Farfetch moves into weekly drops with Beat programme to launch in April
Weekly drops seem to be taking over the fashion world and Farfetch is the latest big name to embrace them. The London-based business will launch its Beat drops strategy in April. This will see it making the most of the opportunity provided by its acquired businesses such as Stadium Goods plus Off-White and Opening Ceremony owner New Guards Group, as well as its massive partner boutique and brand network.
Interestingly too, the drops will live on the firm’s app, rather than its website.
It’s an ambitious programme that’s one of the biggest drops initiatives in recent years, although it comes as no surprise given the success of some others, most notably Moncler’s Genius strategy that has further boosted that already-successful firm’s fortunes.
Brands taking part will include the big names with which Farfetch partners, as well as its owned labels such as the aforementioned Off-White and Opening Ceremony, plus Ambush, Palm Angels, Marcelo Burlon, and Heron Preston.
The aim of the drops seems to be to create that urgent must-buy feeling with a focus on limited edition capsule collections, exclusives, one-offs, collaborations and rarities such as hard-to-get streetwear and sneakers from Stadium Goods.
“Many luxury brands are evolving their strategies and we expect an even greater shift in the industry, away from traditional cycles to a drop model,” said Stephanie Phair, the tech-based luxury retailer’s chief customer officer.
The Beat products will drop on Wednesdays, simultaneously across global markets, appearing on the different language versions of the app. And later, some of the drops could even be available offline via the boutiques on which the bulk of Farfetch’s retail business is based.
The company also said that a ‘Beat Collective’, led by its chief brand officer Holli Rogers, is being formed “to curate the best product for Beat” and “bring together [an] incredible, global group of industry tastemakers and culture-definers”.
They include Cristiano Fagnani, the New Guards chief marketing officer; Opening Ceremony’s creative chiefs Carol Lim and Humberto Leon; Stadium Goods’ co-founder and co-CEO John McPheters; and Browns buying director Ida Petersson.
“Together, they bring some the of the industry’s deepest experience in spotting, launching and nurturing fashion brands and product, and have created some of the strongest culture-defining moments in fashion,” the company said, adding that the plan is to add other members over time, “either as guest creatives or as permanent members”.
The retailer said its new strategy “forms a part of the company’s overall brand positioning, Only On Farfetch, which highlights [its] unique ability to give luxury customers access to products, brands, services and a community of the best curators in the world through its boutique network, which can’t be found elsewhere in luxury fashion”.
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