Global luxury retailer Farfetch is set to shutter its beauty business and will stop selling beauty products at the end of this month, according to an internal document, just one year after it officially entered the beauty category.
After making its debut in April 2022, Farfetch’s online beauty shop, which boasts a selection of some 100 brands including prestige beauty brands Augustinus Bader, Dr Barbara Sturm and Charlotte Tilbury Beauty, as well as niche beauty brands Isamaya Ffrench and Simi Haze, will cease trading on the UK-based platform on August 31.
However, according to multiple sources and a document seen by Vogue Business, high-end beauty retailer Violet Grey, which was acquired by Farfetch in January last year, will remain within the Farfetch group as a standalone business following the closure.
Farfetch executives did not immediately respond to requests for comment about whether the business is winding down.
Farfetch’s most recent launch into beauty comes several years after the retailer first tried its hand at beauty. In 2016, the platform partnered with multi-brand beauty retailer Space NK on a limited offering available online, which ended up shuttering on logistical issue.
In its most recent trading update in May, Farfetch said revenue increased USD 41.6 million year-on-year from USD 514.8 million in first quarter 2022, to USD 556.4 million in first quarter 2023, representing a year-over-year increase of 8.1 percent.
Most recently, Farfetch in June named Cristiano Fagnani chief executive officer of Off-White, the luxury fashion label founded by late American designer Virgil Abloh.