The premier luxury e-commerce platform, Farfetch, is set to broaden its business operations into the Korean market. This move is made possible through an alliance with Coupang, which is Korea’s principal e-commerce company.
As part of the collaboration, Coupang will be managing all overseas fulfilment for Farfetch. On the domestic front, RLux, a high-end shopping application owned and operated by Coupang, will provide free delivery service for all items purchased within Korea.
In a move aimed at improving customer convenience, Farfetch will integrate all customs duties and additional fees into the product prices. This means that customers will see the total cost upfront, making it easier for them to make informed buying decisions.
Stephen Eggleston, Farfetch’s Chief Commercial Officer (CCO), expressed his enthusiasm for the expansion. He highlighted this as a special chance for brands in partnership with Farfetch to reach out to Korean luxury customers directly.
In 2023, Farfetch found itself on the brink of bankruptcy. This financial calamity was averted when the company was acquired by Coupang.
Now, Farfetch boasts a diverse portfolio of 1400 brands, boutiques and department stores. The company caters to customers in no less than 190 countries around the globe.
What new markets is Farfetch expanding into?
Farfetch is broadening its business operations into the Korean market.
Who will manage Farfetch’s overseas fulfilment in Korea?
Coupang, Korea’s principal e-commerce company, will handle all overseas fulfilment for Farfetch.
What measures is Farfetch taking to improve customer convenience in Korea?
To enhance customer convenience in Korea, Farfetch will include all customs duties and additional fees in the product prices.
