Amongst the cohort of independent, multibrand retailers that sell through the FARFETCH marketplace, we’ve observed an attitudinal shift that starts with developing a conscious buying strategy and often goes beyond that, to rethinking current practices to reduce impact and drive behaviorial change in customers.
However, this shift is often reliant on a level of trust in the brands that these retailers have a commercial relationship with.
The amount of conscious product on FARFETCH supplied by our network of boutiques grew 40% YoY.
The value of pre-owned product from boutiques was up 96% YoY.
Conscious GMV from boutiques was up 46% YoY.
Boutiques selling pre-owned on FARFETCH are up from 26 to 32 YoY.
Buying and Creative Director, LN-CC
We sat down with Reece Crisp, Buying and Creative Director at retailer LN-CC. The London-based boutique and ecommerce operation is committed to ensuring a significant part of its collection is devoted to sustainable and ethical products. Reece tells us how LN-CC is looking beyond that, with the aim of weaving sustainability initatives into various aspects of the business and how its community can play a part.
How can buyers for multibrand boutiques identify and source more conscious product with confidence? A lack of industry standards and education on such a complex topic can make the transition to better merchandising practices challenging. Leveraging the experience of our network of boutique and brand partners, FARFETCH has developed a list of key questions to ask during buying appointments for both our partners and other businesses in luxury fashion or beauty.
This conscious luxury 22 report (the “Conscious Luxury 22 Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Conscious Luxury 22 Report that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our 2030 goals, expectations about our business and the luxury industry, our environmental, social and governance goals and initiatives, including with regard to diversity and inclusion and responsible sourcing, planned activities and objectives, our strategic priorities and objectives, future and current trends in the luxury fashion industry, the preferences of consumers and luxury sellers concerning environmental, social and governance matters, demographic trends, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “likely,” “see” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic on our business operations, the increasing impact of and focus on environmental, social and governance matters could increase our costs, harm our reputation and adversely affect our financial results, and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and on our website at http://farfetchinvestors.com. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. You should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this Conscious Luxury 22 Report relate only to events or information as of June 16th, 2022, the date of this Conscious Luxury 22 Report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.