The world of luxury fascinates, including fashion. While certain names spontaneously spring to mind, other emerging brands sometimes struggle to make a name for themselves. This lack of visibility is detrimental to both designers and customers, who are often keen to make new discoveries. Fortunately, one man is here to change this and open the doors to the world, in the truest sense of the word, with his start-up Farfetch. 

The idea that changed everything 

Do shoes lead to everything? When we look at the world of unicorns, we see that another one - Zalando - started out selling shoes online. 

In this case, it was the first company created by a Portuguese computer scientist: José Neves. After this initial success, he ventured into fashion in general, with a licensing company to wholesale models by avant-garde designers in a physical boutique. He learned how important presentation was, but realized that online sales were still only 10%. So it's a potential niche. 

Working in the start-up world and convinced that his future will be linked to the web, he had a flash of genius at Paris Fashion Week. Why not create a virtual network of independent luxury boutiques, to give them greater visibility? 

Professionals, and especially small independent structures, are faced with a dilemma: they don't have the skills themselves to go online, and are in the process of losing their soul by becoming too conventional, whereas they have talent to spare and dream of bringing "something else" to the public. 

Farfetch was born of this realization, to enable them to retain this independence, this very special style that is their strength, without giving up physical stores, so as not to lose any customers. 

Between renowned luxury brands (Saint Laurent, Givenchy), a "Lab" section with experimental brands less known to the general public and a more contemporary section, but still working in luxury fashion, Farfetch plays on several levels and reaches a much wider audience. 

Thanks to technology, Farfetch is now available on the Internet as well as on cell phones. 

The development and consecration of Farfetch

At the start, the clientele was mainly Parisian, with concept stores, but success came quickly, notably through word-of-mouth from professionals. 

After all, who wouldn't want to manage a website and two-day deliveries (with all the problems that entails in terms of customs and exchange rates), in exchange for a simple commission on each purchase? 

The European, Brazilian and North American markets soon followed, thanks to a number of major fund-raising operations. First, Felix Capital invested 3 million euros, followed in 2010, just two years later, by Advent Venture Partners with 4.5 million dollars. 

Still convinced by Farfetch's development potential, the same investor raised a further $18 million. 

In 2013 and 2014, the company raised $20 million and $66 million respectively. 

A further $86 million went to Farfetch, this time from software investors. 

In 2015, Farfetch became a fully-fledged unicorn. 

With 1,000 partner stores, 2,900 international brands, deliveries to 190 countries, one million customers, and an average basket per order of $680 (2013 figures), Farfetch has long since become a success story. 

Farfetch: key information

It's incredible to realize that Farfetch was created at the request of a number of independent fashion brands, and that José Neves initially only wanted to highlight them, so that they wouldn't lose their identity and independence.

 The idea that would enable Farfetch to see the light of day was triggered in Paris, the fashion capital of the world, which had nothing to do with chance, no doubt. 

With several companies already under his belt, José Neves officially created Farfetch in 2008. 

The company, which operates in many countries around the world, had 5,441 employees in 2022. 

In 2021, Farfetch was valued at over 13 billion dollars, with sales of 1.4 billion euros; 64% more than the previous year.

Founded in 2008, it took Farfetch just 10 years to go public, on its anniversary in September 2018, with a share price of $20. 

José Neves, and by extension Farfetch, are not resting on their laurels. The company regularly buys fashion boutiques, like Browns in 2015, or acquires shareholdings, like this year (2022), with NYAP (Yoox Net-A-Porter, an online ready-to-wear retailer). 

Luxury boutiques on the Chinese mainland are attracting Farfetch, which hopes to establish itself in China, thanks in particular to applications designed to help Chinese consumers eager for luxury find the boutiques that match their tastes...if possible via Farfetch. 

Helping companies to gain visibility has always been the driving force behind Farfetch, and the company is continuing this momentum with the Dream Assembly project. This is an incubator providing financial support for start-ups. Business sectors? Unsurprisingly, new technologies (blockchain, AI), but also two other themes dear to the luxury houses, such as sustainable development and the sale of second-hand items. 

The strength of a company lies above all in its founder(s). José Neves, with a number of successes already to his credit, has demonstrated that he has the makings of a great entrepreneur, and his purchases of stores and other outlets always seem to be well thought-out, in terms of the basic idea and its development. 

Farfetch is not necessarily distinguished by a slogan, but by a state of mind and a goal, clearly stated on the site. 

This former unicorn wants to be recognized as " the global benchmark in the world of luxury ". But it is above all the desire to bring together designers, industry professionals and consumers that drives him. Throughout his career, José Neves has been consistent in this direction, with the success it has engendered...