Transaction precedes launch of FARFETCH’s
broader Beauty proposition later in the year
FARFETCH Limited (NYSE: FTCH), the leading global platform for
the luxury fashion industry, today announced it will acquire luxury
beauty retailer, Violet Grey, for an undisclosed sum. Since launch,
Violet Grey has become a renowned beauty destination and elevated
content channel, and been the launchpad for many of today's most
iconic global beauty brands. The company has built a devoted
community who love the brand for its expertise and the trust
they’ve built amongst customers. The acquisition comes ahead of the
launch of Beauty on the FARFETCH Marketplace, which is scheduled
for later in the year.
The acquisition of Violet Grey brings industry expertise as well
as a curated selection of products to be offered on the FARFETCH
Marketplace, and expands the beauty curator’s reach to extend to
FARFETCH’s global customer base. Violet Grey will also leverage
Farfetch Platform Solutions’ expertise in technology, global
logistics and operations in continuing to drive its standalone
business, comprised of VioletGrey.com and its Los Angeles retail
store. Upon completion, Violet Grey founder, Cassandra Grey, will
become a global advisor for Beauty on the FARFETCH Marketplace and
Co-founder of NGG Beauty where she will work to incubate and
accelerate new brands. Grey will also be Chair of Violet Grey,
providing overall strategic and creative direction and continuing
to build the community that Violet Grey is known for. Niten
Kapadia, previously VP Operations, FARFETCH takes the role of
Managing Director for Violet Grey. Completion is subject to
customary closing conditions, including the consent of Violet
Grey’s existing shareholder base.
FARFETCH’s beauty proposition, which is due to launch later this
year, will offer FARFETCH’s extensive Millennial and Generation Z
luxury audience a unique experience for discovering and shopping
for beauty. It will allow customers to access insights and
expertise from multiple beauty experts and communities, including
the Violet Grey community. For brand partners, FARFETCH’s expansion
into Beauty provides an opportunity to reach FARFETCH’s millions of
engaged luxury customers through co-branding and marketing
opportunities to target the global Luxury Beauty market, estimated
to be almost $USD 69 billion and the second largest category within
the global Personal Luxury market, after Leather Goods, and ahead
of Apparel1.
Stephanie Phair, Chief Customer Officer, FARFETCH
said:
“The acquisition of Violet Grey is an important step ahead of
the launch of Beauty on FARFETCH later this year and will form part
of our overall beauty strategy ‘palette’. It will enable us to
offer our informed and engaged customers a curated selection of the
industry’s most sought-after products on the FARFETCH Marketplace,
joining a world of beauty brands, from the iconic leading global
brands, to smaller brands with a cult following.
Our aim for Beauty on FARFETCH is to provide the world’s most
expansive, curated edit of the best products to serve customers
across ages, races, cultures and genders in an ‘Only on FARFETCH’
way. We’ll be able to show our customers an immersive crossover
between fashion and beauty, leveraging our innovation capabilities
to offer exciting features for our customers. FARFETCH will bring
together niche and global brands to transform the beauty retail
experience, creating an environment that offers beauty without
boundaries.
As a Marketplace, we are uniquely positioned to be able to offer
multiple points of view and voices in this important category, so
customers can find the products and expertise that speak to them.
The addition of Violet Grey and Cassandra Grey joining the team
will form an important element of this overall strategy. Cassandra
has built true authority in the beauty industry and has an
incredible, intuitive understanding of where beauty is going and
what customers want.”
Cassandra Grey, Founder of Violet Grey said:
“VIOLET GREY was founded with a simple, straightforward mission
- to enable customers to feel confident in their purchase
decisions. Our product is trust and we have earned that trust
simply by partnering with those who are the best at what they do.
This is our not-so-secret sauce, we partner with the best beauty
experts to curate the best beauty brands, to ultimately serve a
community of customers who subscribe to the notion that only the
best will do.
