Shortly after reports speculating Farfetch‘s $5 billion USD IPO valuation aim surfaced, the London-based retailer now announces a global multi-year Innovation Partnership deal with Chanel, which will be the first of its kind in the luxury retail industry.
The new partnership will involve a range of collaborative digital initiatives that will offer “unparalleled customer experience both offline and online, in-store and out-of-store.” The technology-driven project will include “Augmented Retail” platforms that combine physical boutique experience with the advantages of digital services for ultra-personalized customer service. As part of the deal, Chanel has invested in Farfetch and joined its existing shareholders.
This is the latest business development announcement from Farfetch, which in the last few years has seen success in its purchase of fellow London retailer Browns in 2015 and partnership with publishing giant Condé Nast in 2017.
In other, more downbeat, industry news, Nautica is struggling to stay afloat and is now up for sale.