- Vivian Hendriksz |
London - Farfetch has teamed up with content provider Condé Nast to offers its consumers an innovative, seamless shopping experience, in a move which underlines the luxury retailer's aim of becoming the world's leading fashion e-commerce platform. The partnership signals the end of Style.com, which is set to discontinue operations effective immediately and redirect all visitors to Farfetch.com.
The strategic partnership, which was officially announced Tuesday morning sees Farfetch connect its e-commerce, technology, and logistics platform with Condé Nast’s global editorial portfolio. The new partnership sees both companies working together to create a seamless luxury shopping experience, which will include leading fashion inspiration, to purchase gratification. The partnership also sees the commercializing of Condé Nast’s online and social media content by linking them to the industry's leading brands and boutiques in real time.
Farfetch partners with Condé Nast to offer shoppers 'an innovative, seamless shopping experience'
“We have long felt that inspirational content is a natural part of any luxury shopping experience. In the same way we empower the fashion industry and connect consumers with the world’s best brands and boutiques, we want to connect them with outstanding content," said José Neves, Founder and CEO of Farfetch in a statement. "This global partnership with Condé Nast will significantly augment the retail experience for our customers, and we see it as a natural step in Farfetch’s approach to commerce and our strategic vision to connect those who create fashion, curate fashion and develop fashion content.”
“Farfetch’s DNA is about partnering with those who are the best in their fields and Condé Nast is one of the world’s best content providers”
The new partnership sees the two parties implement a seamless technology connection to enable Farfetch product integration directly into Condé Nast’s content. As part of the partnership shopping guides will be created by Condé Nast publications which highlight products from Farfetch and shoppable content will be distributed across Condé Nast’s digital and social platforms. In addition, new partnership sees Condé Nast and Farfetch collaborating on rolling out new innovative content and commerce experiences for customers.
Condé Nast’s current global portfolio, which includes titles like Vogue, GQ, Glamour, Vanity Fair and Allure, is available in 29 markets, across multiple platforms with a total audience of over 340 million. London-based Farfetch sources its items from over 200 brands directly and over 500 luxury boutiques worldwide and is available in 9 different languages. Through the new partnership readers around the world will be offered the chance to browse and shop from Condé Nast’s editorial content on a global scale, further commercializing their editorial portfolio. The partnership is set to begin with Vogue and GQ in the United States and includes plans for expansion in the future. “I’ve always believed that what sets Condé Nast apart is our voice and our vision. Partnering with Farfetch only enhances that, and brings a new dimension to all that we offer the world,” said Anna Wintour, Artistic Director, at Condé Nast.
In addition, as part of the new partnership Jonathan Newhouse, Condé Nast International Chairman and Chief Executive Officer, is set to join Farfetch’s Board of Directors. “I am also thrilled that Jonathan Newhouse will be joining our Board of Directors,” added Neves. The terms of the new partnership did not include what will happen to the 75 employees at Style.com, although it is likely that the majority of them will be out of a job. Business of Fashion hinted that some members of staff will be given the chance to interview for open positions at Farfetch.
“As an early investor in Farfetch, this partnership is the next step in our evolving business relationship”
"[The partnership] further unites two leaders in their respective sectors, combining best-in-class content with the world's leading online luxury shopping destination. This is an industry defining collaboration, and I am very pleased to be joining the Board of Farfetch," commented Jonathan Newhouse, Chairman and Chief Executive of Condé Nast International and newly appointed board member of Farfetch. Newhouse added, "I would like to take this opportunity to thank the entire Style.com team for their dedication, energy, and commitment."
The announcement of the new partnership is a stark contrast to plans previously shared by the publication giant. Condé Nast originally planned to invest 100 million USD in the recently launched Style.com over the first four years. But it’s marketplace business model and lack of leading brands raised numerous questions, in spite of its strong backing. Now, Condé Nast new strategy sees the publishing house working with one the industry’s leading e-commerce and tech companies, which suggests a change in approach in bringing in fresh revenue as print advertising sales continue to drop. "Since 1999 I have believed in the importance of combining content and commerce in order to elevate the digital shopping experience,” added Natalie Massenet, Co-Chairman of Farfetch.
“It will be thrilling to develop the next evolution of content and commerce with Anna Wintour and all the brilliant talented minds at Condé Nast”
“Content educates, entertains, and inspires purchases which is crucial in the customer journey of discovery. We have long admired the depth, breath and sophistication of Condé Nast's international reach and are excited for Farfetch to partner closely with Conde Nast. For the consumer, this will be a joy to move from inspiration to transaction at any time and any place. And for the brands and international boutiques that have always partnered with Condé Nast, this will further enhance their presence in Conde Nast's media."
Photo: Joes Neves, courtesy of Farfetch