E-commerce giant Shopify has made a significant move by investing in the wholesale platform Faire. This partnership aims to enrich the offerings available to Shopify’s extensive network of merchants. The global deal will see Faire leveraging Shopify’s advanced technology to benefit its clients.
Faire, founded in 2017 and valued at $12.59 billion, is poised to become the preferred wholesale marketplace for Shopify’s vast merchant base. While the financial specifics and Shopify’s exact stake in Faire remain undisclosed, both companies are excited about the collaboration.
Aneeqa Khan, Director of Product at Shopify, emphasizes that this partnership simplifies the process for Shopify merchants to connect with wholesale buyers. Moreover, it empowers retailers to seamlessly access Faire’s extensive network of brands.
Max Rhodes, CEO of Faire, considers this partnership a significant endorsement from an industry leader, underscoring the value of Faire’s platform.
Faire specializes in serving independent businesses, facilitating a transition for brands that previously focused solely on direct-to-consumer sales to adopt a wholesale model. This transition helps brands reduce operational costs and expand their reach.
In today’s highly competitive landscape, small retailers, in particular, seek ways to stand out, both in physical stores and online. Faire reports that the most sought-after filter on its platform is «Not on Amazon,» reflecting the trend of retailers seeking unique and less widely available products.
While Faire’s largest market is the United States, the company has experienced remarkable growth in Europe since its expansion into 15 European countries in 2021.
For Shopify, renowned for its suite of tools for creating and managing online storefronts, this partnership adds to a series of strategic collaborations and investments. Last year, Shopify invested in U.S. marketing automation company Klaviyo, which recently made its debut on the New York Stock Exchange. Additionally, the company has a notable partnership with Dutch payments firm Adyen.
The alliance between Shopify and Faire is poised to create new opportunities for businesses and further enhance the global e-commerce ecosystem.
