Faire, an online wholesale marketplace valued at $2.5 billion (£1.9 billion), has announced its expansion into Europe, bringing a 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 launching in 2017, Faire has been growing by 200 per cent year over year. It currently serves over 170,000 independent retailers across North America, and has a brand community of more than 15,000 brands based in over 70 countries, with the UK representing its 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.
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 per cent of consumers in the UK have been reported as believing shopping from small businesses offers something unique, while American Express data revealed that 40 per cent of consumers have increased their spend at local businesses in the past year. This, coupled with the Bank of England 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.
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