Stephenie Phair, Chief Strategy Officer of Farfetch - Point of View
Did you know? - 90 percent of luxury sales are offline.
Why are people buying luxury more online? Timing was right and people are more comfortable buying online. In early 2000 cheap discounted things were bought online. Technology is better and mobile has changed everything. People are shopping in micro moves. Tech increased a generation of shopping on line that only know digital. FF is a 10 year company and just got the timing right. FF saw the opportunity with multi label boutiques and believe these will survive.
How important was Burberry in the shift to digital? Burberry gets credit for being the pioneer online boutique. Burberry pioneered digital innovation. They had the tech mind set to the approach. Burberry were open to testing and were one of the first to test Periscope and Vine. Burberry did this in a controlled environment to try out something new.
How would you describe Farfetch? FF is omnichannel. It’s important to show what’s in store. Farfetch enables store owners to brand something valuable and expose what’s in store.
What does the future hold? FF are building tools of the future. They are developing a business model for a business community. FF’s tech platform plays an important role. FF are developing tools for offline stores. They have an innovation strategy and would like to open up the platform to allow third parties to build on the platform. FF want to continue to innovate and develop a win win partnership with developers.
Farfetch are a platform for global luxury who see themselves as enablers and a true platform rather than disrupters. Stephanie doesn’t like the term disruption but likes to be an enabler.
Stephanie’s dream partner was Chanel who they just signed up. Chanel never worked with anyone in the digital space. Chanel store of future transformation and digital acceleration programme are exciting areas. FF are looking at a team and function to work with the community and advise start ups.
How can the community help? Campus can be amazing partner. Farfetch focus on luxury and supports entrepreneurs. FF are looking at a formalised programme through an accelerator to tap into great people.
3 pieces of start up advice from Stephanie -
Stephanie has a communication and story telling background. It is important to take whoever you are pitching to through the journey. It’s important to start big and explain how you are trying to fix a problem. Take people through the journey. Start ups get caught up in build. Talk about the build but focus on why instead of what. Talk about your product and business and idea.
Investors are looking at the person. Looking for nimble and adaptable, they are looking for people who fit, pivot and someone who can think outside box.
Show structure and logic in story telling. When it’s not working, revisit and think about how you story tell and go back.
How do you see talent in London? Data scientists coming out of UK. London Paris and Uk have fashion tech companies tied to brands which are more respectful.
The End.
Hope you enjoyed my write up.
For those of you on your start up journey Google has a great campus in East London for start ups and offers complimentary work space and amazing speakers when you sign up, you just need to also give back to the community as well. The event took place on Monday 26th March.
If you have any questions send me a message.
Thanks, Suni
