Farfetch acquires Opening Ceremony

Opening Ceremony—the American multi-brand retailer known for its
curation of unique, downtown style—has been acquired by the Farfetch-owned
platform New Guards Group, which is also behind notable streetwear brands
Off-White and Palm Angels. Terms of the deal were not disclosed.

According to Business of Fashion, who first reported the news, New
Guards Group has taken over the retailer’s trademark and intellectual
property, and while its founders Humberto Leon and Carol Lim will remain as
co-creative directors, it will also be in charge of Opening Ceremony’s
in-house line.

Leon and Lim continue to own Opening Ceremony’s retail business, along
with four existing stores, according to the report.

Production for the retailer’s in-house line will move to Milan, where
New Guards Group is based. New Guards Group will also relaunch Opening
Ceremony’s website on the Farfetch platform, in addition to setting up a
showroom in Paris.

One of the goals of this acquisition is to release products more
frequently while also expanding its categories, ultimately growing the
business’s revenue.

Image: Opening Ceremony Facebook