Last month, when Conde Nast's German division announced investments in e-commerce sites Monoqi and ReneSim, we wondered if it was a sign the publishing company would be embarking on an even bigger e-commerce push in the near future.
It was. Today, in its biggest ecommerce investment yet, Condé Nast International announced a $20 million stake in Farfetch.com, a really cool e-commerce site through which you can shop the inventories of high-end boutiques all around the world like Browns in London to, most recently, Fivestory in NYC. The site boasts 4.3 million site visits per month, 150,000 customers in over 140 countries and $129 million in annual sales.
“Farfetch has a unique position, connecting boutiques around the world by e-commerce to sophisticated fashion customers like our magazine readers and website users. It’s a natural for Condé Nast,” said Jonathan Newhouse in a statement.
“As the leading multimedia publisher connecting people to the fashion brands they love, this investment underlines our commitment to extend the scope of our activities and back great entrepreneurs," James Bilefield, President of Condé Nast International Digital, added, suggesting this may not be the last of CNI's tech investments.
José Neves, founder and chief executive of Farfetch, said, “This investment will fuel our entry to new markets while assisting our growth in existing ones. Our goal to build a unique curated global franchise in online designer fashion is brought several steps closer through the exciting involvement of Condé Nast.”
So what can we expect from Farfetch following this round of funding? The partnership will not involve a fusion between Farfetch and Conde Nast; rather the two companies will "share information and help each other," according to WWD. Neves's expansion plans include expanding markets in U.S., Germany, Eastern Europe, and Scandinavia; launching the site in Japanese and potentially in Mandarin, Korean, and Spanish. The site also collaborates with the British Fashion Council on promoting emerging British designers.
Also: Another crazy Farfetch stat just for fun: "The top Farfetch customer to date spent nearly $320,000 since launch on over 280 orders including 51 sandals, 48 pairs of boots and 39 pairs of pumps." We're extremely jealous of that person.