Farfetch has joined Net-A-Porter and Mr Porter to become the latest online luxury department store to launch a service for prestige watches.
The ecommerce and marketplace site kicked off today (May 9) with a smaller selection than its longer-established rivals, but it can count some impressive names among its start-up portfolio including Bell & Ross, Girard-Perregaux, Tag Heuer, Ulysse Nardin and Zenith.
A fine jewellery department, introduced on the same day as the watch area, offers pieces Chopard, David Yurman, De Beers, Pomellato and Tiffany & Co. join the Farfetch marketplace for the first time.
As well as growing its own direct to consumer retail business, Farfetch also works as a marketplace for third party vendors that can reach a global audience via the site.
Giorgio Belloli, chief commercial & sustainability officer at Farfetch said: “We are thrilled to be launching hard luxury on Farfetch with such an incredible line-up of brand partners. This move is a natural extension to the unrivalled range we already offer lovers of fashion around the world.
“At Farfetch we have a broad customer base who love to express their individuality through fashion and accessories that are exceptionally designed. With our launch into hard luxury and the fresh and playful approach we’re taking to the category, we’re looking forward to delighting existing lovers of watches and jewellery with new and hard-to-find items that are beautifully crafted, and letting people who want to experiment with hard luxury for the first time find the perfect piece just for them.”
According to the most recent accounts filed in the UK, where Farfetch is headquartered, the group’s gross merchandise value — or the total value of goods sold through the platform — grew to £548 million (about $718 million at current exchange) for the year ending December 31, 2016, up 81 percent from the same period in 2015.
Sales hit £151 million (about $198 million) in 2016, while gross profit climbed to £87 million (about $114 million), both up 74 percent from 2015.
Accounts for 2017 have not yet been published.