Luxury e-commerce startup Farfetch aims to leverage social media channels to promote and develop its investment in New Guards Group (NGG), an Italy-based holding company operating in the high-end streetwear space.
Farfetch is an online fashion retailer focusing on luxury brands. The company went public a year ago and embarked on an acquisition strategy. Following the purchase of sneaker and streetwear e-seller Stadium Goods in 2018, Farfetch acquired NGG, a license-holder for such high-end streetwear brands as Off-White and Heron Preston.
The company dubbed its latest investment “brands of the future” and defined a core development strategy based on access to powerful influencers.
“The brands of the future will have three core elements. First, a creative tastemaker able to leverage digital channels to engage a global community; second, best-in-class design, planning and manufacturing; and third, direct-to-consumer global online distribution, complemented by a connected wholesale presence in the most prestigious physical boutiques,” Farfetch CEO and co-chair José Neves said in a statement last week.
The company plans to develop the existing portfolio of NGG and put an emphasis on building new talent in the streetwear fashion universe.
“I believe this new dimension of our strategy expands and advances our vision of being the global platform for luxury, at the service of creators, curators, and consumers, united for the love of fashion,” Neves added.
Marketing via influencers and micro-influencers currently requires a large input both in terms of time and money. The luxury fashion industry is shifting to fashion bloggers who now hold the attention of the crowd and define the new fashion trends. The universe that used to be dominated by models and fashion editors has become more democratized and oriented to celebrities with social media clout.
Some fashion brands have already embraced the influencer marketing strategy for their core brands. For example, online retail platform Revolve has built a strong network of 2,500 influencers.