Wholesale Marketplace Faire Launches in the UK to Power the Growth of Independent Retailers
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.
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.
● 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
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CGTN: Leading With Action: China in the Fight for Carbon-Neutral Future16.4.2021 18:29:00 CEST | Press release
Climate change is not taking a break from wreaking havoc in 2020, with the joint highest global temperatures on record, rampant bushfires, the faster rates of sea level rise and the extinction of some species. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210416005435/en/ Under this circumstance, Chinese President Xi Jinping, French President Emmanuel Macron, and German Chancellor Angela Merkel held a virtual meeting Friday on climate change, ahead of the Leaders' Climate Summit on Earth Day convened by the U.S., scheduled next week. Emphasizing that he always advocates building a community with a shared future for mankind, the Chinese president voiced his willingness to strengthen cooperation with France and Germany on climate change. "Tackling climate change is a common cause for all mankind and it should not become a geopolitical bargaining chip, a target for attacking other countries, or an excuse for trade barriers," h
Colicity Inc. Announces the Separate Trading of its Class A Common Stock and Warrants, Commencing on or about April 16, 202116.4.2021 15:30:00 CEST | Press release
Colicity Inc. (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 34,500,000 units, including the underwriters’ exercise of their full over-allotment option for 4,500,000 units, completed on February 26, 2021 (the “Offering”) may elect to separately trade the Class A common stock and warrants included in the units commencing on or about April 16, 2021. Any Units not separated will continue to trade on The Nasdaq Capital Market under the symbol “COLIU,” and the Class A common stock and warrants will separately trade on The Nasdaq Capital Market under the symbols “COLI” and “COLIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A common stock and warrants. This press release shall not constitute an o
Evobrutinib is the First and Only BTK Inhibitor to Demonstrate Reduction of a Key Biomarker of Neuronal Damage and Inflammation in Patients with MS16.4.2021 10:00:00 CEST | Press release
Merck, a leading science and technology company, will present data from a Phase II placebo-controlled randomized trial at the 2021 American Academy of Neurology (AAN) Annual Meeting showing that the investigational Bruton’s tyrosine kinase (BTK) inhibitor evobrutinib significantly reduced blood neurofilament light chain (NfL) levels, a key biomarker of neuronal damage and inflammation, in patients with multiple sclerosis (MS). Elevated blood NfL levels have been shown to be associated with damage to neurons and inflammation and may predict future brain atrophy and disease progression. “Blood NfL is a biomarker that may allow monitoring of disease activity and treatment response, which could be less burdensome and more sensitive than other standard clinical measures for MS patients,” said Prof. Jens Kuhle, MD, PhD, Head Multiple Sclerosis Centre, University Hospital Basel. “These data provide key insights into the role evobrutinib may play in modulating the clinical course of MS and fur
IFF Presents “Learning Labs” Video Series to Demonstrate Potential of New Company15.4.2021 22:15:00 CEST | Press release
IFF (NYSE: IFF) today introduced a new “Learning Labs” video series, featuring in-depth discussions with the leadership of the company’s segments and R&D function. Each video provides a comprehensive overview of IFF’s robust portfolio and enhanced capabilities following its recently completed merger with DuPont’s Nutrition and Biosciences (“N&B”) business. The complete “Learning Labs” series can be found here: ir.iff.com/events-presentations. In addition, IFF has also provided segment-level financial detail based on 2020 pro forma results. “As a global industry leader of high-value consumer ingredients, we are pleased to provide a closer look into our capabilities, operational model and future growth potential,” said Andreas Fibig, IFF Chairman and CEO. “Stakeholder communication remains essential to IFF’s continued growth, and since combining with N&B, we have continued to explore new ways to meaningfully connect with our investors. The insights shared through our ‘Learning Labs’ seri
Algorand and BridgeTower Capital Announce Strategic Partnership15.4.2021 22:14:00 CEST | Press release
BridgeTower Capital, a global private equity firm, focusing on traditional private equity investments and blockchain and DeFi markets, announced today a partnership with Algorand. Algorand, the creator of the world’s first pure proof-of-stake foundational blockchain, is a leading blockchain technology company accelerating the convergence of decentralized and traditional finance. BridgeTower will use Algorand’s technology as the underlying blockchain solution to issuance of the BridgeTower Capital tokenized digital security. It will also use Algorand as a preferred blockchain for BridgeTower products and services. Beyond the elementary requirement of an open, public network, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts. “Algorand was a clear choice given their technology, team and leadership position in the digital marketplace,” said
BridgeTower Capital Launches Security Token Pre-Offering and Announces Global Expansion With Key Partners15.4.2021 18:00:00 CEST | Press release
BridgeTower Capital, a tokenized global private equity firm, has launched a private Security Token Pre-Offering (STO) culminating 12 months of work to purposefully assemble a team of world-class partners to participate in the blockchain infrastructure and services marketplace in the rapidly growing world of decentralized finance (DeFi). BridgeTower also announced it has formed a Zurich-based entity to further expand its current offering of blockchain infrastructure products and services. BridgeTower launched its Private -STO campaign earlier this week, which provides an opportunity for accredited investors to purchase shares in the company in the form of a digital security. BridgeTower has received active participation already and is seeking to raise $200 million in this initial raise. “We are seeing a global confluence of public and private digital finance markets being fueled by the adoption of blockchain technologies. This is creating unique opportunities for those who can assemble
Cryptology Asset Group p.l.c. successfully completes a share capital increase and sale of treasury shares and reviews options for financing further growth15.4.2021 16:49:00 CEST | Press release
Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP), a leading European investment company for blockchain- and crypto-related business models, has successfully completed its cash capital increase by issuing 128,375 new shares and the additional sale of the entire amount of 31,625 treasury shares to institutional investors. At a fixed price of EUR 200.00 per share each, the Company will receive total gross proceeds of EUR 32.0 million, which will be used to invest in new portfolio companies from the Cryptology pipeline. The Company is also exploring the possible acquisition of crypto assets, such as Bitcoin, as part of its treasury management strategy. To finance further growth, Cryptology is also currently reviewing various options to raise additional capital, such as through the issuance of a convertible or a straight bond. ICF BANK AG has been commissioned to conduct a market review. Management will make the final financing decision based on investor feedback and the prev