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Deal precedes FARFETCH launch of broader beauty proposition later this year
FARFETCH Ltd. (NYSE:FTCH), the world’s leading platform for the luxury fashion industry, today announced it will acquire luxury beauty retailer Violet Grey for an undisclosed sum. Since its launch, Violet Gray has become a renowned beauty destination and elevated content channel, and the launch pad for many of today’s most iconic global beauty brands. The company has built a loyal community of people who love the brand’s expertise and the trust they’ve built among their customers. The acquisition comes ahead of the launch of Beauty on FARFETCH Marketplace, which is scheduled to launch later this year.
The acquisition of Violet Gray brings industry expertise and curated product offerings in the FARFETCH marketplace and expands the reach of the beauty curator to reach FARFETCH’s global client base. Violet Gray will also leverage Farfetch Platform Solutions’ expertise in technology, global logistics and operations to continue to drive its standalone business, including VioletGrey.com and its Los Angeles retail store. Upon completion, Cassandra Grey, founder of Violet Gray, will become Beauty Global Advisor to FARFETCH Marketplace and co-founder of NGG Beauty, where she will incubate and accelerate the development of new brands. Gray will also serve as Chairman of Violet Grey, providing overall strategic and creative direction and continuing to build the community Violet Gray is known for. Niten Kapadia, former vice president of operations at FARFETCH, is serving as managing director of Violet Grey. Completion is subject to customary closing conditions, including the consent of Violet Grey’s existing shareholder base.
Launching later this year, FARFETCH’s beauty proposition will provide FARFETCH’s vast luxury audience of millennials and Gen Z with a unique experience of discovering and buying beauty. It will allow clients to gain insights and expertise from multiple beauty experts and communities including the Violet Gray community.For brand partners, FARFETCH’s expansion into beauty presents an opportunity to reach FARFETCH’s millions of luxury customers through co-branding and marketing opportunities, targeting the global luxury beauty market, estimated to be worth nearly $69 billion US dollar, the world’s second largest category of personal luxury goods market, after leather goods and ahead of clothing1.
Stephanie Phair, Chief Client Officer, FARFETCH said:
“The acquisition of Violet Gray is an important step ahead of FARFETCH’s launch of Beauty on FARFETCH later this year and will be part of our overall beauty strategy ‘Palette’. This will allow us to offer a curated selection of FARFETCH to informed and engaged clients The industry’s most sought-after products on Marketplace join the world of beauty brands, from iconic global leaders to smaller brands with cult followings.
Our goal for beauty on FARFETCH is to provide the world’s broadest and most curated editorial of the best products, serving clients of all ages, races, cultures and genders in an “only in FARFETCH” manner. we can…
The full story is available on Benzinga.com
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