FAIRE
23.3.2021 10:02:15 CET | Business Wire | Press release
Faire, the online wholesale marketplace valued at $2.5 billion (£1.9 billion), today announced its expansion into Europe, bringing its global network of curated brands and powerful business tools to independent retailers across the United Kingdom. The platform will launch in the United Kingdom and Netherlands, with other European markets to follow in the coming months, accelerating Faire’s mission of empowering entrepreneurs everywhere.
Since its founding in 2017, Faire has been dedicated to transforming retail by providing the tools and technology small businesses need to thrive and compete with major retail chains, despite historical operational disadvantages. Growing 200% year over year, Faire currently serves over 170,000 independent retailers across North America, representing more retail locations than Marks & Spencer, Boots, Aldi, Starbucks, and Tesco combined. Additionally, Faire’s brand community has grown to over 15,000 brands based in over 70 countries, with the United Kingdom representing the third largest demographic of brands on the platform.
“We believe that with the right technology and resources, the independent retail community is an unstoppable force even in the face of insurmountable odds,” said Faire CEO, Max Rhodes. “We are thrilled to begin servicing retailers in the UK, and also recognise that the challenges facing the retail landscape in Europe are unique. That’s why we’re grateful to be partnering with both global and local organizations including the Department for International Trade and London & Partners to ensure we can provide the distinctive support needed to tackle the demands facing the international retail industry today.”
Faire provides a holistic, end-to-end platform that enables independent retailers to build, grow, and run their businesses. As the UK plans for the reopening of non-essential retail later this spring, Faire will be an essential partner for retailers looking to prepare and restock, providing a simple but powerful toolkit of data insights, payment terms, and logistical solutions. Independent retailers across the United Kingdom that leverage the Faire platform will benefit from:
● Access to a global network: With over 15,000 international brands, Faire enables retailers to discover unique products from around the world, including high-quality items not sold on Amazon, a competitive strength against the mainstream goods found on High Street.
● Competitive credit terms: Faire offers net-60 terms to purchasing retailers, providing more payment flexibility and security, a benefit that was previously only available to big-box stores.
● Free returns: Faire is the first wholesale marketplace to offer free returns on opening brand orders, eliminating the burden of inventory risk by allowing retailers to experiment and buy with confidence in an unpredictable environment.
● Shipping solutions: Faire provides industry-leading solutions that help small businesses adapt to a post-Brexit market by supporting country-specific pricing and product-level tariff codes, as well as competitive international shipping rates through Ship with Faire. Additionally, for a limited time, Faire will be funding free shipping to European retailers.
● Data-backed insights: Through machine learning, Faire’s algorithm offers smart, data-driven recommendations and insights on what will likely sell well for a specific retailer.
As part of Faire’s international expansion, the company will establish operations in London by opening an office with plans to hire dozens of employees. The move into London will build on Faire’s partnership with the Department of International Trade, in an effort to accelerate the growth of UK based brands across the globe. “Faire’s decision to open their first European office in London shows a true vote of confidence in the UK consumer and retail sectors as we Build Back Better from Covid-19,” said Department for International Trade Minister for Investment, Gerry Grimstone. “This expansion is great news for small businesses up and down the country looking to enter international markets and diversify their sales channels. I look forward to our continued partnership with Faire and wish them every success as they scale up and grow.”
Looking ahead, over 60% of consumers in the United Kingdom have reported believing shopping from small businesses offers something unique,1 while American Express2 data revealed that 40% of consumers have increased their spend at local businesses in the past year. This, coupled with the Bank of England3 predicting a spending boom as a result of household savings totalling £250 billion over the past year, illustrates a promising outlook for the reopening of independent retailers across the region.
Faire’s expansion into Europe marks a step towards creating a truly globalised marketplace where local retailers and brands around the world can seamlessly connect and meaningfully compete against retail giants.
About Faire:
Faire is a wholesale marketplace taking a data-driven approach to connect local, independent retailers with the best brands and artisans to stock their shelves with the best goods. Faire retailers rely on Faire for the convenience of ordering from thousands of their favourite brands all in one place, net 60 payment terms, free returns on opening orders, and freight caps. For brands, the platform provides powerful sales, marketing, and analytics tools, so sellers can simplify their wholesale business and focus on making great products.
Company highlights:
● Founded in 2017 by Square (NYSE: SQ) alumni Max Rhodes (CEO), Marcelo Cortes (CTO), Jeff Kolovson (COO), and Daniele Perito (CDO). Headquartered in the United States and Canada.
● Faire is valued at $2.5 billion (£1.9 billion), with $439 million (£315 million) total funding raised to date from global investors including Y Combinator, Lightspeed Venture Partners, Sequoia Capital, Forerunner Ventures, Khosla Ventures, Founders Fund and Norwest Venture Partners.
● Faire has more than 400 employees with offices across the United States and Canada. Faire is actively hiring in the UK and plans to open an office in London.
● The platform supports over 185,000 brands and retailers. To date, 13,000 retailers based in North America have stocked their shops with Europe based brands.
1
Enterprise Nation, November 2020
2
American Express, November 2020
3
Bank of England, February 2021
View source version on businesswire.com: https://www.businesswire.com/news/home/20210323005078/en/
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