FARFETCH Limited today announced it will acquire luxury beauty retailer, Violet Grey, for an undisclosed sum. The acquisition comes ahead of the launch of Beauty on the FARFETCH Marketplace, which is scheduled for later in the year.
The acquisition of Violet Grey brings industry expertise as well as a curated selection of products to be offered on the FARFETCH Marketplace, and expands the beauty curator’s reach to extend to FARFETCH’s global customer base. Violet Grey will also leverage Farfetch Platform Solutions’ expertise in technology, global logistics and operations in continuing to drive its standalone business, comprised of VioletGrey.com and its Los Angeles retail store. Upon completion, Violet Grey founder, Cassandra Grey, will become a global advisor for Beauty on the FARFETCH Marketplace and Co-founder of NGG Beauty where she will work to incubate and accelerate new brands. Grey will also be Chair of Violet Grey, providing overall strategic and creative direction and continuing to build the community that Violet Grey is known for. Niten Kapadia, previously VP Operations, FARFETCH takes the role of Managing Director for Violet Grey. Completion is subject to customary closing conditions, including the consent of Violet Grey’s existing shareholder base.
FARFETCH’s beauty proposition, which is due to launch later this year, will offer FARFETCH’s extensive Millennial and Generation Z luxury audience a unique experience for discovering and shopping for beauty. It will allow customers to access insights and expertise from multiple beauty experts and communities, including the Violet Grey community. For brand partners, FARFETCH’s expansion into Beauty provides an opportunity to reach FARFETCH’s millions of engaged luxury customers through co-branding and marketing opportunities to target the global Luxury Beauty market, estimated to be almost $USD 69 billion and the second largest category within the global Personal Luxury market, after Leather Goods, and ahead of Apparel[1].
“The acquisition of Violet Grey is an important step ahead of the launch of Beauty on FARFETCH later this year and will form part of our overall beauty strategy ‘palette’. It will enable us to offer our informed and engaged customers a curated selection of the industry’s most sought-after products on the FARFETCH Marketplace, joining a world of beauty brands, from the iconic leading global brands, to smaller brands with a cult following,” said Stephanie Phair, Chief Customer Officer, FARFETCH.
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.
As a Marketplace, we are uniquely positioned to be able to offer multiple points of view and voices in this important category, so customers can find the products and expertise that speak to them. The addition of Violet Grey and Cassandra Grey joining the team will form an important element of this overall strategy. Cassandra has built true authority in the beauty industry and has an incredible, intuitive understanding of where beauty is going and what customers want.”
“VIOLET GREY was founded with a simple, straightforward mission – to enable customers to feel confident in their purchase decisions. Our product is trust and we have earned that trust simply by partnering with those who are the best at what they do. This is our not-so-secret sauce, we partner with the best beauty experts to curate the best beauty brands, to ultimately serve a community of customers who subscribe to the notion that only the best will do,” said Cassandra Grey, Founder of Violet Grey.
We’ve had our eye on FARFETCH since its inception and I have long admired José’s love of fashion and his inspired mission to connect curators, creatives and customers in a way that revolutionizes the consumer experience and meets us wherever we are. Myself, Sarah Brown and our band of beauty editors could not be prouder or more eager to bring our love of beauty and discerning eye to the FARFETCH ecosystem. Most of all we are honored to now get to learn from José, Stephanie Phair, Holli Rogers, and all the other amazing Farfetchers. Now if you will excuse me, I am going to go call my mom and tell her I’ve made it in the world.”
Bain Altagamma Luxury Study 20th Edition, November 2021. 2021E global market size for Luxury Beauty: €60B ($68.9B using USD/EUR exchange rate as of 11 November when the report was published
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