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Navigating the ever-changing
landscape of building products
Before and after IPO
Sara Wood
Chapter II: Present - Becoming a publicly traded company
Chapter III: Future - Now what?
Contents.
2
Chapter I: Past - Building a company with hyper growth
Forward: The set up
- Who I am - What Farfetch is
- Building the business - Road to IPO
The set up
3
Forward: The set up
Hello I’m Sara.
4
Forward: The set up
Early Years: i <3 computers
• First computer 1987
• First job after MBA was to build my own
computer with a screwdriver & a box of parts!
• Gopher, listproc, vim/pico, html1 & elm/pico
• Collected data manually from law libraries and
via global contacts on IRC.
•
Steve Martin
Me
Hello I’m Sara.
5
Forward: The set up
1st Dotcom Boom
• Visual design
• PERL and CGI scripts
• CSS & Javascript
• Front end
• Content writing & editing
• Research
• Fundraising
Steve Martin
Me
Hello I’m Sara.
6
Forward: The set up
Product Leadership since then
• 3x seed stage companies
• 1x design/webdev agency
• 3x hyper growth
• 2x f500s
• 2x international agencies
• 2x NGOs
• 1x tech money backed institute and an Ivy.
Steve Martin
Me
7
Building a company
with hyper growth
8
Chapter I: Past
9
Our job is to solve problems in a way
things just work.
The idea that we make people’s lives a
little bit easier — without them even
knowing we exist — is exciting,
liberating, and motivating.
The role of Product.
Chapter I: Past
Cobbler’s elves!
10
We had a huge vision in a hard space,
that combination attracts the best
people in tech.
As you start growing like crazy, it can
be hard to recruit as fast as you need.
Attracting the best
people.
Chapter I: Past
Only the best!
11
Need to be adaptable.
In the early days, you’re still proving
your business model or raising funds.
You don't have the luxury of having all
the key disciplines at the table either.
Each stage requires a
different approach.
Chapter I: Past Founded in 2008
2014: supply from
64 boutiques
2015: Farfetch
Acquires Browns
2016: 600 boutiques
12
Nobody can predict the future. This business is both
art and science and often luck.
Is the market ready to be disrupted in your space? Are
customers interested in your brand and product offering?
It’s all in the timing.
But if you get it all just right, your numbers start growing.
No single approach works in
any two companies.
Chapter I: Past
To the future!
13
Hyper growth.
Chapter I: Past
GMV
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Founded
First US
Retailer on
marketplace
Series A
Investment
100+
retailers
$50m+
GMV
240k
Marketplace
Customers
Further
Expansion to
31 supply
Countries
Launched brands
On marketplace
Black & White
Browns
Acquisition
1 millionth
Marketplace
Consumer
F90
Store of the Future
style.com
JD.com
Partnership with
Harvey Nichols
Chanel
Burberry
Chalhoub Group
14
The path to IPO I
Chapter I: Past
Our F1!
Starts about a year in advance.
Quietly start prepping for the filings, but
no one knows this is what you are
working on at the edges of your day job.
Our F-1 focused heavily on the product we
have built “Farfetch is the leading
technology platform for the global luxury
fashion industry”
15
Our vision.
Chapter I: Past
Global platform!
Our vision!
16
Then come the analysts days -
Product was always on the agenda.
Talking to bankers in closed
sessions, sharing your vision and
what you have done so far.
Hoping your message lands.
The roadshows.
Chapter I: Past
17
Our platform is at the core of everything.
Chapter I: Past
Stakeholders Our approach
Luxury consumers
Luxury Sellers
(Brands & retailers)
Third-Party
Companies Building
on our Platform
Internal customers
API First
Multi-tenancy
Modularityy
Flexibility
Road-testingatscale
= Best practices for
customer journey
18
Creating an operating system.
Chapter I: Past
Data
Farfetch API
Farfetch API
Marketplace Seller Tools Black & White solutions Store of the Future Other Applications
Additional
servicesCustomer
ServiceFulfilmentPaymentsMarketing
Product
Catalogue
Inventory
Management
Photography
Data
APPLICATIONS
SERVICES
This party integrations External service providers
19
Data unlocks a ‘no channel’ approach.
Chapter I: Past
Inventory data
295,000 SKUs1
Traffic data
33m visits per
Product data
3.9m SKUs
Customer feedback
92% customer
satisfaction3
Customer
interactions
155 per seconds
Pricing data
1.9m orders placed
in 2017
Shipping
data
7,600 deliveries per
Operating data
98.4% stock
“KNOW ME”
“INSPIRE ME”
“BE WHERE I AM”
CUSTOMER IS THE CHANNEL
20
It also unlocks core product priorities
Chapter I: Past
Embrace external shifts Shape internal journey
70% 37%+
+278% 60%+
Traffic on App &
Mobile Web
CN Traffic Through
Dedicated iOS App
Increase in VIP App
Traffic YoY
More Units in Our
Catalog YoY
21
Platform enables us to build
truly local experiences.
