In 2020, Farfetch, a premier player in online luxury, saw its revenue hit $1.7 billion, up 64% from 2019. Launched in 2008 by entrepreneur José Neves as an online marketplace for boutiques, Farfetch has steadily been digitizing fashion, acting as a distributor for brands while offering them white-label e-commerce tools. Its tech-first approach extends to brick-and-mortar locations: April saw the opening of a London flagship for the Farfetch-owned boutique Browns, where customers can use augmented-reality tools to try on clothes. Further affirmation of its strategy? A $1.1 billion investment from Alibaba and Richemont to push into China’s luxury market.
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