Chanel acquires minority stake in Farfetch

United Kingdom
Published:  26 February, 2018

The French luxury house has taken a minority stake in UK based online retail platform, Farfetch.

The aim is to develop privately-owned Chanel’s digital services such as chats to connect clients with store assistants. Under agreement, the French luxury label will not sell its products through Farfetch but it will work with the platform in coming years on digital innovations linked to customer services, such as smartphone applications allowing people to flag their preferences and sizes online before entering a store, said Bruno Pavlovsky, Fashion President, Chanel, adding the label is seeking to enrich its relationship with customers.

Farfetch connects buyers to luxury fashion items from more 700 boutiques worldwide. Other investors include Chinese online retailer, French investment company Eurazeo, and Singapore state investor Temasek. As reported by ILM, British label Burberry has also recently announced a partnership with the platform to further strengthen its online presence.

Source: Reuters

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