Shopify is investing in wholesale platform Faire in a global arrangement that would see the start-up use Shopify technology for its clients, the firms announced on Wednesday.
Reuters reported that Faire, founded in 2017 and valued at $12.59 billion, would become Shopify merchants’ preferred wholesale marketplace. The firms declined to disclose the deal’s value or the size of Shopify’s ownership.
According to Aneeqa Khan, director of product at Shopify, the partnership will make it simple for Shopify merchants to locate wholesale customers and allow retailers to source from Faire’s network of brands.
Small shops are trying to diversify from the competition. Fair said the most popular search filter on its platform is “Not on Amazon,” according to the report.