Farfetch has bought one of London’s most iconic boutiques, Browns and plans to operate the store as an incubator for retail technology.
How will people shop for luxury fashion 5 or 10 years into the future?
“The vision is to answer the question, ‘How will people shop for luxury fashion 5 or 10 years into the future?’ This won’t be purely online,” José Neves, CEO and founder of Farfetch added. “The answer, we believe, will be a seamless merge of a fantastic physical experience with powerful, yet subtle technology. Browns is the perfect partner for this evolution.”
The acquisition of Browns — the 45-year-old family business founded by Joan Burstein — is the latest expansion for Farfetch, which recently became the first Portuguese startup reaching the valuation of $1 billion.