Following news of Natalie Massenet joining the company as non-executive co-chairman and rumours of an IPO, Farfetch has announced that it is partnering with China’s second largest online retailer, JD.com, to bolster sales in the region.
“We have all learned that it is excruciatingly painful and difficult to penetrate [China] without a local partner,” Farfetch founder and CEO Jose Neves told BoF. “The toolbox that we use in the West just doesn’t work there. The size of the market and the difficulty of the market make it just the right case for this kind of strategic partnership.”
Both Farfetch and JD.com share the investor Temasek, Singapore’s sovereign wealth fund, which contributed to Farfetch’s $110 million Series F round and according to BoF, also has a stake in many of Asia’s largest e-commerce companies.