Farfetch has acquired New Guards Group for a Total Enterprise Value of USD 675 million. Farfetch said the move “advances its strategy to be the global technology platform for the luxury fashion industry”. By adding a “Brand Platform” layer to Farfetch’s existing Technology, Data and Logistics Platform, New Guard will extend the company’s capabilities beyond technology solutions and global distribution into design, production and brand development
Read MoreThe online clothing resale market has expanded 21 times faster than regular retail since 2016 and it is expected to more than double in size reaching USD 41 billion in the next three years, according to a report by online reseller ThredUp. With revenue increasing, brands and retailers that previously disliked resellers profiting from their wares are forced to act and acquire these up and coming players, in order to play a role in this market.
Read MoreFarfetch announced that it is acquiring sneaker and streetwear marketplace Stadium Goods in a deal that values the business at USD 250 million. The London-based fashion e-commerce platform is aiming to extend its reach in the growing luxury sneakers and streetwear market, as millennials account for a growing percentage of luxury sales and competitors are engaged in a digital land grab.
Read MoreAs 2017 was heralded to see the death of retail, as boutiques and department stores were closing its doors driven by changing consumer habits, price wars and the threat of Amazon, high-end e-commerce remains a bright spot in the shopping landscape. Online luxury sales jumped by 24 percent this year, according to a recent study by the consulting firm Bain & Co. and the online sales of personal luxury goods are expected to make up 25 percent of the market by 2025.
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