Farfetch has made a move to expand its presence the in Chinese market after acquiring technology company CuriosityChina.
The online luxury fashion retailer said that the deal, which was made for an undisclosed sum, will help its brands rapidly build presence in the Chinese market with a range of new services.
It will see all of CuriosityChina’s employees join Farfetch, including its three founders Alexis Bonhomme, who will become vice president of commercial of Farfetch’s Chinese arm, Judy Lui who will become head of technology innovation and Arthur Shui who will become head of technology innovation.
“It definitely opens up new opportunities,” Farfetch chief commercial officer Giorgio Belloli told Drapers.
“When we meet with brands China is always top of the list, but it is definitely a difficult market to crack. The way the technology works in the country is complex, which makes it difficult for UK firms to work in China.”
“Ultimately, we need to remember that the Chinese customers are the biggest part of the consumer of luxury fashion. They don’t just buy in their market. They are buying in London – they are on WeChat when they are in London.
“How we can communicate when (Chinese) are travelling is through the Chinese digital channels.
“We have local engineers who are working on the platform to meet (brands’) requirements, so we will be able to offer to brands a suite of products, and we will be able to support them.”
Liu added: “We could not have found a stronger or better partner in luxury and ecommerce than Farfetch, and we are confident that Farfetch is the right owner to ensure the continued growth and success of CuriosityChina.”