tuesday.
Speculation about Ms. Massenet’s next steps has been rife within the fashion industry, ever since her acrimonious departure from Net-a-Porter in September 2015, just five months after it had announced a merger with Yoox. Federico Marchetti, the founder of Yoox, is now the merged group’s chief executive; it generated sales of 1.8 billion euros, or $1.9 billion, a rise of nearly 18 percent from the previous year.
Meanwhile, Yoox Net-a-Porter keeps pointing out its scale:
“I know some brands will jump on Farfetch sooner or later, but there is room for everybody,” [YNAP CEO Federico Marchetti ] said answering a question on an analysts’ conference call after YNAP reported strong growth in profits and sales for 2016. “Just as there is Bergdorf Goodman for luxury and there is Nordstrom with some brands in both. Frankly, we operate on a different scale, with sales of two billion, 10 times higher, but we appreciate the competition; it keeps us on our toes.”
Some more highlights from Farfetch’s PR release:
- Farfetch partners directly with over 750 designers and fashion boutiques across 40 countries, providing them with an unrivalled e-commerce platform to connect and sell to over 1 million customers in over 190 countries selling both womenswear and menswear
- Farfetch showcases the world’s greatest selection of luxury from over 1,500 brands […]
- Farfetch offers same day delivery in 10 cities: London, NY, Paris, LA, Miami, Madrid, Milan, Barcelona and Rome; click & collect and returns in store.
- “Store of The Future” is a customised suite of technologies which have been developed in order to help brands and boutiques enhance the customer journey by bridging the offline and online worlds
- The Farfetch Group grew at +70% over the 12 months ended 31/12/16 based on the value of goods traded across the platform
- In the three months ending 31/12/16 the core marketplace delivered significant underlying profitability
- The core market place grew traded merchandise value by +75% across Q4
- $800m USD in gross sales across Farfetch Group in the calendar year ended 31/12/16
- Approximately 10 million site visits per month
- Over 60% of traffic from mobile and tablet
On April 12, Farfetch will reveal how its proprietary business unit Store of The Future is seamlessly weaving technology into the customer experience. The event will provide key solutions for retailers to facilitate growth and champion innovation in their business. Clever tech shouldn’t be a gimmick. Applied correctly, it can bring new meaning to luxury fashion and cement a brand’s relevance with the next generation.
- Vente-Privee, Farfetch and Others Represent Growing Danger to Yoox Net-A-Porter
- Vipshop Grows By $1.9 Billion to $8.2 Billion in 2016
- Yoox Net-a-Porter Group Grows to €1.87 Billion (+12.4%) in 2016
- A “Fast Forward” Strategy for 2020 & (Still) Trouble at Yoox Net-a-Porter
- Behind The Scenes of The Merger of Net-a-Porter And Yoox
- Rent the Runway, the ‘Netflix for Dresses’, Becomes Profitable Thanks to Fashion Subscriptions
- Stock Market Star Boohoo Is Expanding With Acquisitions of PrettyLittleThing & Nasty Gal