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Farfetch backs blockchain platform for luxury fashion

Farfetch is betting on blockchain as part of the future of luxury with the announcement of its role as a founding member of new platform, Libra Association.

It is joining forces with companies including Facebook, Andreessen Horowitz, Ebay, Spotify and Uber for the fashion-focused platform, which will launch at the beginning of 2020.

It will include a digital currency designed to ensure efficient and secure cross-border payments, as well as a focus on product authentication and transparency.

The move will see Farfetch add digital identities, such as QR codes on labels, to its inventory of 600,000 items, according to Vogue Business. It will be working with Eon, a startup from its Dream Assembly accelerator that creates digital profiles of physical products, to do so.

Farfetch CEO José Neves says he especially wants to use the technology for its resell business, which it is currently piloting under the “Second Life” header. This lets users trade designer handbags for Farfetch credit. The value of blockchain here will sit particularly in that product authenticity and provenance area – showing where an item comes from and that it is indeed real.

“Blockchain is still in its relative infancy, but we think it holds a lot of promise with regards to how it could assist the luxury fashion industry scale solutions to these consumer expectations,” Neves said. “Having data intelligence around the life cycle of a product is what really empowers the circular economy.”

Farfetch’s strategy for the blockchain platform will be developed by its new chief data officer, Kshitij Kumar.

How are you thinking about innovation? We’re all about helping you build innovative integrations and experiences. The Current Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology, powered by a network of top startups. Get in touch to learn more. 

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business Campaigns data digital snippets e-commerce product Retail social media sustainability technology

ICYMI: Farfetch acquires Stadium Goods, the UN’s fashion climate charter, ASOS profit warning

A round-up of everything you might have missed in relevant fashion, retail and tech industry news over the past week.

TOP STORIES
  • Farfetch acquires Stadium Goods: Why sneaker resale is becoming big business [Forbes]
  • Milestone fashion industry charter for climate action launched [UN]
  • ASOS issues profit warning as Christmas sales falter [The Industry]
TECHNOLOGY
  • China’s retailers turn to real-world surveillance to track big spenders [Wired]
  • Alexa wants you to answer questions [Cognition X]
  • Is the face-swapping robot with multiple ‘personalities’ cool or just plain creepy? [Mashable]
  • Racist, sexist AI could be a bigger problem than lost jobs [Forbes]
  • Is tech too easy to use? [New York Times]
SUSTAINABILITY & PURPOSE
  • Kering launches first ‘regenerative sourcing’ standard for fashion suppliers [Edie
  • Francisco Costa is back—with the chicest sustainable beauty brand you’ve ever seen [Vogue]
  • The first “plastic-free” supermarket aisle [BBC]
  • Lacoste joins list of brands banning mohair  [Fashion United]
  • Companies used to stay quiet about politics. In 2018, social causes became integral to their branding. [Vox]
  • Is online shopping better or worse for the environment? [WWD]
RETAIL & E-COMMERCE
  • Here’s how Nike, Alibaba and Walmart are reinventing retail [Wired]
  • The future of fashion is made-to-order, according to Farfetch CEO José Neves [Fast Company]
  • Amazon Go eyes London’s West End for first UK store [Retail Gazette]
  • Why Starbucks is experimenting with experience-based retail [Digiday]
  • E-commerce is thriving in Africa despite hurdles to the “last mile” [Quartz]
  • ‘It’s a big data game’: Startups compete to reinvent the convenience store [Digiday]
  • Lululemon expands test for 1st loyalty program [Retail Dive]
MARKETING & SOCIAL MEDIA
  • You can try on the latest Adidas sneaker drop on Snapchat [Engadget]
  • Mall of America debuts holiday AR scavenger hunt [Mobile Marketer]
  • Mr Porter launches gift assistant with Facebook Messenger [Fashion Network]
  • Lululemon and Strava team up to launch a series of virtual races [Runners World]
  • Calvin Klein kills print ads — will other fashion brands follow suit? [Footwear News]
PRODUCT
  • H&M teams up with cult brand Eytys for unisex collection [Fashion United]
BUSINESS
  • Millennial consumers rule the luxury market – how are brands coping? [SCMP]
  • Samsung’s Supreme collaboration in China is with a “counterfeit organization,” Supreme says [Quartz]
  • LVMH expands portfolio with $2.6B Belmond travel deal [Retail Dive]
  • H&M says full year sales increased by 5 percent [Fashion United]
  • Alberta Ferretti under investigation by Italy’s antitrust authority [Fashion United]
CULTURE
  • Self-Portrait is growing in the age of streetwear — without flashy logos or sneakers [Fashionista]
  • Prada pulls monkey designs following outcry over racist imagery [Complex]
  • Diversity on magazine covers increased by a record double-digit percentage in 2018 [Fashionista]

