Faire Announces Small Business Growth in the U.K., Enabling the Sale of Over 8 Million Products, One Year After Country Launch
March 25, 2022 | By Faire
Faire, the online wholesale marketplace connecting more than 400,000 retailers with 60,000 brands around the world, today announced significant impact and growth in the United Kingdom, following one year of operations in the region. Since expanding the platform in March 2021, Faire has provided vital support to U.K. small businesses during a critical recovery period, ultimately enabling nearly 200,000 orders for independent U.K. brands in the last year. In total, Faire’s U.K. brand and retailer community has grown to nearly 35,000, a milestone that took over two years to achieve in North America.
The United Kingdom is home to one of the world’s most exceptional entrepreneurial communities. However, the past year has placed significant strain on small businesses who face unprecedented challenges as a result of the pandemic, ongoing supply chain disruptions, Brexit obstacles, and record-high inflation. On a mission to empower small businesses to thrive, Faire is bringing together artisans and shopkeepers from across the globe in ways that were previously unattainable due to cost and logistics blockers, providing an even greater opportunity to compete against mainstream retail chains.
By supplying some of the U.K.’s most unique and talented small business owners with the tools and technology needed to navigate new challenges and grow their business worldwide, U.K. brands have received, on average, nearly three orders per week since the beginning of the year. “Joining Faire has opened a lot of doors that, as a small independent business, are not so easy to access alone,” said Jenny Lockton, founder and owner of Edinburgh-based handmade home goods and apparel brand, Bohemia Design, stocked in nearly 850 Faire retailers. “We’ve been introduced to hundreds of beautiful new stockists. It’s been a vital avenue for us to showcase our goods to the widest possible audience, and to continue to trade beyond borders.”
“Small businesses serve as the heartbeat of communities around the world,” said Faire co-founder and COO, Jeff Kolovson. “We’re honored to continue to serve this growing community of entrepreneurs in the United Kingdom, fueling their local growth and unlocking new opportunities to expand internationally.”
Amid an increasingly complex international landscape, Faire’s tools level the playing field and open new opportunities for U.K. based brands and retailers at home and abroad:
- Local Growth: Faire has been dedicated to supporting local connection and economic recovery, with 75% of orders from U.K. retailers coming from U.K. based brands. In total, Faire has facilitated roughly 100,000 new relationships between European businesses on the platform.
- Broad Supply: Now serving nearly 75,000 customers across the U.K. and Europe, Faire offers over 1 million products from European brands on the marketplace, enabling nearly 360,000 orders to U.K. and Europe based brands on the platform.
- Cross Border Growth: By serving a strong North American retailer base, Faire has unlocked new markets for brands on the platform, with 45,000 North American retailers purchasing from U.K. and Europe based brands.
- Recovery Aid: To alleviate some of the Brexit challenges around cross-border sales, Faire funded all shipping costs and import duties for a limited time, ultimately saving U.K. and European brands and retailers over £16 million ($21 million) in shipping and import costs.
- New Support Tools: This month Faire introduced Insider, a membership program, to U.K. retailers, offering free shipping on every Faire brand and free import duties on all international orders.
- Category Strength: Bath and Body brands represent the top brand performing segment within the United Kingdom, with Apparel brands also performing well across all of Europe. U.K. retailers specifically favored Bath Bombs, Aromatherapy Products, Soaps and Candles, with Jewelry as a secondary key segment performer.
While Faire’s impact across the U.K. and Europe has surpassed expectations, the opportunity for small business growth on a global scale remains massive. According to London & Partners’ Future of Digital Shopping report, London digital shopping companies had a combined enterprise value of £119 billion in 2021. In addition to focusing on continued growth in the U.K., Faire recently launched in Portugal, now servicing 16 markets across Europe with plans to service additional markets to further expand small business reach.
“London is a brilliant place to grow a digital shopping company – with some of the world’s most digitally savvy customers and record levels of growth capital,” said Louise Conolly-Smith, Head of Creative at London & Partners. “We are delighted to see Faire’s continued success in the U.K. It was a pleasure to work together on their expansion to London in 2021 and we look forward to seeing them continue to flourish in our vibrant business ecosystem.”
Committed to revitalizing local economies and meeting the distinctive needs of U.K. and European customers, Faire’s international headquarters in London has also reported growth up to 160 employees, collectively speaking 15 languages. Expanding Faire’s talent presence in the region has unlocked the ability to serve the platform’s global customer community. With Faire’s continued support, the independent retail community will be empowered to take back market share from mainstream competitors, creating better communities in the U.K. and beyond.