- Cryptocurrency payments will be available for FARFETCH Private Clients buying on FARFETCH in the coming months, and for all FARFETCH customers in the U.S., U.K. and Europe from late 2022, with other countries to follow
- FARFETCH will initially accept seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), among others
- This follows the successful launch of cryptocurrency payments at FARFETCH Group companies’ retail stores Browns and selected Off-White flagship stores in March 2022, with Palm Angels flagship store in Milan launching imminently
- FARFETCH Platform Solutions to offer cryptocurrency payment capabilities for luxury brand clients in early 2023
LONDON, U.K. June 10, 2022 – FARFETCH Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, today announced that it will begin accepting cryptocurrency payments on the FARFETCH Marketplace later this year. FARFETCH will initially accept seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), among others.
Additionally, FARFETCH has partnered with global cryptocurrency platform, Lunu, for its omnichannel solution including sleek POS terminals for in-store transactions and an online widget. In a move to also help the luxury industry embrace these innovations, this partnership will enable FARFETCH to share this expertise and capability with the FARFETCH community of boutiques and brands that also want to offer this solution in their retail stores.
FARFETCH will also offer cryptocurrency payment options to customers on the FARFETCH Marketplace for all purchases. Initially this feature will be introduced to FARFETCH Private Clients in the coming months and will be expanded to all customers in the U.S., U.K. and Europe from late 2022, with other countries to follow.
This follows the successful launch of cryptocurrency payments at Off-White’s flagship stores in Paris, London and Milan as well as FARFETCH-owned luxury retailer, Browns. Secure cryptocurrency transactions at Browns Brook Street and Browns East, as well as the Off-White flagships are processed using the Lunu POS terminal, which applies the best available cryptocurrency-fiat exchange rate at the time of the transaction. Customers are able to access their cryptocurrency wallets to pay for purchases by simply scanning a QR code from their smartphone. Lunu accepts more than 60 popular crypto wallets as a form of payment from FARFETCH customers.
José Neves, Founder, Chairman and CEO, FARFETCH said:
“FARFETCH launched cryptocurrency payments in two very distinct environments – the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns. This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community. As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”
Paul Brennan, Managing Director, Browns said:
“Browns is continuously looking at ways to innovate the retail experience to ensure we are delivering on the ever-evolving needs of the customer. As such, it was a natural next step for us to look at our cryptocurrency strategy. Our Brook Street flagship and Browns East boutique each offer a completely unique luxury proposition, infused with technology and experience. Giving our customers the opportunity to purchase with ease and confidence using their chosen cryptocurrency is an additional layer to this experience within our boutiques that we are proud to now introduce.”
Farfetch Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion, and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world. Today, the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a single platform. Farfetch’s additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards Group, a platform for the development of global fashion brands. Farfetch offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses Farfetch Platform Solutions, which services enterprise clients with e-commerce and technology capabilities, and Future Retail, which develops innovations such as our Connected Retail solutions.
For more information, please visit www.farfetchinvestors.com
SVP Communications, Global