It appears that Farfetch has taken the difficult decision to shutter its beauty division. Unveiled in 2017, the initiatives aimed to make high-quality beauty products available to its consumers within its existing platform. The surprise move has raised questions amongst industry experts about the future of the luxury e-commerce giant.
1. Farfetch Phases Out Beauty Division
Fashion retailer Farfetch recently announced a strategic move to phase out its beauty division entirely. After four years of offering beauty products, the company is continuing to shift focus on areas it sees as bigger opportunities for success and growth. This marks a notable pivot for the brand.
Farfetch is hoping to focus on other product areas that have a higher growth potential this coming year. Women’s ready-to-wear, accessories, and kidswear are categories that comprise a majority of the company’s sales and will also drive future successes. To further this goal, the company has mentioned transitioning to a larger and more diverse variety of categories that include menswear and non-apparel goods. Farfetch’s decision to scale back its beauty offers is an innovative approach to maximize development in other parts of the business.
- The company is shifting focus to women’s ready-to-wear, accessories, and kidswear
- Farfetch is aiming to transition to a more diverse variety of categories
- The strategic decision is to maximize development in other parts of the business
2. What Led To This Change?
Stagnation of the job market has kept wages low and roles hard to come by, while the cost of living continues to rise. It’s been a perfect storm for the need of change, and one of the key factors that ignited it was the decrease in job security. Workers were struggling to ‘get a break’, and holding onto their jobs seemed an uncertain prospect.
The idea of becoming their own boss and setting their own hours, wages, and workplace rules was an attractive and believable option for those barred from conventional pathways. The modern freelance landscape is home to this new economy, combined with accessible tools and tech advances, it’s no wonder how this movement transpired. It is proving to be an asset to those looking to enter the job market, removing traditional gatekeeping measures to create more inclusive options, far away from the traditional workplace.
- Job security on the decline
- Attractive potential of the freelance lifestyle
- Accessible tech and tools
- Opportunity to enter the job market
3. What Lies Ahead?
We often ponder what lies ahead in the near future. Many people want more control over their decisions and to know what lies before them. But the truth of the matter is that life is unpredictable.
The important thing to remember is that life is full of surprises, both good and bad. Taking on new opportunities can lead to amazing experiences, and can open up doors to greater successes. It’s important to be open-minded and explore every avenue that gets presented to you, no matter how small. Whether that be taking a new job, meeting interesting people, taking a course, or trying something new. The possibilities are endless!
- Embrace change with an open heart and the right attitude
- Align yourself with opportunities that can lead to growth and progress
- Don’t be afraid to take risks
If we set ourselves up to be agile and remain flexible, there is no telling what lies ahead for each of us. So keep an open mind, push yourself out of your comfort zone, and see how far you can go!
4. How Will This Impact The Beauty Market?
The increased demand for vegan and cruelty-free beauty products is set to have a major impact on the beauty market. Consumers are becoming increasingly conscious of their beauty choices, and this has allowed for a huge range of vegan and cruelty-free products:
- More flexible formulations, with a range of naturally-derived ingredients
- Sustainably-sourced materials and packaging
- A greater focus on ethical practices in the manufacturing process
This shift is likely to bring about a major change in the beauty market, as companies rush to meet increased demand for vegan and cruelty-free products. Consumers can expect to see a larger and more diverse range of products, crafted from sustainable and ethical ingredients, offering them the perfect combination of luxury and conscience. As the industry evolves, brands that recognize and embrace this transition may gain even more customers.
The news that Farfetch will be closing their beauty division has surely altered the beauty market for the foreseeable future. Questions still remain unanswered for those impacted by this change, but what is certain is that Farfetch made their mark in a short period of time and won’t soon be forgotten.
