Benzinga | Jan 28, 2022 06:21AM EST

Farfetch To Acquire Beauty Retailer Violet Grey

* Farfetch Ltd (NYSE:FTCH) has agreed to acquire luxury beauty retailer Violet Grey for an undisclosed sum.

* The acquisition comes ahead of the launch of Beauty on the Farfetch marketplace, scheduled for later 2022.

* Violet Grey will also leverage Farfetch Platform Solutions' expertise in technology, global logistics, and operations to drive its standalone business, VioletGrey.com, and its Los Angeles retail store.

* Upon completion, Violet Grey founder, Cassandra Grey, will become a global advisor for Beauty on the Farfetch Marketplace and Co-founder of NGG Beauty, where she will work to incubate and accelerate new brands. Grey will also be Chair of Violet Grey.

* Niten Kapadia, previously VP Operations, Farfetch, takes the role of Managing Director for Violet Grey.

* Farfetch held $1.3 billion in cash and equivalents as of September 30, 2021.

* Price Action: FTCH shares closed lower by 3.34% at $19.12 on Thursday.