- Kristopher Fraser |
Farfetch is becoming one of the fastest growing eCommerce platforms in the fashion industry. It's endless selection of luxury items leaves customers scrolling for hours, and has completely transformed the way people shop for luxury. As the company works to form more of its own unique brand identity, this past March they launched Farfetch Communities, which gives shoppers content from notable figures in entertainment and fashion.
Now, the luxury eCommerce site is collaborating with fashion houses to produce more exclusive content, and the first up in their partnership is one of Italy's hottest luxury brands, Gucci. Today, "Gucci Open House" has gone live on Farfetch Communities. The eight-month-long series takes users into the homes and lives of different Gucci fanatics. The content was produced in collaboration with Gucci's digital marketing team.
According to Business of Fashion, communities was designed to address a major problem Farfetch has: a wide assortment of product at competitive prices, but lacking a brand identity of their own. Despite their individual brand identity, Farfetch's revenue has soared over the past several years, but to keep up that growth they are following the classic "spend money to make money" model, and investing heavily into marketing.
For Q1 2019, Farfetch had 1.7 active customers, an increase of 64 percent compared to last year. However, their losses widened and their stock has declined 16 percent. However, the company is hoping that these marketing initiatives will help solidify relationships with customers and lure in new ones.
"This is about expressing the Farfetch brand and ethos in a unique way," Neves said to Business of Fashion. "We have a community of the best curators of fashion. We have boutiques, designers and brands, and we also have fashion consumers from all over the world. Now, we are leveraging the power of our community."
According to Neves, Farfetch has a series of brands and boutiques ready to partner with them after their current collaboration with Gucci ends. The goal is to eventually curate enough segments so specific customer demographics will have content unique to them, such as the sneakerheads.photo: farfetch.com