Luxury market high-end fashion finds are typically reserved for the ultra elite. While traveling the world to find the chicest ensemble may become an onerous task, eCommerce has naturally stepped up to fill that void.
One company that’s helping to move the luxury market forward is online retailer Farfetch. The London-based high fashion curated site just received nearly $400 million in funding from one of China’s largest Commerce companies, JD.com. The hope with this strategic partnership is that these funds will help push Farfetch further into the mainstream China market.
With the investment by JD.com, Farfetch equity capital is effectively doubled considering its previous $300 million funding round.
JD.com’s CEO, Richard Liu, commented on this news and what it means for Chinese shoppers. He said, “As part of our major luxury push, we could not have found a stronger online partner than Farfetch. We have always believed that the long-term trend of Chinese eCommerce is toward quality over price, and this partnership with Farfetch further extends our lead in the battle for the future of China’s upwardly mobile customers.”