Faire launches UK operations
Valued at $2.5bn (£1.9bn), the group serves over 170,000 independent retailers across the USA
Faire, an online wholesale marketplace, has announced its launch in the UK and Netherlands.
Founded in 2017, the provider of tools and technology to small businesses has since grown 200% year-on-year.
Faire is now valued at $2.5bn (£1.9bn) and serves over 170,000 independent retailers across the USA, with its brand community operating across 15,000 brands in more than 70 countries.
Max Rhodes, CEO at the company, said: “We believe that with the right technology and resources, the independent retail community is an unstoppable force even in the face of insurmountable odds.
“We are thrilled to begin servicing retailers in the UK, and also recognise that the challenges facing the retail landscape in Europe are unique.”
He added that the group has partnered with both the Department for International Trade (DIT) and London and Partners to ensure it can “provide the distinctive support needed to tackle the demands facing the international retail industry today”.
The move will see Faire open an office in London, hiring “dozens” of employees in the process while looking to continue its growth into Europe.
Gerry Grimstone, minister for investment at the DIT, said that the decision shows “a true vote of confidence” in the UK’s retail sector.
He added: “This expansion is great news for small businesses up and down the country looking to enter international markets and diversify their sales channels.
“I look forward to our continued partnership with Faire and wish them every success as they scale up and grow.”
