Farfetch, an e-commerce site that links consumers to independent luxury retailers in fashionable cities all over the world, has caught the attention of Conde Nast, which is sinking about $20 million into the endeavor.
Conde Nast, which announced the investment on Monday, is targeting Farfetch for good reason. Its readers, which include readers of magazines like Vogue, GQ, Vanity Fair and Glamour, are clearly interested in cutting edge fashion. And the boutiques that Farfetch features can easily offer consumer similar styles to what they’re seeing each season. Farfetch now includes about 250 fashion boutiques with more than 82,000 products. The site is already logging about 4.3 million visitors each month.
With its investment, Conde Nast is showing it has full faith in the power of e-commerce as CEO Johnathan Newhouse says in a statement that the endeavor recognizes the fast-paced and quickly changing digital world. This new partnership creates a unified experience for the reader-consumer in one place.
Conde Nast also this week announced its new digital marketing product, Conde Nast Catalyst, Audience by Design. This product aims to use audience segmentation to match the company’s readers with its brand advertisers.
Just as Conde Nast is collaborating with Farfetch, other businesses may find a partnership with a similar online site creates a holistic, unique experience for users. This is a way businesses can benefit from other businesses without taking the traditional advertising route themselves. Indeed, Conde Nast and Farfetch do not advertise with each other and Conde Nast certainly doesn’t own the boutique or product brands, the New York Times reports.