Dame Natalie Massenet announces her next fashion power move- joining Farfetch as co-chairman
Dame Natalie Massenet- founder of Net-a-Porter, chairwoman of the British Fashion Council and the woman who made it possible for you to shop for designer clothes from the comfort of your computer- has today announced her next career move. She is set to join Farfetch as non-executive co-chairman, news which ends months of fashion insider speculation about what one of the industry's doyennes would do next.
In September 2015, Massenet shocked the fashion world by resigning from Net-a-Porter ahead of its merger with Italian e-commerce company YOOX. In her new role, Massenet will work closely with José Neves, CEO, Founder and executive Co-Chairman of Farfetch- a powerful rival to Net-a-Porter in the online luxury market.
Massenet, one of the industry's best-connected power players, will be particularly focussed on growing the Farfetch brand and creating deeper links with the fashion industry.
"Natalie was one of my major inspirations back in 2008 when I was launching Farfetch so it's amazing to have her on board now," Neves told The Telegraph earlier today.
"One of the things I want to do, through my links with all the designers and brands, is introduce more of them to Farfetch," Massenet explains. "It already has a incredible roster but there is always more talent. What I love about Farfetch is that it doesn't hold any inventory (stock). If you think about all the most modern businesses today, they don't hold stock either - Uber, Deliveroo - they're all platforms. I'm a great admirer of the way José has innovated."
Until 2000, Massenet was a fashion editor, working at titles including Tatler and WWD. But entrepreneurial instincts prompted her to found Net-a-Porter as an online destination where women the world over could buy designer clothes at the click of a button. She confounded naysayers who were adamant that nobody would ever part with huge sums without seeing what they were buying first. Over her fifteen years at Net-a-Porter, Massenet grew the business to include Mr Porter (menswear), The Outnet (discount designer buys) and Porter magazine, a shoppable rival to the likes of Vogue and Harper's Bazaar.
Massenet is thought to have amassed a personal fortune of around $170 million after selling her stake in Net-a-Porter to YOOX and from a 2010 deal in which NAP was acquired by Richemont for a sum of around £50 million. In 2009, Massenet was appointed MBE. Last year, she was made Dame in The Queen's New Year's Honours for her services to the fashion industry.
Farfetch differs from many traditional retailers in that it doesn't buy and hold stock but acts as a giant shop window for brands and boutiques the world over, shipping to 190 countries. The business grew by over 70% in 2016. "We already have 200 designers on board that sell direct to the customer on our site. We like to think of ourselves as the next step on from Amazon," said Neves.
So, what does today's news mean for your shopping habits? With Neves' innovative tech approach and Massenet's expertise in creating a luxury shopping experience, you may just finding yourself clicking to buy on Farfetch even more in the future.
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