© Written by Rachael Taylor for VO+
When a privately owned company reaches a valuation of more than $1 billion, it is referred to as a unicorn. With an impending flotation on the stock market that has it pegged at £4 billion, Farfetch has some serious horn; one that it is using to expand its reach into the fine jewellery market with a dedicated watch and jewellery hub that launched in May.
This online aggregate for fashion boutiques across the globe – it now gives shoppers access to designer goods at 900 stores, carrying no stock but taking up to 30% of every sale made through the site – was founded in 2008, and has 2 million customers from 190 countries on its books, whose average age is 36.
With online sales of luxury goods up 24% last year and the majority of growth driven by under 40s, according to consultancy Bain & Company, this makes Farfetch’s mailing list prime hunting ground for jewellers desperate to connect with a younger generation. Not to mention that Farfetch’s own sales have been growing at 50% a year. Therefore it is little wonder that De Beers, Chopard, David Yurman, Pomellato and Tiffany & Co have all signed up. Farfetch chief commercial and sustainability officer Giorgio Belloli tells us more…
This story was published in the September 2018 edition of VO+ magazine. Click here to access a digital version of the issue and read the story in full (starts page 186). Main image: David Yurman jewels, shot by Farfetch.