Russian fashion brand 12 storeez cooperates with e-commerce Farfetch to accelerate international sales

12s toreez is the first Russian designer brand to showcase its products on the Farfetch platform. Through the partnership, consumers in more than 190 countries can purchase 12s toreez products. Vakhtan Akitava, managing director of Farfetch's Russian office, announced the news, and Ivan Khokhlov , CEO of 12s toreez, also confirmed the news.

Since February this year, 12s Toreez products have been available for test sales on Farfetch. According to Khokhlov, in the first month, the company has exceeded its sales plan four times. He said: "Since connecting to the platform, China and other countries have shown high sales, where we had little or no sales before. Among them, about 30-40% of sales come from Russia."

12 storeez appeared in 2014 as an Instagram account and the first sales were also made through the social network. Today, the brand has 1.4 million subscribers and 35 stores in 15 cities.

According to SPARK data, in 2019 12 storeez's revenue was 1.9 billion rubles and its net profit was 134.5 million rubles.

Previously, 12 storeez was aimed at selling in its own stores and on its official website. According to Ivan Khokhlov , he was an opponent of e-commerce platforms because he was worried about losing the connection between the brand and consumers, but over time he changed his point of view: "Now we see the platform as a large shopping mall, where we open a virtual corner."

Vakhtang Akitava said that so far, 12 storeez is the only Russian brand that sells internationally directly on the platform. Akitava said: "Since Farfetch opened an office in Russia in 2015, we hope to upload more Russian designers and brands to the platform."

12storeez was able to sign with Farfetch largely because the brand has taken international steps. In mid-July 2020, the company launched an international website and activated logistics services from Italy, and now orders from customers outside Russia are shipped from a warehouse near Florence. Previously, such orders were shipped in small quantities from Russia.

It is reported that Farfetch now has more than 400 direct contracts with designers from all over the world. Since its establishment in 2008, the number of boutiques on Farfetch has increased from 25 to more than 13,000, and its revenue in 2020 increased by 64% to US$1.7 billion. The company suffered a net loss of US$3.3 billion in the same period. On April 6, 2021, the company's market value on the New York Stock Exchange was US$17.6 billion.

Russia