Farfetch seals $397m from China’s second-largest e-commerce business
As part of the deal, JD.com's CEO Richard Liu will now sit on the board of the fashtech unicorn
UK fashtech unicorn Farfecth has sealed $397m in investment from China’s second-largest e-commerce business JD.com.
As part of the strategic partnership, JD.com’s founder and CEO Richard Liu has been appointed to sit on Farfecth’s directors board.
In May 2016, the London-based start-up, which bears the Unicorn moniker after being valued at more than $1bn, raised $110m in Series F funding with a view to expanding into the Asian market.
Founded in 2008 by Jose Neves, Farfetch connects consumers with high-end fashion brands via its online platform and has raised over $701m since inception.
Launched in 1998, JD.com is currently China’s second largest e-commerce business and has over 236.5 million active customer accounts.
While also looking to expand into the Chinese market, the partnership will also help Farfetch tackle the rise of counterfeit clothing.
“This partnership addresses the market’s challenges by combining the Farfetch brand and curation with the scale and influence of the foremost Chinese e-commerce giant.
“This strategic partnership will provide brands a seamless, immediate access to the luxury consumer and Chinese luxury shoppers with access to the greatest selection of luxury in the omni-channel way of life they have already fully embraced.”
“As part of our major luxury push, we could not have found a stronger online partner than Farfetch.
“We have always believed that the long-term trend of Chinese e-commerce is towards quality over price and this partnership with Farfetch further extends our lead in the battle for the future of China’s upwardly mobile consumers.
“We look forward to deepening our relationships with Farfetch and luxury brands in the months and years ahead.”