Farfetch has a new retailer under its wing now that it has acquired London-based destination Browns. With this buy, Farfetch is hoping to lead a charge revolutionizing the Browns brand and creating a more engaging in-store experience that will involve a tech element. Browns will still operate as a separate entity from Farfetch, but will use some of the company’s muscle to help revamp its business. Farfetch has assembled a task force called “Store of the Future,” which will come up with and test out ideas for Browns’ tech-retail and omni-channel aspirations.
Farfetch CEO José Neves is enthusiastic about the project. “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. 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,” he said in a release.
Farfetch recently reached a $1 billion valuation, so it looks like it’s using this new clout to flex a little in the retail market. This concept of a tech-integrated store isn’t new. Rebecca Minkoff partnered with eBay to install smart mirrors in her New York City flagship, which allow shoppers to reserve items to try on, order drinks, buy clothes and more. It looks like Farfetch and Browns are looking to take the smart store to the next level and help pioneer a new era of retail shopping.