How are you thinking about innovation? We’re all about finding you the perfect partners to do so. TheCurrent is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

Categories
business Campaigns digital snippets e-commerce product Retail social media sustainability technology

ICYMI: Farfetch’s Neves as the Bezos of fashion, DTC physical stores driving online sales

Farfetch
Farfetch

A round-up of everything you might have missed in relevant fashion, retail and tech industry news over the past week.

TOP STORIES
  • Is Farfetch founder Neves the Jeff Bezos of fashion? [Forbes]
  • ‘Shoppable billboards’: DTC retailers say physical stores are driving online sales [Digiday]
  • Amazon reportedly plans to open 3,000 cashier-less stores by 2021 [The Next Web]
  • Is renting designer fashion the future? [FT]
TECHNOLOGY
  • Walmart to put 1M workers in Oculus Go VR headsets [WWD]
  • Ikea’s think tank envisions self-driving cars as rooms on wheels [Quartzy]
  • Forget the new iPhones: Apple’s best product is now privacy [FastCompany]
  • Cryptocurrency is coming for the beauty industry [Fashionista]
  • Amazon launches Scout, a machine learning-powered visual shopping tool [TechCrunch]
  • RFID technology addresses consumer woes over out-of-stocks [WWD]
  • Six AI innovations that could change skincare and beauty [Dazed]
  • US and South Korea just performed the world’s first live 3D hologram call over 5G [IBTimes]
  • Teaching robots to predict the future [The Next Web]
SUSTAINABILITY & PURPOSE
  • The environment’s new clothes: biodegradable textiles grown from live organisms [Scientific American]
  • More than ever, our clothes are made of plastic. Just washing them can pollute the oceans [Vox]
  • Skechers delivers 15,000 pairs of shoes to children still in need in Puerto Rico [Businesswire]
  • Where Burberry waste goes now label isn’t burning clothes any more [SCMP]
  • Is certification the answer to fashion’s ethical issues? [LS:N Global]
  • New study shows that Gen Z will strengthen sustainability trend [FashionUnited]
RETAIL & E-COMMERCE
  • Amazon Storefronts is a new retail hub exclusively for US small businesses [TheVerge]
  • Container Store tracks appointments with voice tech [RetailDive]
  • Italy’s first Starbucks serves cocktails, ice cream, and a side of augmented reality [Mashable]
  • The future of airport retail is hyper-personalization [LS:N Global]
MARKETING & SOCIAL MEDIA
  • Victoria’s Secret’s Pink revamps loyalty with mobile app [RetailDive]
  • Gucci’s surprise new Instagram account truly revitalizes its beauty offering [i-D]
  • How Nordstrom reinvented its retail loyalty program [Digiday]
  • The epic ‘Game of Go’: a real-time experience showcasing Nike’s latest React technology [TheDrum]
PRODUCT
  • Bespoke tailoring in the athleisure age: how China changed Savile Row [SCMP]
  • How De Beers learned to love lab-grown diamonds [BoF]
BUSINESS
  • Walmart is borrowing luxury’s playbook to gain an edge on Amazon in fashion [Quartz]
  • Store investment pays off as Harvey Nichols profits soar [TheIndustry]