Chapter I: Past
Local Language
Consumer Preferences
Local engagement
Mobile eCommerce label
Local regulations Sales cycle
• 37%+ consumers in China
are willing to pay for
products using mobile
• Localised payment & login
• Localised delivery & CS
• Fashion authority
• vs discovery
• Cross border
• Supply chain
22
Our platform enables new businesses to be
built…
Chapter I: Past
Black & White
Customers
Mono-Brand Ecommerce offering tailored for luxury market
MULTI-TENANCY
CAPABILITIES
• Specific pricing, categorization,
customer tree
• Tailored business logic, rules,
descriptions
• Shared architecture
• Push and pull of data and
23
… and enables new experiences in store
Chapter I: Past
Retailers Customers
of affluent shoppers research
online before purchase
of luxury sales still take place
offline (75% by 2025)
higher lifetime value of
multi-channel shoppers vs.
single-channel
of consumers in store
are unknown digitally
How to provide personalised service?
How to empower Store Assistants?
85% 75%
91%
13x
CUSTOMER
CENTRIC
NO
CHANNEL
OPEN /
MODULAR
HUMAN
INTERACTION
24
After the roadshows…
Chapter I: Past
Our Platform
25
But you still can’t talk
about it.
Chapter I: Past
We actually opened at $9b
Huge industry, unique offering
Platform play resonated with analysts
Magnitide of what we are doing
Becoming a publicly
Traded company
26
Chapter II: Present
A single moment.
27
Chapter II: Present
A celebration of
hard work.
28
Chapter II: Present
Stories are built on
characters.
29
ALL companies are technology companies.
We happen to work in fashion.
At Farfetch, Product & Design has always
been a main character.
Ringing the bell!
Me again!
Chapter II: Present
30
Sharing more and new types of
numbers than before.
In a publicly traded company there are
shareholder meetings, quarterly
earnings calls and more scrutiny of
how you make decisions.
What does this mean
for product?
Chapter II: Present
31
But you must also be really good at
continuous deployment of incremental value.
Your job as product is still to keep your eye on
the short and long term visions. 
To grow top-line AND bottom-line while
innovating into new spaces ahead of the rest.
You must still take
risks.
Chapter II: Present
32
01.
Develop a portfolio investment thesis.
Measure benefits of products back into the P&L.
02.
Ensure you are organised for increased
autonomy, focus & accountability.
Methodologies are a study in anthropology
determined by your tech, industry, culture.
The story continues I.
Chapter II: Present
33
03.
Continue improving ways of working at the team
level.
04.
Quarterly & annual strategies rooted in data, but also
long range plans that keep you tethered to the mission!
A method to track alignment on the big picture (like
OKRs) is your friend.
The story continues II.
Chapter II: Present
There are many more
chapters to come
34
Chapter III: Future
35
There’s a lot more
to come.
Chapter III: Future
Show up.
Be human.
Be brilliant.
Todos Juntos!
Thanks!
36
Sara Wood: Global VP Product

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Sara Wood - Before and after IPO

  • 1. Navigating the ever-changing landscape of building products Before and after IPO Sara Wood
  • 2. Chapter II: Present - Becoming a publicly traded company Chapter III: Future - Now what? Contents. 2 Chapter I: Past - Building a company with hyper growth Forward: The set up - Who I am - What Farfetch is - Building the business - Road to IPO
  • 4. Hello I’m Sara. 4 Forward: The set up Early Years: i <3 computers • First computer 1987 • First job after MBA was to build my own computer with a screwdriver & a box of parts! • Gopher, listproc, vim/pico, html1 & elm/pico • Collected data manually from law libraries and via global contacts on IRC. • Steve Martin Me
  • 5. Hello I’m Sara. 5 Forward: The set up 1st Dotcom Boom • Visual design • PERL and CGI scripts • CSS & Javascript • Front end • Content writing & editing • Research • Fundraising Steve Martin Me
  • 6. Hello I’m Sara. 6 Forward: The set up Product Leadership since then • 3x seed stage companies • 1x design/webdev agency • 3x hyper growth • 2x f500s • 2x international agencies • 2x NGOs • 1x tech money backed institute and an Ivy. Steve Martin Me
  • 7. 7
  • 8. Building a company with hyper growth 8 Chapter I: Past
  • 9. 9 Our job is to solve problems in a way things just work. The idea that we make people’s lives a little bit easier — without them even knowing we exist — is exciting, liberating, and motivating. The role of Product. Chapter I: Past Cobbler’s elves!
  • 10. 10 We had a huge vision in a hard space, that combination attracts the best people in tech. As you start growing like crazy, it can be hard to recruit as fast as you need. Attracting the best people. Chapter I: Past Only the best!
  • 11. 11 Need to be adaptable. In the early days, you’re still proving your business model or raising funds. You don't have the luxury of having all the key disciplines at the table either. Each stage requires a different approach. Chapter I: Past Founded in 2008 2014: supply from 64 boutiques 2015: Farfetch Acquires Browns 2016: 600 boutiques
  • 12. 12 Nobody can predict the future. This business is both art and science and often luck. Is the market ready to be disrupted in your space? Are customers interested in your brand and product offering? It’s all in the timing. But if you get it all just right, your numbers start growing. No single approach works in any two companies. Chapter I: Past To the future!
