Rumors are swirling that Farfetch is shutting down its beauty operations after a splashy launch last April and the acquisition of Violet Grey earlier in 2022. WWD broke the news, and BeautyMatter saw postings on LinkedIn from Farfetch employees looking for their next gigs, but the retailer has not commented.
At the time of the Violet Grey transaction, Stephanie Phair, Chief Customer Officer, Farfetch, said, “Our aim for Beauty on Farfetch is to provide the world's most expansive, curated edit of the best products to serve customers across ages, races, cultures and genders in an 'Only on Farfetch' way. We'll be able to show our customers an immersive crossover between fashion and beauty, leveraging our innovation capabilities to offer exciting features for our customers. Farfetch will bring together niche and global brands to transform the beauty retail experience, creating an environment that offers beauty without boundaries."
The category expansion was a breath of fresh air for beauty retail, launching with an omnichannel approach that included an editorial arm and brick-and-mortar component with Browns, the iconic UK fashion boutique acquired in March 2015. Violet Grey founder Cassandra Grey, co-founder of NGG Beauty where she incubates and accelerates new brands, filled the role of Global Advisor for Beauty on the Farfetch Marketplace.
This beauty assortment boasts an impressive lineup of over 100 brands, including 111Skin, Aesop, Augustinus Bader, Balmain Hair Couture, Charlotte Tilbury Beauty, Dr. Barbara Sturm, Dr. Sebagh, Gucci Beauty, Off-White Beauty, and Westman Atelier.
Sources say brands have been advised that Farfetch has made the decision to reallocate resources to its core business. Beauty inventory that is on consignment will be returned to the brand or allocated to Violet Grey. Vogue Business reported that the market place will stop selling product on August 31st and that Violet Grey will remain within the Farfetch group as a standalone business.
Founded in 2007 by José Neves and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world. Today, the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and more than 1,400 of the world's best brands, boutiques, and department stores, delivering a unique shopping experience and access to the most extensive selection of luxury on a single platform.
In May, the business said revenues were up 8 percent year-on-year to $556.4 million in the first quarter of 2023, surpassing analyst expectations.