How are you thinking about innovation? We’re all about finding you the perfect partners to do so. TheCurrent is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

Categories
data e-commerce Editor's pick Retail technology

Chanel and Farfetch team up for Store of the Future partnership

Chanel & Farfetch announce partnership
Chanel & Farfetch announce partnership

Chanel and Farfetch have signed a multiyear innovation partnership that will see the companies collaborate to develop a series of digital initiatives in-store and online.

The companies have been working together for several months on merging Farfetch’s expertise in digital innovation with Chanel’s expertise in luxury retailing to create enhanced customer experiences in this Store of the Future bid.

José Neves, founder and CEO of Farfetch, calls the company’s future vision “Augmented Retail”, in which the physical boutique experience and the advantages of online and digital competitor come together. Speaking of the Chanel partnership, he says: “It is truly an honour to be partnering with Chanel to accelerate the development of technology-driven initiatives which will ensure they remain at the forefront of retail excellence and elevate the already unparalleled level of luxury experience for its clients that Chanel is renowned for.”

The vision provides in-store experiences that are personalized to the customer with the use of data and other digital initiatives. Farfetch’s launch of its Store of the Future division in early 2017 promised to enable the “offline cookie” for retailers, by connecting customers in the physical space with data relevant to their own behaviors thanks to a universal login system. It has been working in beta with Browns East since, and is soon to launch in Thom Browne in New York also.

With this partnership, Chanel will customise their own version of the Farfetch Store of the Future operating system, the specific terms and details of which are undisclosed. The first example of it will launch in a France-based boutique later in 2018.

Bruno Pavlovsky, Chanel’s fashion president, says: “We are very enthusiastic about this Innovation Partnership and look forward to implementing the first steps of our projects together. We want to offer our clients the opportunity to further experience the brand values and to feel something which is authentic and unique to Chanel. We strongly believe that digital will never replace the feeling of being in a fitting room and trying on a Chanel piece. We are confident that Farfetch’s innovative technology will help us develop an even more outstanding customer journey by combining a great e-service offering with a genuine Chanel boutique experience.”

As part of the partnership Chanel has invested in Farfetch, joining its existing list of shareholders.

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business digital snippets e-commerce film mobile product social media sustainability technology

What you missed: Warby Parker’s face mapping, Black Friday plans, Amazon Go is ready to go

Warby Parker's face mapping
Warby Parker’s face mapping

A round-up of everything you might have missed in relevant fashion business, digital comms and tech industry news over the past week.


TOP STORIES
  • Warby Parker’s app is cleverly using the iPhone X’s face mapping to recommend glasses [TheVerge]
  • Why REI and Modcloth will close on Black Friday, and prosper [RetailDive]
  • Amazon’s cashierless store is almost ready for prime time [Bloomberg]
  • The industry remembers Azzedine Alaïa [BoF]
  • Tech titans José Neves and Ian Rogers on the future of luxury fashion [Evening Standard]

BUSINESS
  • Shoppers expected to spend £10bn during Black Friday bonanza [TheIndustry]
  • Stitch Fix’s highly anticipated IPO was ¯_(?)_/¯ [QZ]
  • Farfetch losses grow despite skyrocketing revenue [Retail Gazette]
  • Will the year of ‘the drop’ change fashion forever? [Fashionista]
  • Is the second wave of sustainability finally here? [Refinery29]

SOCIAL MEDIA
  • Inside Snapchat’s battle to win back its momentum [BoF]

MARKETING
  • Australian department store tells the sweet Christmas tale of an expat gingerbread man [AdWeek]
  • Keira Knightley sings in French for Chanel Coco Crush campaign [The Impression]

