Farfetch To Acquire Beauty Retailer Violet Grey

Farfetch Ltd FTCH has agreed to acquire luxury beauty retailer Violet Grey for an undisclosed sum.
The acquisition comes ahead of the launch of Beauty on the Farfetch marketplace, scheduled for later 2022.
Violet Grey will also leverage Farfetch Platform Solutions' expertise in technology, global logistics, and operations to drive its standalone business, VioletGrey.com, and its Los Angeles retail store.
Upon completion, Violet Grey founder, Cassandra Grey, will become a global advisor for Beauty on the Farfetch Marketplace and Co-founder of NGG Beauty, where she will work to incubate and accelerate new brands. Grey will also be Chair of Violet Grey.
Niten Kapadia, previously VP Operations, Farfetch, takes the role of Managing Director for Violet Grey.
Farfetch held $1.3 billion in cash and equivalents as of September 30, 2021.
Price Action: FTCH shares closed lower by 3.34% at $19.12 on Thursday.