Farfetch buys Browns
Farfetch.com has bought London fashion store Browns, and has big plans for the retailer. The arrival of the forward-thinking company as an investor will take the 45-year-old retailer forward in terms of technology and reach, but will not be the end of the founding family’s involvement.
“We have been a very successful partner of Farfetch for over two years and have enjoyed the journey,” Browns founder Joan Burstein said today. “We are delighted to be able to announce that this is the next step for Browns and we couldn’t think of a better, more forward-thinking partner to take the reins and respond to the challenges of the future.”
The Burstein family will remain advisors to the business – with both Simon and Caroline Burstein retaining a seat on the board of directors and Joan Burstein appointed honorary chairman – whilst former Net-A-Porter fashion director Holli Rogers will join the business as CEO of Browns.
With the aim of creating a “pioneering mix of technology and in-store experience”, Farfetch hopes that the new relationship will help develop a global technology platform that will “shape the retail experience of the future”.
“The vision is to answer the question, ‘How will people shop for luxury fashion five or 10 years into the future?’ This won’t be purely online,” José Neves, CEO and founder of Farfetch added. “The answer, we believe, will be a seamless merge of a fantastic physical experience with powerful, yet subtle technology. Browns is the perfect partner for this evolution.”