Chinese online retailer JD is shutting down its Toplife luxury marketplace in preparation for a platform merger with Britain’s Farfetch.
Users will be directed to the Farfetch site and app when the service closes permanently on July 21. Farfetch hosts more than 3200 brands that encompass 375 luxury labels and 614 boutique retailers. JD invested US$397 million in the firm two years ago.
The $50 million deal was announced in February as JD CEO Richard Liu was replaced by chief strategy officer Liao Jianwen on the Farfetch board.