Farfetch has raised US$700 million for its expansion, Business of Fashion reports. Founder José Neves said he plans to grow “very, very fast” in our part of the world.
“As one of the largest luxury markets in the world, the Middle East is of great strategic importance to Farfetch,” Neves said, adding “We have a presence in China and Hong Kong, Japan, Russia, Latin America, Korea and the US — the Middle East was a big gap in our strategy.”
The company has teamed up with Chalhoub Group, who are behind Level Shoes and Tryano. They’re one of the big names in terms of luxury retail in the region.
Farfetch sells women’s and menswear from established brands like Gucci and Saint Laurent, as well as emerging names. Known for their carefully curated edits and knack for finding the coolest boutiques around the world, the site and app are a very easy place to fill a shopping cart.
Neves sees the Middle East as an ideal market for a site like his, which serves true lovers of fashion. “You’re talking about a population that is growing and very digitally savvy. They’re very big shoppers of fashion and luxury in general, very well-travelled, very well-educated and connected — their usage of social media is incredible,” he told Business of Fashion.
The announcement comes as Al Tayer, the company behind luxury site Ounass and sale platform Nass, launches Nisnass, a shopping app aimed at style-focused millenials. It stocks brands like Calvin Klein, Tommy Hilfiger, and Halston Heritage.
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