Alibaba Stock – A First Look at Farfetch’s Tmall Store – WWD
LONDON — Farfetch’s mega partnership with Alibaba and Compagnie Financière Richemont got its proper unveiling on Monday, adding a buffet of options to China’s fashion lovers. It includes 3,500 brands such as Loewe, Off-White, Comme Des Garçons, Thom Browne, Versace, Theory, Jimmy Choo, Pomellato, Jacquemus and Self-Portrait, 95 percent of which did not have their own stores on Tmall.
The store sits within Taobao’s ecosystem and a simple search for Farfetch, or “fafaqi” its Chinese name, leads one to the site.
After several weeks in soft launch, the online marketplace nows has gathered over 24,700 fans. The landing page features a promotion video and campaigns starring Chinese actress Song Zu’er and actor Fei Qiming at the top, with a little envelope at the bottom that encourages users to sign up for winning a change of free order.
Members of Farfetch’s Chinese community, called Kangmiti, also showcase their personal mix and match with items that are featured in the launch.
Like most Tmall stores, Farfetch has put a heavy emphasis on grand opening promotions. On Monday, there was a 15 percent off of everything throughout the week, which could be combined with another deal to receive a Dyson hairdryer when spending over 12,999 renminbi, or $1,966.
Additionally, from Tuesday to Thursday, anyone who purchased over 4,999 renminbi, or $756, will get a tote bag with the Farfetch logo. From March 5 to 8, anyone who shops over 7,999 renminbi, or $1,209, within the first hour of the day, will win Apple AirPods.
The platform also provides 12 months interest-free installments purchase option via Ant Group’s Huabei service.
The site also publishes fashion content that highlights seasonal edits with items from emerging brands like Craig Green, Y/Project, Paria Farzaneh, Marie Serre and Simone Rocha, and spotlights Chinese celebrities’ personal picks.
Off-White’s home 2.0 capsule, which includes logo throws, pillows, tea sets, jugs, pajamas, and ash tray also made its global debut with Farfetch’s Tmall grand opening.
The most expensive item is a pair of diamond earrings by David Morris, which comes with a price tag of 3.9 million renminbi, or $596,456. While a reworked Birkin bag by artist Jay Ahr is the most expensive accessory on the site, at 348,125 renminbi, or $52,655.
Thom Browne’s sheepskin coat and Philipp Plein’s sequined and studded biker jacket are the most expensive men’s wear and women’s wear items, at 218,100 renminbi, or $32,988, and 147,355 renminbi, or $22,288, respectively.
While there are many showstopping pieces from Zuhair Murad, Rick Owens, Marchesa and Oscar de la Renta, the best-selling items are at the lower end of the price point. Marine Serre’s moon top is the most popular item. Some 22 pieces have been sold at the price of 1,350 renminbi, or $204, which is 45 percent cheaper than other luxury fashion sites. It is followed by Marni’s tote bags, Adidas’ sneakers in collaboration with Hyke, and Ami Paris’s logo polo shirt.
José Neves, founder, chairman, and chief executive officer of the company told WWD earlier that the Tmall store “will be a slower build-up than what some people expect,” and it will be a learning curve for him and his 500 people in Greater China to “test and fail and learn,” while navigating a new shopping ecosystem.