British luxury apparel e-tailer Farfetch was launched on Alibaba’s digital platform Tmall yesterday (1 March).
The decision is expected to help the e-tailer plug into Alibaba’s wide base of 779 million customers.
Notably, back in November 2020, there were reports that Alibaba along with Richemont will invest US $ 550 million each in Farfetch to have a 25 per cent stake in joint venture that will include Farfetch’s new marketplace operations in China.
Besides, Paris-based Groupe Artemis will invest another US $ 50 million to further its stake in the British clothing e-tailer.
While substantiating Tmall customers can now pick and buy the widest selection of luxury fashion online, Judy Liu, MD, Farfetch China, said that they will now be able to access around 3,500 brands, majority of which were not earlier available on Tmall.
The move is seen as a significant opportunity for luxury brands to expand into China especially at a time when there are lots of travel restrictions.
The e-tailer has just seen its full-year revenue jump by a massive 64 per cent year-on-year to touch US $ 1.64 billion.
Also Read: British clothing e-tailer Farfetch sees 64% rise in revenue; losses too rise
