After launching across 15 markets in Europe and the United Kingdom this year, Faire has been dedicated to enabling seamless cross-border trade during a critical period for small business recovery around the world. In a continued effort to remove barriers within the global independent retail community, today Faire has announced Faire-funded import duties on all international orders for retailers based in the U.S. and Europe.
In just a few months, Faire has saved independent retailers nearly $6 million by funding free import duties and international shipping in Europe. Starting today, Faire will extend this meaningful offer to all U.S. retailers, allowing hundreds of thousands of independent retailers in Faire’s community to stock products from around the world, at no additional cost to them.
Reducing cross-border friction
For the first time, independent retailers across the U.S. and Europe will be empowered to access unique global products without the added expenses that cross-border trade can introduce. Stocking a diverse inventory selection, like leather goods from Italy or bath soaps from Provence, provides local retailers an even greater opportunity to compete against big-box stores by appealing to consumers seeking differentiated products.
Similarly, by alleviating retailer uncertainty around international costs, emerging brands will benefit from unlocking cross-border trade in a way that has yet to be achieved within the wholesale industry. Faire’s community of 30,000 brands across the globe will receive an increased opportunity to have their products appear on the shelves of sought-after independent retailers this holiday season, growing their consumer audience base at a crucial time for their business.
Streamlining transatlantic ordering
In addition to finding solutions that remove obstacles to cross-border trade, Faire has been hyper-focused on building tools that ensure European entrepreneurs have the tools they need to operate and grow a successful business on Faire. As a result, Faire has made key, foundational investments in the product experience to better serve its growing global customer community.
- Increased supply – Faire’s growth in Europe has ensured retailers across the U.S. and Europe have access to a broad network of brands offering unique products. Faire’s European brand community has grown by 1,000 per month, culminating in access to over 400,000 products rarely seen on the shelves of retailers in the U.S.
- Faire-funded discounts – To help U.S. retailers discover and secure the most popular brands from Europe, Faire is funding a 20% discount on opening orders from top new European brands. With this discount, free duties, free shipping, and free returns, retailers will be empowered to try new European brands with confidence.
- Extended credit terms – Monday, October 25 concluded a three-week automatic terms extension from 60 to 90 days, European retailers made nearly 35,000 orders, securing essential inventory in preparation for holiday demand. This extended timeline allows retailers to focus their energy on strategic merchandise planning and serving their customers, without having to make a payment before December 30, 2021.
- Shipping solutions – Faire is now offering Ship with Faire to the majority of European brands on the platform, ensuring they have the resources to sell to U.S. retailers. Through Ship with Faire, brands can benefit from negotiated low carrier rates, while paying zero shipping fees upfront. Plus, an easy interface that generates shipping labels and automatically records costs and tracking numbers saves valuable time.
- Invoicing tools – Straightforward accounting tools are critical to running an efficient business. In an effort to help streamline both cash flow and order management, Faire recently rebuilt invoicing for European customers from the ground up, launching new order and commercial tools to easily track payment, commission, VAT, and shipping costs.
- 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.
- 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, and Faire’s volume in Europe is now annualizing to $150M.
- Faire has more than 700 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, including 50,000 based in Europe, as well as 30,000 brands from more than 80 countries.