Just how much did Farfetch pay for Violet Grey?
The luxury platform agreed to buy Violet Grey in January 2022, but at the time it did not disclose the price. Now, in a regulatory filing posted Wednesday, it is finally talking numbers.
The newly released details showed that total ownership of the online retail platform for luxury beauty products cost Farfetch $49.4 million in cash, $1.3 million of reverse vesting shares and $5 million of Farfetch restricted stock units based on the Farfetch share price as at the acquisition date.
As part of the deal, Violet Grey is still chaired by its founder, Cassandra Grey, under the Farfetch umbrella. It has remained a stand-alone operation including violetgrey.com and the brand’s Los Angeles store.
Grey also became a global adviser for beauty on the Farfetch marketplace and cofounder of NGG Beauty at the company, moves that stretched her beyond the beauty business she founded to incubate and accelerate new brands and helping steer Farfetch into the global beauty market.
In April that started to bear fruit, with Farfetch officially launching beauty with an assortment of more than 100 prestige brands. The plan was for Violet Grey and Browns to lean into small, curated assortments, while Farfetch fulfilled orders with inventory from the two retailers, as well as its own buy.
Violet Grey is known for its curated assortment of beauty products. Augustinus Bader was an early success there, bringing in about $1 million in the first seven months of launching The Cream with the retailer.