Online wholesale marketplace Faire has expanded into Europe, with the debut of its platform in the UK and Netherlands. Launches in other European markets will follow in the coming month.
The US tech unicorn, recently valued at $2.5 billion (£1.9 billion), says its actively hiring in the UK and has plans to open its first European office in London.
Founded in 2017, Faire is said to have doubled in size year on year since. Its global brand community has also swelled significantly to over 15,000 brands in over 70 countries. Notably, UK brands already form the third largest demographic on the platform.
Its mission, it says, is to ‘transform retail’ by enabling small independent businesses to compete commercially with major retail chains.
Around 170,000 independent retailers across North America, representing more retail locations than Marks & Spencer, Boots, Aldi, Starbucks, and Tesco combined, are already making use of its data-driven product recommendations and insights, competitive net-60 payment terms, and logistical solutions.
Faire is also the first wholesale marketplace to offer free returns on opening brand orders. Reducing inventory risk for retailers, it says, during unpredictable times.
Other benefits, for a limited time, will see the company funding free shipping to European retailers.
Max Rhodes, Faire’s CEO, said: “We believe that with the right technology and resources, the independent retail community is an unstoppable force even in the face of insurmountable odds.
“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 organisations, 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.”
Lord Gerry Grimstone, investment minister at the Department for International Trade, said: “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.
“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.”
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