JD.COM, FARFETCH PARTNER TO OPEN ULTIMATE GATEWAY FOR BRINGING LUXURY BRANDS TO CHINA
E-commerce giant Jd.com, China’s largest retailer and Farfetch, the leading global e-commerce platform for the fashion industry, has announced a strategic partnership that will create the premier platform for luxury e-commerce across China, opening a gateway to an US $80 billion market.
The partnership leverages JD’S unparalleled logistics, Internet finance and technology capabilities and social media resources, including its Wechat partnership, with Farfetch’s leadership in global luxury, to create a frictionless and seamless brand experience. Farfetch has well-established operations in China and is already the partner of choice for 200 luxury brands and more than 500 multibrand retailers. JD will help drive further brand awareness, traffic and sales for Farfetch in the market.
As part of this partnership, Jd.com will become one of the largest shareholders of Farfetch, investing US $397 million, and Founder and CEO, Jd.com, Richard Liu will join the Farfetch board.
JD and Farfetch will partner on marketing, logistics and technology solutions to build the brand in China, while Farfetch will continue to be the customer-facing brand. The combined strength of the two will benefit all 700 brands and boutiques that are part of the Farfetch community, enabling them to take advantage of the vast resources of this new gateway to China’s luxury market.