Clipper Logistics secures contract with luxury fashion platform Farfetch
Clipper Logistics has entered into an agreement with luxury fashion platform Farfetch to provide pan-European e-fulfilment and returns management services from a new facility in Venray, Netherlands.
The company said on Thursday that it will provide e-fulfilment and returns management services and support all of Farfetch's European activities from the new facility.
The contract is for an initial term of five years and will begin in April. Clipper expects to employ 600 personnel at the site, and the facility will have a stockholding capacity of more than 2 million units of high-end apparel.
Clipper said the contract represents a "significant" extension its trading activities in mainland Europe. It already has eight distribution centres in Germany and Poland, employing over 1,500 colleagues.
The new contract will represent organic growth of nearly 30% in Clipper's European operations when fully functional.
Executive chairman Steve Parkin said: "Farfetch is an outstanding company with whom we are proud to have a growing relationship. This new contract facilitates our mutual growth aspirations and represents a significant extension of Clipper's European footprint, one of our key strategic growth areas."
House broker Shore Capital said: "In our view, this is an important milestone in the evolution of Clipper’s ambitions in mainland Europe and helpfully scales the existing revenue streams and underpins FY2022 revenues and earnings, once the Farfetch contract commences."