May 21, 2019 | By Petah Marian
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Harvey Nichols is banking on building a greater proportion of its sales digitally, which currently stands at around 10% of total, reaching more customers by offering an edited selection of goods to a far greater audience.
Farfetch, which connects over 2m shoppers to a network of over 800-plus boutiques and brands across 190 countries, also works with fashion houses such as Chanel on technology for use in physical stores. The companies also said in a statement they would “explore additional retail and technology initiatives” in the UK. Harvey Nichols noted its own website will continue to operate.
“We want to become the global platform for luxury,” said Farfetch founder José Neves.
“Department stores are very good at brand awareness and contact with their local customers… Farfetch offers access to customers in China, Japan and Korea as well as emerging markets like Russian and Latin America.”
* At the weekend the Financial Times reported that Farfetch had engaged bankers from JPMorgan and Goldman Sachs to work on a US listing that would seek to value the company at more than £4bn. Neves declined to comment.
Interest in the luxury retail sector? Subscribers can read more in our Seamless Luxury: New Retail Service Priorities report.
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