JD.com revenues jump 24% as it extends partnership with Farfetch
JD.com has reported double-digit revenue growth as it announces a major extension of its partnership with Farfetch.
China’s largest etailer JD.com beat analyst expectations in its fourth quarter, seeing net revenues rise 22.4 per cent to 134.83 billion yuan (£15.16 billion).
Alongside the financial update JD.com announced that Toplife, its luxury fashion ecommerce platform launched in 2017, will now merge into Farfetch China.
The expanded partnership, which follows JD.com’s purchase of a $397 million (£313.59 million) stake in Farfetch in June 2017, will also see Farfetch’s 3000 brands be accessible via JD.com’s platform, giving Farfetch access to its partner’s 300 million customers.
The luxury fashion brand has already significantly expanded its presence in the lucrative Chinese market via JD.com’s logistics capabilities in the region, alongside its indepth understanding of the market.
Farfetch will now offer its revered technology and logistics platform to its thousands of luxury partners who wish to break into the Chinese market.
“We are delighted to build on our relationship with JD.com, and bring to market an unrivalled solution for luxury brands to succeed in the Chinese market,” Farfetch founder and chief executive José Neves, said.
“We believe our Level 1 access with JD.com closes the circle and will be transformational for the luxury industry’s digital landscape in China.
“Today we mark the launch of what I believe is the Premier Luxury Gateway to China.”
JD.com’s chief strategy officer Jon Liao added: “This is an important step for JD.com in developing its global fashion and luxury ecosystem. In just over a year of operation, Toplife has worked with many of the world’s top brands, and has grown to become the platform of choice among China’s discerning luxury consumers and brands.”
Earlier this week Harrods announced a partnership with Farfetch Black & White Solutions to offer a new and improved global ecommerce platform.