The new business line is expected to deliver significant revenue for FARFETCH in 2023
- Reebok e-commerce sites in Europe have been replatformed by FARFETCH Platform Solutions; wholesale operations are live
- Reebok partnership is managed by New Guards Group, which has formed a new division NGG++ to operate the Reebok license and grow the sportswear and sneaker businesses
- New Guards Group appoints Cristiano Fagnani as CEO of NGG++
FARFETCH (FTCH), the leading global platform for the luxury fashion industry, has commercially launched its European partnership with Reebok. This follows the deal announced with Reebok owner, Authentic Brands Group (Authentic), in 2022.
Following its acquisition of Reebok in 2022, Authentic partnered with FARFETCH to operate its business in Europe, replatform its European e-commerce sites and drive the evolution of the brand by expanding its luxury collaboration offerings globally.
The partnership is being managed by New Guards Group (NGG), a wholly owned FARFETCH company. NGG has formed a new division, NGG++, to operate the Reebok brand and focus on accelerating opportunities for NGG brands' sportswear and sneaker categories.
Cristiano Fagnani, previously Chief Marketing Officer of NGG, has been appointed to the role of CEO of NGG++. Mr. Fagnani brings over 20 years of industry experience to the role, following a highly successful career at Nike, where he led Energy Marketing, Brand Experience and Product Collaborations.
José Neves, FARFETCH Founder, Chairman and CEO said: "We are delighted to be working with Authentic on such a beloved heritage brand. Reebok has great potential to expand into the luxury space, reigniting its loyal customer base and capturing the imagination of a new luxury global audience. Under the astute and energetic guidance of Cristiano and the NGG++ team, we believe this partnership will unlock huge value for the brand and for FARFETCH. Launching the partnership with Reebok is an important execution milestone in FARFETCH's plans for 2023. We are delighted that the NGG++ and FARFETCH Platform Solutions teams have ensured Reebok's wholesale and e-commerce operations are up and running on time and on budget. We look forward to delivering on further milestones for Reebok throughout our partnership."
Cristiano Fagnani, CEO of NGG++, said: "NGG++ is now operating Reebok across Europe, overseeing marketing and e-commerce operations, as well as driving wholesale distribution. In addition, NGG++ has the vision to redefine the space between sport and culture to empower movement. I am excited by the opportunity to leverage the brand through luxury collaborations and new high-end products designed in Milan and made in Italy. All of this will help us accelerate wider opportunities for NGG in the sneaker and sportswear markets."
Davide De Giglio, CEO of New Guards Group, said: "Helping streetwear brands evolve into new luxury and lifestyle houses is part of our core skill set. In addition to generating significant revenues, this partnership will help us further support our existing brands and nurture new talent. We believe NGG++ will deliver growth for Reebok and for our other NGG brands - all celebrating the combination and collaboration of sports and culture. Under Cristiano, NGG++ will create something unexpected, inspirational and profitable, while also promoting diversity, inclusion and sustainability."
Todd Krinsky, CEO of Reebok, said: "Since announcing our partnership last year, I've been incredibly impressed with the energy, passion and opportunities the NGG and FARFETCH teams have already brought to the table. Our concept sneakers with Botter x HP that debuted at Paris Fashion Week earlier this year were a great indicator of all that's to come and we can't wait to introduce more game-changing collaborations and innovations that will elevate the brand's legacy and further Reebok's global appeal."
ENDS
About FARFETCH
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 global 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.
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