JD’s Toplife and Farfetch China to merge
JD says it plans to create a “premier luxury gateway to China” for luxury brands merging Toplife and Farfetch China.
The move sees the luxury fashion industry technology platform Farfetch expanding its strategic partnership with JD. Under the agreement, the Toplife platform will merge into Farfetch China. In addition, Farfetch will gain a “Level 1” entry point on the JD.com app, providing JD’s 300 million customers with instant access to more than 3000 brands via Farfetch’s network of more than 1000 luxury brand and boutique partners.
The partnership builds on the existing successful relationship between Farfetch and JD which commenced in July 2017. Since that time, Farfetch has leveraged JD’s logistics capabilities in China, as well as its insights into the behaviours of China’s luxury consumers.
JD is currently one of Farfetch’s largest shareholders.
Farfetch has strengthened its China business through its agreement to acquire Curiosity China, a leading integrated marketing and social commerce company. Through this expanded agreement with JD, Farfetch will offer the full suite of Farfetch’s technology and logistics platform to brands wanting to reach luxury consumers in China.
As a key player in China’s luxury market, JD has been working directly with luxury brands to offer an end-to-end luxury shopping experience, from customer service to logistics, with luxury warehousing and ‘white glove’ delivery via JD Luxury Express. It has also pioneered omnichannel luxury partnerships.
“We are delighted to build on our relationship with JD and bring to market an unrivalled solution for luxury brands to succeed in the Chinese market,” said Farfetch CEO and co-chairman Jose Neves. “We believe our Level 1 access with JD ‘closes the circle’ and will be transformational for the luxury industry’s digital landscape in China. With this agreement, and our previous strategic investments in China including our acquisition of Curiosity China, we now offer luxury brands a one-stop solution to develop their digital strategies in accessing the engaged and sophisticated audience in this important market. Today we mark the launch of what I believe is the Premier Luxury Gateway to China.”
“This win-win collaboration is a key development in our ongoing relationship with Farfetch”, said JD’s chief strategy officer Jon Liao, referring to the merger of Toplife and Farfetch in China. “We are combining the best of global and local market expertise in the luxury segment. This is an important step for JD in developing its global fashion and luxury ecosystem.
“In just over a year of operation, Toplife has worked with many of the world’s top brands, and has grown to become the platform of choice among China’s discerning luxury consumers and brands. Luxury is an integral part of our fashion offering, and we are excited to work together with Farfetch to create the ultimate destination for luxury shopping in China,” said Liao.