Shopify invests in wholesale platform Faire
Reuters
E-commerce giant Shopify
Faire, founded in 2017 and valued at $12.59 billion, would become the recommended wholesale marketplace for Shopify merchants. The companies declined to disclose the value of the deal or how big a stake Shopify was taking.
Shopify’s director of product Aneeqa Khan said the partnership would make it easy for Shopify merchants to find wholesale buyers, and enable retailers to source from Faire’s network of brands.
“This is an endorsement from one of the leaders in the industry,” Faire CEO Max
Faire, which focuses on independent businesses, says brands that previously only sold directly to consumers are switching to a wholesale model as they seek to curb their running costs.
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Faire’s biggest market is the United States, but Europe is its fastest-growing, Rhodes said, since launching in 15 European countries in 2021.
For Shopify, which sells tools to create and manage online store-fronts, this is the latest in a series of deals.
The company last year invested in U.S. marketing automation company Klaviyo, which made its debut on the New York Stock Exchange last week, and it also has a partnership with Dutch payments firm Adyen.
