The e-commerce platform known as FarFetch was developed with the intention of bringing together customers, creators, and boutiques from all over the world. The website caters mostly to individuals who have an interest in fashion, as its primary focus is on luxury fashion items, the prices of which can be rather high.
Is FarFetch legit? Everyone has enough reasons and rights to know it before making purchase from FarFetch company website, and if so, how legit they are, whether you will receive a genuine item or just a decent copy before you spend a considerable amount of money for a new outfit? You also have the right to know whether you will receive a real product or just a good copy. In this article, we will walk you through all there is to know about FarFetch website and it’s functions.
What Is Farfetch Company?
Farfetch is an online platform for luxury fashion, connecting shoppers with products from a wide array of global designers and luxury brands. While Farfetch doesn’t own the inventory it sells, it collaborates with retailers and manufacturers to offer customers access to their products.
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Farfetch provides merchandise from over a thousand prestigious brands such as Burberry, Gucci, Prada, Dolce & Gabbana, and many others. Shoppers can browse categories including apparel (shirts, jeans, etc.), footwear, handbags, watches, and more.
The platform is accessible globally, and customers can shop online or visit Farfetch’s physical stores to try on and purchase select items. With a solid reputation for quality, Farfetch ensures that its boutique partners are thoroughly vetted for product authenticity and customer service.
Farfetch offers a seamless shopping experience with its customer service designed to assist buyers with any concerns, from product inquiries to returns. The company is committed to providing high-quality support to ensure customers have a positive experience, whether they’re shopping online or at physical stores.
Farfetch Company Background
Farfetch was founded in 2007 by José Neves, who remains the company’s CEO. Neves, born in Porto, Portugal, was inspired by his background in fashion and technology, and he started the platform to provide access to luxury brands that were not available in traditional retail outlets.
The company grew rapidly, and Farfetch’s success was driven by its unique marketplace approach, allowing boutiques worldwide to offer their products online. Farfetch underwent significant milestones, including securing investments from companies like Alibaba and Richemont and expanding globally.
In addition to its marketplace, Farfetch offers a personalized shopping experience powered by data analytics and a customer service team that is available to assist with any issues or questions that arise. Customers can always reach out to the company’s support team for help with orders, returns, or product details.
Are the Items on Farfetch Real?
Farfetch guarantees that all items listed on its platform are 100% authentic, sourced directly from reputable designers and authorized sellers. The platform maintains rigorous standards for its boutique partners, ensuring only genuine products are sold. When you shop for a designer item, like a Gucci dress or a Prada handbag, you’re assured of its authenticity, just as if you were shopping at the brand’s flagship store.
Additionally, Farfetch’s customer service team is always available to assist with any concerns about the authenticity of a product or issues related to purchases. If you have questions or need assistance, the dedicated support staff is available to ensure a smooth and reliable shopping experience.
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FarFetch’s Working Model
On their website, you can locate their company number and London location. Over 10 nations, including the US, have offices. FarFetch has no physical store. It connects you to partner stores and designers. All FarFetch products are in boutiques or creators’ storages globally.
You’re buying from a designer or boutique when you buy from FarFetch. Direct store shipping is used. FarFetch can’t manage the shipping procedure, but it has strong safety criteria to verify its partners.
Balenciaga, Versace, and Prada are among FarFetch’s partners. In 2007, the UK platform had 25 partner stores. Over time, it gained 700 global partners.
200 direct brands and boutiques work with FarFetch. If they weren’t trustworthy, huge brands wouldn’t work with them.
How Does FarFetch Make Money?
FarFetch derives money from commissions, fulfillment services, a white-label software solution, and in-store and online sales.
Let’s check it all here.
Commissions
When brands and boutiques sell on FarFetch, they pay commissions. Contracts between partners and FarFetch govern these commissions. Probably 25 to 32%.
Larger companies like Burberry or Gucci may have cheaper commissions due to negotiating leverage.
FarFetch is a marketplace. It works as an aggregator, holding essentially minimal inventory (only through purchased brands and retail concepts).
Fulfillment
As part of its marketplace strategy, FarFetch provides numerous fulfillment services to its partner brands and boutiques. Included in fulfillment services are products storage (= warehousing), item delivery, and returns management.
This resembles other marketplace organizations that have incorporated their own fulfillment services. In the fashion business, examples are StockX and Poshmark.
Similar to its marketplace commissions, FarFetch takes a cut of the sale price as a percentage. It is estimated that this is about 8 %.
White-Label Solution
Farfetch Platform Solutions (formerly Black & White) offers white-label SaaS for premium apparel manufacturers and retailers.
Unknown pricing. Like any other white-label solution, it likely includes a fixed price (for app and website development, among other things) and a revenue-sharing arrangement (i.e. FarFetch receives a percentage of the revenue that the store generates).
In-store & online
FarFetch has bought a number of physical fashion retail enterprises. Browns, Stadium Goods, New Guards are examples.
Like every retail store, FarFetch sells things (which are either happening in-store or online). The income must be decreased by the cost of goods sold, which includes product purchases, store rent, and personnel wages.
Wholesaling
As part of its acquisition of New Guards, FarFetch inherited a number of established premium fashion companies. Off-White, Heron Preston, Alanui, and a few others are included.
Consequently, these brands are sold in a range of boutiques, retail, and online stores via wholesale distribution. FarFetch derives revenue by selling these products to other businesses in bulk.
Vertical manufacturing and distribution is a method used by ASOS and Zalando.
Especially in the luxury market that FarFetch serves, margins are typically greater. Additionally, the platform’s traffic can be utilized to improve sales volumes.
FarFetch Return Policy
The best part about Farfetch is that you have a significantly greater chance of obtaining the desired item in your specified size and color compared to a traditional retail store. However, as with any online shopping experience, there is always some degree of uncertainty about whether the item you purchase will fit you perfectly.
Even if you selected your size carefully, the item may not appear or fit as you expected. This doesn’t indicate that the product is defective; it simply means that photographs can sometimes be misleading.
Farfetch offers a flexible return policy, allowing you to return your purchase within 14 days of delivery for a full refund. This return policy further proves the legitimacy of the site. However, it is important to note that the item must be returned to the retailer within this time frame. To ensure a smooth return process, it is advised that you try on your clothes as soon as they arrive. This gives you enough time to return them if you aren’t satisfied with your purchase.
If you need assistance, Farfetch’s customer service team is always available to help guide you through the return process and answer any questions you may have. With responsive customer service, Farfetch provides shoppers with the peace of mind they need when shopping for luxury items online.
Conclusion
In a sea of e-commerce platforms, it might be difficult to find one you can rely on. FarFetch is a viable option. It features trustworthy business partners and a solid return policy.
Have you utilized FarFetch before? How familiar are you with this platform? Would you suggest this to others? Feel free to express your thoughts in the box for comments below.
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