Faire’s international expansion is making it easier for privately-owned retail businesses around the world to access a global network of more than 250,000 retailers and 30,000 brands. After launching in the U.K. and Netherlands in March 2021, Faire quickly expanded into France, Germany, Italy, Spain, Austria, Ireland, Luxembourg, Belgium, Switzerland, and the Nordic region. Today, Faire’s annualized sales volume in Europe has already reached more than $150M ahead of the biggest buying season of the year.
Faire’s international business is reporting fast growth
The European markets on Faire represent the fastest-growing demographics of customers on the platform. Since early 2021, Faire’s European brand base has grown by more than 11x, and the total amount of products for sale from the region has increased by more than 600%. To date, the platform has enabled nearly 100,000 first-time orders between North American and European businesses on the platform.
Many retailers have shared that one of the ways they differentiate themselves is by carrying a mix of local favorites alongside distinct global finds. With Faire, a retailer in New Orleans can now stock their store with a selection of French-made soaps, and a brand based in Bavaria can just as easily sell their hand-poured candles into shops located in the U.K. or the Pacific Northwest. By simplifying the wholesale buying process and connecting brands and retailers worldwide, Faire is empowering small businesses to take back market share from large retail chains.
“The fast adoption of Faire in Europe is a testament to the appetite for a platform that enables the seamless and powerful discovery of unique global products,” said Olivier Buffon, Head of International at Faire. “European small business owners have managed a great deal of complexity amid the pandemic and Brexit. We’re removing barriers to cross-border trade to empower these entrepreneurs to compete and stand out in the marketplace.”
Unlocking seamless cross-border access for independent brands and local retailers
Faire’s ability to promote cross-border trade between brands and retailers has helped bring small artisans and shopkeepers from across the globe together in ways that previously felt impossible.
“This move into Europe unlocks a massive opportunity for local retailers and brands around the world. In seven months, Faire’s European sales volume has already reached a scale that took over two and a half years to achieve in North America,” said Alfred Lin, partner at Sequoia. “As we saw with Airbnb, cross-border network effects are rare and powerful. Faire’s ability to deliver new demand from existing retailers to brands in new global markets increases the value of the marketplace and is immensely scalable.”
Selling into North America represents a brand new possibility for many European-based customers and Faire has simplified many of the complications that cross-border trade often entails. We know that retailers in North America and throughout Europe have wanted to include the uniqueness of international products in their stores but have been daunted by the high cost of traveling around the world to discover these brands in the past.
Preparing retailers around the world for the upcoming holiday season
This expansion comes at a critical time as local retailers around the world are preparing for the busy holiday shopping season. Faire will be an essential partner to brands and local retailers looking to grow their businesses by offering a holistic end-to-end platform providing benefits and tools previously only available to the largest players, including:
- Shipping solutions: Faire provides industry-leading solutions that help small businesses adapt by supporting country-specific pricing and product-level tariff codes, as well as competitive international shipping rates.
- Free duties on international orders: Faire will cover the cost of import duties and customs fees on all international orders to help retailers source international products without additional costs.
- Extended credit terms: Retailers who shop on Faire.com from September 27-October 10 will have their terms automatically extended from 60 to 90 days. This helps them prep their inventory needs now, before the holiday demand, and won’t have to pay until December 30, 2021. With these terms, brands are paid on time and retailers are able to sell the products before paying their Faire invoices.
- Free returns: Faire is the first wholesale marketplace to offer free returns and refunds on the first order from any brand, allowing retailers to experiment and buy with confidence in an unpredictable environment.
- Founded in 2017 by Square alumni Max Rhodes (CEO), Marcelo Cortes (CTO), Jeff Kolovson (COO), and Daniele Perito (CDO). Headquartered in the United States and Canada.
- Faire is valued at $7 billion, with $699 million total funding raised to date from global investors including Y Combinator, Lightspeed Venture Partners, Sequoia Capital, Forerunner Ventures, Khosla Ventures, Founders Fund, and Norwest Venture Partners.
- Faire has more than 600 employees with 10 offices across the United States, Canada, Brazil, the U.K., and the Netherlands. Faire is actively hiring for all locations.
- The platform supports over 250,000 retailers and 30,000 brands from more than 80 countries.
- Faire’s volume in Europe is now annualizing to $150M in sales to date.