Farfetch differentiates from other fashion retailers by focusing on the higher-priced luxury goods market which was slow to embrace digital shopping. As an early mover in this space and one of the first to establish a marketplace for the luxury brands sector, Farfetch has garnered a strong reputation and customer base to match. Its online marketplace currently reaches customers in 190 countries with 1400 major brands and it maintains a physical presence in its acquisition of Violet Grey in Melrose Place, Los Angeles.
As the global economy enters a tricky period, Farfetch may find it has to adjust, with lower non-essential spending meaning that inventory in the fashion sector is piling up. This will require a sales-led approach, something that comes more easily to retailers at the lower end of the market. However all signs point to Farfetch being ready to take on the market with a leadership shakeup and strong promotional strategy.
Kirsty
Company Specialist at Welcome to the Jungle