We’ve had our eye on FARFETCH since its inception and I have
long admired José’s love of fashion and his inspired mission to
connect curators, creatives and customers in a way that
revolutionizes the consumer experience and meets us wherever we
are. Myself, Sarah Brown and our band of beauty editors could not
be prouder or more eager to bring our love of beauty and discerning
eye to the FARFETCH ecosystem. Most of all we are honored to now
get to learn from José, Stephanie Phair, Holli Rogers, and all the
other amazing Farfetchers. Now if you will excuse me, I am going to
go call my mom and tell her I’ve made it in the world.”
About Farfetch
Farfetch Limited is the leading global platform for the luxury
fashion industry. Founded in 2007 by José Neves for the love of
fashion, and launched in 2008, Farfetch began as an e-commerce
marketplace for luxury boutiques around the world. Today, the
Farfetch Marketplace connects customers in over 190 countries and
territories with items from more than 50 countries and more than
1,400 of the world’s best brands, boutiques and department stores,
delivering a truly unique shopping experience and access to the
most extensive selection of luxury on a single platform. Farfetch’s
additional businesses include Browns and Stadium Goods, which offer
luxury products to consumers, and New Guards Group, a platform for
the development of global fashion brands. Farfetch offers its broad
range of consumer-facing channels and enterprise level solutions to
the luxury industry under its Luxury New Retail initiative. The
Luxury New Retail initiative also encompasses Farfetch Platform
Solutions, which services enterprise clients with e-commerce and
technology capabilities, and innovations such as Store of the
Future, its connected retail solution.
For more information, please visit www.farfetchinvestors.com
About VIOLET GREY
VIOLET GREY is a content and commerce destination that connects
with beauty consumers through a global community of content
creation, product curation, and Hollywood beauty culture. A force
rooted in beauty, VIOLET GREY encompasses authority and celebrity,
and an obsession with cutting edge innovation. Their unique
offering includes niche labels, legacy brands, and exclusives, and
their premium video content reimagines a mobile-first content and
commerce experience.
Equally authoritative and authentic, VIOLET GREY enlists the
expertise of beauty editors, dermatologists, makeup artists,
estheticians, hair stylists, and celebrities to test and evaluate
the performance and presentation of all product considerations.
Only products deemed best-in-class by over 70% of experts are
VIOLET CODE APPROVED and added to THE SHELVES. This
industry-coveted accolade drives VIOLET GREY's distinct narrative,
partnership selections, and in-house productions.
For more information, please visit www.violetgrey.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this release that do not relate
to matters of historical fact should be considered forward looking
statements, including, without limitation in relation to Farfetch’s
acquisition of Violet Grey, and/or the possible future
opportunities and benefits thereof, and/or the terms thereof,
and/or whether such transaction will reach closing, and/or
Farfetch’s broader beauty proposition and assumptions underlying
all such statements, as well as statements that include the words
“expect,” “intend,” “potential”, “plan,” “believe,” “project,”
“forecast,” “estimate,” “may,” “should,” “anticipate” and similar
statements of a future or forward-looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including the factors discussed under
the caption “Risk Factors” in our Annual Report on Form 20-F filed
with the U.S. Securities and Exchange Commission (“SEC”) for the
fiscal year ended December 31, 2020, as such factors may be updated
from time to time in our other filings with the SEC, which are
accessible on the SEC’s website at www.sec.gov and the Investors
page of our website at www.farfetchinvestors.com. In addition, we
operate in a very competitive and rapidly changing environment, and
new risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of
all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
that we may make. In light of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed
in this release are inherently uncertain and may not occur, and
actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Accordingly, you should not rely upon forward-looking statements as
predictions of future events. In addition, the forward-looking
statements made in this release relate only to events or
information as of the date on which the statements are made in this
release. Except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events.
1 Bain Altagamma Luxury Study 20th Edition, November 2021. 2021E
global market size for Luxury Beauty: €60B ($68.9B using USD/EUR
exchange rate as of 11 November when the report was published
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version on businesswire.com: https://www.businesswire.com/news/home/20220127005901/en/
Media Contacts: Susannah
Clark VP Communications, Global susannah.clark@farfetch.com +44
7788 405224 Brunswick Group farfetch@brunswickgroup.com US: +1
(212) 333 3810 UK: +44 (0) 207 404 5959 Investor Relations Contact: Alice Ryder VP
Investor Relations IR@farfetch.com
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