RETAIL & E-COMMERCE
  • Amazon’s last mile [Gizmodo]
  • Amazon could be worth $1 trillion in 2018 [RetailDive]
  • Spotify expands merch to beauty products [TechCrunch]
  • Rituals is overhauling its app to compete with the likes of Amazon, but it’s treading carefully [TheDrum]

TECHNOLOGY
  • Alibaba’s AI fashion consultant helps achieve record-setting sales [MIT Technology Review]
  • Poshmark builds a styling tool for Amazon’s Alexa powered devices [Internet Retailer]
  • How brands and start-ups are using AI to help you get dressed [Fashionista]
  • Vogue US partners with Apple on augmented reality feature [BoF]

PRODUCT
  • Fashion’s interest in alternative fabrics keeps growing [NY Times]
Categories
business data digital snippets e-commerce film social media Startups technology

What you missed: debating tech at retail, the role of AI in fashion, Massenet joins Farfetch

Natalie Massenet announced her move to Farfetch as co-chairman
Natalie Massenet announced her move to Farfetch as co-chairman

All eyes might have been on the Milan collections, but the big business news this week is back in London where Natalie Massenet announced her move to Farfetch as co-chairman. An Instagram Story featuring Massenet with José Neves answering a Q&A followed – do watch it via @Farfetch before it disappears.

Otherwise, some interesting stories this week debating retail tech – what consumers do and don’t want on the one hand, versus why the industry hasn’t adopted artificial intelligence faster, on the other. Both are worth digging in to and digesting. Beyond that, there are new campaigns from Calvin Klein and Converse, as well as a scathing (but amusing) piece over on Digiday about just why fashion advertising is all out of (terrible) ideas. And if you’re still not sure about your video strategy, you might want to pay attention to the fact YouTube users now watch one billion hours per day.


TOP STORIES
  • Consumers don’t want Amazon or Google to help them shop [Bloomberg]
  • AI can make us all dress better, so why isn’t the fashion industry using it more? [Fast Company]
  • How Neiman Marcus is turning technology innovation into a ‘core value’ [Retail Dive]
  • Tommy Hilfiger looks to technology as it combats Macy’s decline [Bloomberg]
  • The trouble with all those t-shirt slogans about diversity on fashion’s runways [Quartz]

BUSINESS
  • Natalie Massenet joins Farfetch as co-chairman [BoF]
  • How teen retailer Aerie is thriving while its competitors flounder [CNBC]
  • Céline names new CEO, joins Instagram, announces plans to launch e-commerce [The Fashion Law]
  • John Lewis to cut hundreds of jobs [Campaign]
  • Menswear e-commerce startup JackThreads hanging by a thread [Retail Dive]

SOCIAL MEDIA
  • People now watch one billion hours of YouTube per day [TechCrunch]
  • Instagram users can now share up to 10 photos and videos in a single post [AdWeek]

MARKETING
  • Fashion advertising is out of ideas [Digiday]
  • Calvin Klein debuts new campaign featuring the men of Moonlight the morning after the Oscars [AdWeek]
  • #ForeverChuck: Converse throws a party as Chuck Taylor turns 100 [BrandChannel]
  • Did Walmart’s high-concept short films on the Oscars work? [AdWeek]
  • Why data targeting was a natural fit for cotton marketers [AdAge]

RETAIL & E-COMMERCE
  • The future of shopping is more discrimination [The Atlantic]
  • Ebay is tapping into the under-24 demographic by partnering with Snupps [Fashionista]

TECHNOLOGY
  • Retailers invest in chatbots, but consumers remain ambivalent [BrandChannel]
  • Why chatbots are dangerous territory for retailers [Forbes]
  • Why payment companies are flocking to messaging apps [Fast Company]
  • Your clothes could soon create and store their own electricity [Wired]
  • Grow your own clothes: three concepts for the fashion for the future [DW]

START-UPS
  • VC Eurie Kim: ‘Most fashion businesses don’t make good investments’ [Glossy]