-By Mansi Suryavanshi.
INSIGHTS
- The collaboration between Farfetch and Reebok in Europe is a component of a bigger plan to increase the Reebok brand’s visibility in the high-end fashion market.
- Through Farfetch’s e-commerce site, Reebok will probably have more access to luxury customers in Europe and other parts of the world as a result of the partnership with the major worldwide platform for the luxury apparel sector.
The European relationship between Farfetch (FTCH), the top worldwide platform for the luxury fashion sector, and Reebok has officially begun. This follows the agreement that Authentic Brands Group (Authentic), the company that owns Reebok, announced in 2022.
After purchasing Reebok in 2022, Authentic teamed up with Farfetch to run its operations there, replatform its European e-commerce sites, and propel the brand’s expansion by extending its luxury collaborative offers internationally.
The relationship is run by the fully owned Farfetch firm New Guards Group (NGG). To manage the Reebok brand and concentrate on accelerating potential for the sportswear and shoe sectors, NGG has created a new subsidiary called NGG++. The position of CEO of NGG++ has been given to Cristiano Fagnani, who was formerly the chief marketing officer of NGG. Following a tremendously successful career at Nike, where he oversaw energy marketing, brand experience, and product partnerships, Fagnani brings to the position more than 20 years of sector expertise.
“It gives us great pleasure to collaborate with Authentic on such a cherished legacy brand. Reebok has a lot of opportunity to enter the luxury market, re-igniting its base of devoted customers and winning over a new, wealthy global audience. We are certain that this cooperation will create a significant amount of value for the brand and Farfetch under the insightful and spirited leadership of Cristiano and the NGG++ team.
In Farfetch’s objectives for 2023, launching the relationship with Reebok is a crucial execution milestone. We are happy that the platform solutions teams from NGG++ and Farfetch have made sure that Reebok’s wholesale and online sales operations are up and running on schedule and under budget. Throughout our cooperation, we anticipate achieving more milestones for Reebok. Farfetch’s creator, chairman, and CEO, José Neves, said.
Now that NGG++ is running Reebok in Europe, it is in charge of wholesale distribution, marketing, and e-commerce. In order to empower movement, NGG++ also has the goal to rethink the boundary between sport and culture. The chance to capitalize on the brand through high-end partnerships and brand-new, Italian-made, Milan-designed items excites me. According to Cristiano Fagnani, CEO of NGG++, “all of this will help us accelerate wider opportunities for NGG in the sneaker and sportswear markets.”
“One of our major competencies is assisting streetwear businesses as they transition into new luxury and lifestyle houses. This relationship will not only provide sizable income but also assist us develop new talent and promote our current brands. We are certain that NGG++ will lead to development for Reebok and our other NGG brands, which all honor the fusion and fusion of sports and culture. According to Davide De Giglio, CEO of New Guards Group, “under Cristiano, NGG++ will create something unexpected, inspirational, and profitable while also promoting diversity, inclusion, and sustainability.”
“I’ve been tremendously pleased with the enthusiasm, passion, and prospects the NGG and Farfetch teams have already brought to the table since announcing our alliance last year. We can’t wait to unveil more game-changing collaborations and innovations that will elevate the brand’s legacy and increase Reebok’s global appeal, said Todd Krinsky, CEO of Reebok. “Our concept trainers with Botter x HP that debuted at Paris Fashion Week earlier this year were a great indicator of all that’s to come,” Krinsky said.
