The transaction comes ahead of the launch of FARFETCH’s expanded beauty proposition later this year
LONDON, January 28, 2022–(BUSINESS WIRE)–FARFETCH Limited (NYSE:FTCH), the leading global platform for the luxury fashion industry, today announced that it will acquire the luxury beauty retailer , Violet Grey, for an undisclosed amount. Since its launch, Violet Gray has become a renowned beauty destination and high content channel, and has been the launch pad for many of today’s most iconic global beauty brands. The company has built a dedicated community that loves the brand for its expertise and the trust it has established among customers. The acquisition comes ahead of Beauty’s launch on the FARFETCH Marketplace, which is expected later this year.
The acquisition of Violet Gray brings industry expertise as well as a curated selection of products to offer on the FARFETCH Marketplace, and expands the beauty curator’s reach to expand into FARFETCH’s global customer base. Violet Gray will also leverage Farfetch Platform Solutions’ expertise in technology, global logistics and operations to continue to run its standalone business, comprised of VioletGrey.com and its Los Angeles store. Upon completion, Violet Gray founder Cassandra Gray will become a global beauty advisor to the FARFETCH marketplace and co-founder of NGG Beauty where she will work to incubate and accelerate new brands. Gray will also serve as President of Violet Grey, providing overall strategic and creative direction and continuing to build the community that Violet Gray is known for. Niten Kapadia, previously vice president of operations, FARFETCH takes on the role of general manager of Violet Grey. Completion is subject to customary closing conditions, including the consent of Violet Grey’s existing shareholders.
FARFETCH’s beauty proposition, set to launch later this year, will provide FARFETCH’s vast Millennial and Gen Z luxury audience with a unique experience to discover and purchase beauty. It will allow customers to access information and expertise from multiple beauty experts and communities, including the Violet Gray community. For partner brands, 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 at nearly US$69 billion and the second largest category within the global market. Personal Luxury 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 the launch of Beauty on FARFETCH later this year and will form part of our overall beauty ‘palette’ strategy. It will allow us to offer our informed and engaged customers a curated selection of the industry’s most searched for products on the FARFETCH Marketplace, joining a world of beauty brands, from iconic global big brands to smaller cult brands.
Our goal for Beauty on FARFETCH is to provide the world’s largest and most curated selection of the finest products to serve customers of all ages, races, cultures and genders in an “only on FARFETCH” manner. We will be able to show our customers an immersive crossover between fashion and beauty, leveraging our innovation capabilities to deliver exciting features to our customers. FARFETCH will bring together niche and global brands to transform the beauty retail experience, creating an environment that delivers beauty without borders.
As a marketplace, we are uniquely positioned to be able to offer multiple perspectives and voices in this important category, so customers can find the products and expertise that speak to them. The addition of Violet Gray and Cassandra Gray to the team will be an important part of this overall strategy. Cassandra has built a true authority in the beauty industry and has an incredible and intuitive understanding of where beauty is going and what clients want.”
Cassandra Grey, Founder of Violet Gray said:
“VIOLET GRAY was founded with a simple and straightforward mission: to enable customers to feel confident in their purchasing decisions. Our product is trust and we have earned that trust simply by associating with those who are the best in what they do. It’s our not-so-secret sauce, we partner with top beauty experts to curate the best beauty brands, ultimately serving a community of customers who subscribe to the idea that only the best will do. the case.
We’ve had our eye on FARFETCH since its inception and I’ve 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 we meeting wherever we are. Myself, Sarah Brown and our group of Beauty Editors could not be prouder or more eager to bring our love of beauty and insightful eye to the FARFETCH ecosystem. Above all, we are honored to now be able to learn from José, Stephanie Phair, Holli Rogers and all the other amazing Farfetchers. Now, if you’ll excuse me, I’m going to call my mom and tell her I’ve made it in the world.”
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, Farfetch Marketplace connects customers in over 190 countries and territories with items from over 50 countries and over 1,400 of the world’s best brands, boutiques and department stores, delivering a truly unique shopping experience and a access to the widest selection of luxury products. on a single platform. Farfetch’s additional businesses include Browns and Stadium Goods, which provide luxury goods to consumers, and New Guards Group, a platform for the development of global fashion brands. Farfetch brings its wide range of consumer-facing channels and enterprise-grade solutions to the luxury industry as part of its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses Farfetch Platform Solutions, which provides enterprise customers with e-commerce and technology capabilities, and innovations such as Store of the Future, its connected retail solution.
For more information, visit www.farfetchinvestors.com
About PURPLE GRAY
VIOLET GRAY is a content and commerce destination that connects beauty consumers through a global community of content creation, product curation and Hollywood beauty culture. A force rooted in beauty, VIOLET GRAY encompasses authority and fame, and an obsession with cutting-edge innovation. Their unique offering includes niche labels, legacy brands and exclusives, and their premium video content reinvents a mobile-first content and commerce experience.
Equally authoritative and authentic, VIOLET GRAY enlists the expertise of beauty editors, dermatologists, makeup artists, beauticians, hairstylists and celebrities to test and evaluate performance and presentation of all product considerations. . Only products rated best-in-class by more than 70% of experts are APPROVED BY CODE PURPLE and added to SHELVES. This coveted industry accolade drives VIOLET GRAY’s distinct storytelling, partnership selections and in-house productions.
For more information, visit www.violetgrey.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that do not relate to historical facts should be considered forward-looking statements, including, without limited to, with respect to Farfetch’s acquisition of Violet Gray, and/or 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 the assumptions underlying all such statements, as well as statements that include the words “expect”, “intend”, “potential”, “plan”, “believe”, “project”, “expect”, “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 not promises or 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 future results, performance or achievements. expressed or implied by the forward-looking statements. , including the factors discussed under “Risk Factors” in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2020, as these 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 on the Investors page of our website at www.farfetchinvestors.com. In addition, we operate in a highly 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 to assess the impact of all factors on our business or the extent to which any one factor, or combination of factors, may cause results actual differ significantly from those contained in the forecasts. – forward-looking statements 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 statements. prospective. Accordingly, you should not rely on forward-looking statements as predictions of future events. Additionally, any forward-looking statements made in this release relate only to events or information as of the date the statements are made in this release. Except as required by law, we undertake no obligation to publicly update or revise 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 unforeseen events. events.
1 Bain Altagamma Luxury Study 20th edition, November 2021. 2021E Global market size for luxury beauty: €60 billion ($68.9 billion using USD/EUR exchange rate as of November 11, publication date of report
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