Last we heard from Farfetch, the e-commerce hub for independent fashion boutiques, it had taken a $20 million investment from Condé Nast and was making moves to become an omnichannel retailer. The company is showing no signs of slowing down, having now closed a $66 million Series D round of venture capital funding from Vitruvian Partners with participation from existing investors including Condé Nast and Advent Ventures.
What's up next? Gaining a stronger toehold internationally, for one. The U.S. is currently the London-based startup's biggest market, representing 30 percent of its $275 million annual sales, says SVP of brand development Gabrielle de Papp. The UK and Europe follow, with Australia behind them.
To that end, Farfetch will be launching local language sites for Russia, China and Japan later this spring, having already created one for France. Having dedicated sites in these markets makes it easier for shoppers to understand product details and how Farfetch works overall, De Papp says.
Omnichannel, the buzziest of buzzwords, is another area that Farfetch will be pursuing with this latest round of financing. The "click and collect" model of merging online and offline, in which a customer buys online and picks up the product in a local store, is one area that Farfetch has been exploring. Another, trickier concept that they are now working on is the ability to buy a product from any of the 300 boutiques in Farfetch's global network and have it shipped to any other store. There, the shopper can pick it up, get it altered or have the boutique return it, De Papp says.
Is that more efficient than simply having the product delivered straight to the consumer? Maybe not, but it definitely is interesting. And with this latest funding round, Farfetch certainly has the cash to test it out.