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Farfetch acquires Chinese tech firm

Farfetch has acquired digital and technology business CuriosityChina in a bid to give luxury brands a deeper reach into the Chinese market.

CuriosityChina works with 80 luxury and premium brands wanting to expand in China or reach Chinese people travelling to other markets.

Giorgio Belloli, chief commercial and sustainability officer at Farfetch, told Drapers the deal will give greater access to UK brands in China: “It definitely opens up new opportunities. When we meet with brands China is always top of the list, but it is definitely a difficult market to crack. The way the technology works in the country is complex, which makes it difficult for UK firms to work in China.”

FarFetch said the deal means the company can now offer brands the ability to rapidly build their online presence in China with a new plug-and-play suite of services, social CRM and digital marketing through its Black & White Solutions offer.

Belloli added: “Ultimately, we need to remember that the Chinese customers are the biggest part of the consumer of luxury fashion. They don’t just buy in their market. They are buying in London – they are on WeChat when they are in London.

“How we can communicate when they [Chinese] are travelling is through the Chinese digital channels.

“We have local engineers who are working on the platform to meet [brands’] requirements, so we will be able to offer to brands a suite of products, and we will be able to support them.”

All employees of CuriosityChina will join Farfetch, including co-founders Judy Liu, Alexis Bonhomme and Arthur Shui. Liu will join Farfetch as managing director, China; Bonhomme, will become VP commercial of Farfetch China; and Shui will become head of technology innovation for Farfetch China.

Liu said: “We could not have found a stronger or better partner in luxury and ecommerce than Farfetch, and we are confident that Farfetch is the right owner to ensure the continued growth and success of CuriosityChina. I am humbled to be joining such a pioneering business that represents the future of the luxury industry.”

 

 

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