José Neves Unpacks the Farfetch-Alibaba-Richemont Partnership

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 2 March 2021

⏱️ 23 minutes

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Summary

The Farfetch founder and chief executive and Alibaba Group president J. Michael Evans discuss the industry-changing deal designed to dominate luxury e-commerce.

Alibaba Group president J. Michael Evans and Farfetch founder José Neves take BoF’s editor-in-chief Imran Amed behind-the-scenes of the industry-changing joint venture between Alibaba, Farfetch and Richemont at VOICES 2020, BoF’s annual gathering for big thinkers.

The biggest appeal for all three parties? A shared vision of the importance of technology and omnichannel retail.

”We think as tech businesses, we’re not retailers,” Neves said. “We’re at the service of the best brands, the best retailers and we’re here to enable the industry… and this is open to everyone.”

What the Farfetch-Alibaba-Richemont Mega-Deal Means for Luxury E-Commerce

Duelling Visions for Online Luxury in Mytheresa and Farfetch’s Latest Results

Farfetch and Alibaba Open Up About Their Mega-Deal with Richemont

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Transcript

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0:00.0	We just need to remove all these completely fabricated ideas around online, offline, multi-brand,
0:12.0	monobrand.
0:13.0	That's not how the consumer thinks.
0:14.0	You know, Alibaba is thought of as a Chinese platform.
0:18.0	Looking into the future, where does this deal take Alibaba on a global level?
0:22.4	We can bring what we're really good at and partner with others who have technology and
0:28.1	capabilities that they're really good at to create an experience for merchants and for consumers
0:33.2	that cannot be created today in a single entity.
0:41.3	Thank you. that cannot be created today in a single entity. Hi, this is Imran Ahmed founder and CEO of the Business of Fashion. Welcome to the Bof
0:46.8	podcast. We're taking you back to Voices 2020 for a conversation that I had with Jose
0:52.2	Nevitz, the founder and CEO of Farfetch, and Mike Evans,
0:55.9	the president of Alibaba Group. The two executives were on hand to discuss their new mega deal
1:00.8	with Richemol, which has just come to life as of Monday because now Farfetch is present on
1:05.6	Alibaba's luxury pavilion platform. Last week, Farfetch reported that it sold more than $3 billion worth of goods
1:12.6	in 2020, up 49% year over year and generating revenue of $1.7 billion, which has led to the
1:19.9	company's first quarter with a positive adjusted EBITDA. Farfetch is still aiming for profitability
1:25.6	for the full year of 2021.
1:28.2	There's lots to learn from this conversation.
1:30.1	Here's Jose Nevis and Mike Evans at Voices 2020.
1:42.2	Opportunistic investment was theme seven in this year's report on the state of fashion 2021.
1:49.0	It offered a prediction that companies will begin maneuvering for the post-pandemic reality
1:54.0	to grow market share and expand their capabilities. But in fact, it is already happening.
	...

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