Latest news with #Rlux
Yahoo
6 days ago
- Business
- Yahoo
Farfetch Pushes Into South Korea, One of the World's Biggest Luxury Markets
— Farfetch is pushing into South Korea, one of the world's hottest luxury markets, through an integration with the app, Coupang's luxury vertical in the country. Farfetch is looking to leverage the local services and operational network in the region, where its business is still small. More from WWD Nancy Astor's Cartier Tiara Outstrips Expectations at Bonhams Auction Casablanca's First Store in Paris Has a Marble Tennis Court and Ancient Greek Flair Kate Moss' and Bobby Gillespie's Zara Capsule Is All Rock 'n' Roll The integration of the two Coupang-owned companies means that Farfetch's brand and boutique partners will gain immediate access to millions of customers in South Korea, one of the top 10 luxury markets globally. The plan is to offer enhanced services to those customers, including free shipping and returns, and fast delivery. Stephen Eggleston, chief commercial officer at Farfetch, described the integration as a 'tremendous opportunity' for brands and partners of Farfetch. 'This unique gateway will significantly expand their access to the high-spending South Korean luxury market. Together, we will continue to offer the widest selection of products, including unique items customers can't find anywhere else,' he said. At launch, an extensive selection of Farfetch merchandise will be available, including womenswear, menswear, shoes, bags and watches and fine jewelry, from brands including Dolce & Gabbana, Ferragamo and Missoni. 'We are excited about the continued evolution of our partnership with Farfetch, and this is another step forward,' said a Missoni spokesperson. 'We view this latest development as an incredible opportunity to make our products immediately available to millions of avid and already engaged customers.' There are currently 1,400 brands, boutiques and department stores on the Farfetch platform, which serves customers in more than 190 countries and territories. South Koreans are among the world's biggest spenders on luxury goods per capita, with total spending on personal luxury goods growing by 24 percent to $16.8 billion in 2022, according to Statista. McKinsey's 2025 State of Fashion Report found the exceptional growth in the sector was driven by certain geographies, including South Korea, which saw an 8 percent compound annual growth rate between 2019 and 2023. Coupang has been working to stabilize the Farfetch business, which it purchased out of administration in 2023. On Coupang's watch, Farfetch achieved revenues of $1.7 billion in 2024, while losses narrowed to $34 million. In February, Coupang said the business was on a 'positive trajectory,' and turned a profit in the fourth quarter. Coupang, an e-commerce giant known for its speedy delivery services, was born in Seoul and is now based in Seattle. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns Effettua l'accesso per consultare il tuo portafoglio
Yahoo
6 days ago
- Business
- Yahoo
Farfetch Pushes Into South Korea, One of the World's Biggest Luxury Markets
— Farfetch is pushing into South Korea, one of the world's hottest luxury markets, through an integration with the app, Coupang's luxury vertical in the country. Farfetch is looking to leverage the local services and operational network in the region, where its business is still small. More from WWD Nancy Astor's Cartier Tiara Outstrips Expectations at Bonhams Auction Casablanca's First Store in Paris Has a Marble Tennis Court and Ancient Greek Flair Kate Moss' and Bobby Gillespie's Zara Capsule Is All Rock 'n' Roll The integration of the two Coupang-owned companies means that Farfetch's brand and boutique partners will gain immediate access to millions of customers in South Korea, one of the top 10 luxury markets globally. The plan is to offer enhanced services to those customers, including free shipping and returns, and fast delivery. Stephen Eggleston, chief commercial officer at Farfetch, described the integration as a 'tremendous opportunity' for brands and partners of Farfetch. 'This unique gateway will significantly expand their access to the high-spending South Korean luxury market. Together, we will continue to offer the widest selection of products, including unique items customers can't find anywhere else,' he said. At launch, an extensive selection of Farfetch merchandise will be available, including womenswear, menswear, shoes, bags and watches and fine jewelry, from brands including Dolce & Gabbana, Ferragamo and Missoni. 'We are excited about the continued evolution of our partnership with Farfetch, and this is another step forward,' said a Missoni spokesperson. 'We view this latest development as an incredible opportunity to make our products immediately available to millions of avid and already engaged customers.' There are currently 1,400 brands, boutiques and department stores on the Farfetch platform, which serves customers in more than 190 countries and territories. South Koreans are among the world's biggest spenders on luxury goods per capita, with total spending on personal luxury goods growing by 24 percent to $16.8 billion in 2022, according to Statista. McKinsey's 2025 State of Fashion Report found the exceptional growth in the sector was driven by certain geographies, including South Korea, which saw an 8 percent compound annual growth rate between 2019 and 2023. Coupang has been working to stabilize the Farfetch business, which it purchased out of administration in 2023. On Coupang's watch, Farfetch achieved revenues of $1.7 billion in 2024, while losses narrowed to $34 million. In February, Coupang said the business was on a 'positive trajectory,' and turned a profit in the fourth quarter. Coupang, an e-commerce giant known for its speedy delivery services, was born in Seoul and is now based in Seattle. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
