JD.com in US$397m Farfetch investment
Print Edition
JD.COM, China’s No. 2 e-commerce firm, said yesterday that it will invest US$397 million in fashion retailer Farfetch UK Ltd in a major move into the luxury and fashion segment as it moves toward a comprehensive shopping platform.
The investment will make JD.com a major shareholder in Farfetch, and its CEO Richard Liu will join Farfetch’s board, JD.com said in a statement.
The two parties will leverage the UK retailer’s consumer insight in the luxury sector as well as the Chinese e-commerce company’s digital capabilities to expand luxury sales in China and to help drive brand awareness, traffic and sales for Farfetch in the market.
The deal gives Farfetch last-mile service backed by JD.com’s extensive delivery network and national warehousing.
Online retailers are still working on an effective way into the luxury sector as Chinese online shoppers move from bargains to quality.
The deal follows JD.com’s tie-ups with several fashion houses and independent designers during Shanghai Fashion Week after it separated its JD Fashion unit.
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