US B2B marketplace Faire expands in Europe
Over the last six months, American B2B marketplace Faire, which connects consumer brands with independent retailers, has discreetly started operating in France, the Netherlands, the UK and altogether in 15 European countries. Faire is a competitor of existing European players like French company Ankorstore.
Faire was founded in the USA in 2017 by Max Rhodes, Marcelo Cortes, Jeffrey Kolovson and Daniele Perito, and is a major player in its industry. In June, the company, which includes among its shareholders investment funds Lightspeed Venture Partners, Khosla Ventures and Sequoia Capital, carried out a new funding round worth $260 million. An operation that has reportedly increased Faire’s valuation to nearly $7 billion, a stratospheric amount for a company which is less than five years old.
Faire, which claims to link together 30,000 consumer brands (including 1,000 French brands, among them Armor Lux and Bon Parfumeur) and 250,000 retailers, is expanding in Europe with attractive commercial propositions that are tailor-made for brands and retailers wishing to grow their business. “[The model features] free shipping, free customs duties and free returns. As well as 60-day payment terms, and even a 90-day special deal valid until October 10,” said Olivier Buffon, head of international business at Faire since June.
Buffon, formerly head of the Americas and EMEA regions at Airbnb Experiences, added that Faire carries out 200 million sales on an annual basis, and receives commissions on them. “A system in which everyone’s interests are aligned,” said Buffon.
Faire employs 600 people and has offices in the USA, Canada and Brazil, and has recently opened in London. By establishing a strong foothold in Europe, Faire continues to develop at a fast pace.
Copyright © 2023 FashionNetwork.com All rights reserved.