LONDON — Looking to enhance services it offers to its partners, Farfetch has acquired the digital and technology business CuriosityChina. An announcement is expected Friday.
The China-based company works alongside luxury brands, including Bally, Diesel, Sergio Rossi and Tory Burch, to amplify their presence in the local market via Chinese social platforms and other digital marketing initiatives.
Farfetch is aiming to offer brands more well-rounded digital solutions when they enter the Chinese market, and add to its Black and White Solutions brand services business. That business is focused on web site building and design, customer service and direct integrations that allow full stock visibility. As reported, Farfetch and Burberry inked a deal earlier this year that allows full stock visibility for Burberry.
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“CuriosityChina are leading the market. They already have an existing business, working with 80 top luxury brands. The reason we approached them and moved forward with this acquisition is because their digital marketing services offer something that is extremely complimentary to what we do with Black and White Solutions. We can benefit from their expertise to add an additional service to what we can offer brands,” said Giorgio Belloli, Farfetch’s chief commercial and sustainability officer.
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Belloli said the acquisition is particularly timely given that the digital luxury business in China is booming and brands are eager to establish themselves in the market in a more meaningful way. “Every single brand that we meet with is asking about China. Brands are now comfortable with the fact that the majority of sales are coming from China and Chinese shoppers and they are looking for solutions to be more visible in the market and to talk to the customers in a local way. That’s why we thought that this partnership was an important step forward, and almost like the missing piece of our offering.”
Brands will be able to operate their WeChat accounts using CuriosityChina’s expertise, create WeChat stores and “mini programs,” which allow for enhanced e-commerce features on the social platform.
All of Farfetch’s Black and White Solutions clients will have access to the full suite of services from CuriosityChina. The services will also be available to any brand within the retailer’s portfolio who requests them, even if they are not using the company’s services from an e-commerce point of view.
Belloli said this is a service that Farfetch wants to offer to the broader industry as it seeks to become its ultimate “global technology platform.” The services, across the board, will remain personalized to allow brands to maintain their independence while leveraging the e-commerce and marketing expertise that Farfetch and CurosityChina have to offer.
“Everything that we do, from our end-to-end services and the way that we support brands in their e-commerce solutions, will be done with the new services we offer through CuriosityChina. The aim is to make sure that every single brand can tailor their digital experience,” he added.
CuriosityChina’s founders — Alexis Bonhomme, Judy Liu and Arthur Shui — will join Farfetch, as the retailer furthers its investment in the region.
Bonhomme has been named vice president of commercial at Farfetch China, while Liu and Arthur Shui are joining as managing director, China and head of technology innovation for Farfetch China, respectively.
“In their quest to reach and engage with the Chinese luxury consumer, brands are facing a very fragmented offer in the market,” said Bonhomme. “The combination of Farfetch’s e-commerce and operations capabilities with CuriosityChina’s digital marketing and social CRM expertise is now offering a truly unique solution for premium and luxury brands. This new approach closes the loop, all in a seamless integrated way, allowing brands to invest in digital marketing with measurable return on investment and growing sales.”
Farfetch has been putting a big focus on the Chinese market: Last year, it secured a $397 million investment from the Chinese e-tailer JD.com, which helped the company double its business in China, according to Belloli.