  • 13. 13 Hyper growth. Chapter I: Past GMV 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Founded First US Retailer on marketplace Series A Investment 100+ retailers $50m+ GMV 240k Marketplace Customers Further Expansion to 31 supply Countries Launched brands On marketplace Black & White Browns Acquisition 1 millionth Marketplace Consumer F90 Store of the Future style.com JD.com Partnership with Harvey Nichols Chanel Burberry Chalhoub Group
  • 14. 14 The path to IPO I Chapter I: Past Our F1! Starts about a year in advance. Quietly start prepping for the filings, but no one knows this is what you are working on at the edges of your day job. Our F-1 focused heavily on the product we have built “Farfetch is the leading technology platform for the global luxury fashion industry”
  • 15. 15 Our vision. Chapter I: Past Global platform! Our vision!
  • 16. 16 Then come the analysts days - Product was always on the agenda. Talking to bankers in closed sessions, sharing your vision and what you have done so far. Hoping your message lands. The roadshows. Chapter I: Past
  • 17. 17 Our platform is at the core of everything. Chapter I: Past Stakeholders Our approach Luxury consumers Luxury Sellers (Brands & retailers) Third-Party Companies Building on our Platform Internal customers API First Multi-tenancy Modularityy Flexibility Road-testingatscale = Best practices for customer journey
  • 18. 18 Creating an operating system. Chapter I: Past Data Farfetch API Farfetch API Marketplace Seller Tools Black & White solutions Store of the Future Other Applications Additional servicesCustomer ServiceFulfilmentPaymentsMarketing Product Catalogue Inventory Management Photography Data APPLICATIONS SERVICES This party integrations External service providers
  • 19. 19 Data unlocks a ‘no channel’ approach. Chapter I: Past Inventory data 295,000 SKUs1 Traffic data 33m visits per Product data 3.9m SKUs Customer feedback 92% customer satisfaction3 Customer interactions 155 per seconds Pricing data 1.9m orders placed in 2017 Shipping data 7,600 deliveries per Operating data 98.4% stock “KNOW ME” “INSPIRE ME” “BE WHERE I AM” CUSTOMER IS THE CHANNEL
  • 20. 20 It also unlocks core product priorities Chapter I: Past Embrace external shifts Shape internal journey 70% 37%+ +278% 60%+ Traffic on App & Mobile Web CN Traffic Through Dedicated iOS App Increase in VIP App Traffic YoY More Units in Our Catalog YoY
  • 21. 21 Platform enables us to build truly local experiences. Chapter I: Past Local Language Consumer Preferences Local engagement Mobile eCommerce label Local regulations Sales cycle • 37%+ consumers in China are willing to pay for products using mobile • Localised payment & login • Localised delivery & CS • Fashion authority • vs discovery • Cross border • Supply chain
  • 22. 22 Our platform enables new businesses to be built… Chapter I: Past Black & White Customers Mono-Brand Ecommerce offering tailored for luxury market MULTI-TENANCY CAPABILITIES • Specific pricing, categorization, customer tree • Tailored business logic, rules, descriptions • Shared architecture • Push and pull of data and
  • 23. 23 … and enables new experiences in store Chapter I: Past Retailers Customers of affluent shoppers research online before purchase of luxury sales still take place offline (75% by 2025) higher lifetime value of multi-channel shoppers vs. single-channel of consumers in store are unknown digitally How to provide personalised service? How to empower Store Assistants? 85% 75% 91% 13x CUSTOMER CENTRIC NO CHANNEL OPEN / MODULAR HUMAN INTERACTION
  • 24. 24 After the roadshows… Chapter I: Past Our Platform
  • 25. 25 But you still can’t talk about it. Chapter I: Past We actually opened at $9b Huge industry, unique offering Platform play resonated with analysts Magnitide of what we are doing
  • 26. Becoming a publicly Traded company 26 Chapter II: Present
  • 28. A celebration of hard work. 28 Chapter II: Present
  • 29. Stories are built on characters. 29 ALL companies are technology companies. We happen to work in fashion. At Farfetch, Product & Design has always been a main character. Ringing the bell! Me again! Chapter II: Present
  • 30. 30 Sharing more and new types of numbers than before. In a publicly traded company there are shareholder meetings, quarterly earnings calls and more scrutiny of how you make decisions. What does this mean for product? Chapter II: Present
  • 31. 31 But you must also be really good at continuous deployment of incremental value. Your job as product is still to keep your eye on the short and long term visions.  To grow top-line AND bottom-line while innovating into new spaces ahead of the rest. You must still take risks. Chapter II: Present
  • 32. 32 01. Develop a portfolio investment thesis. Measure benefits of products back into the P&L. 02. Ensure you are organised for increased autonomy, focus & accountability. Methodologies are a study in anthropology determined by your tech, industry, culture. The story continues I. Chapter II: Present
  • 33. 33 03. Continue improving ways of working at the team level. 04. Quarterly & annual strategies rooted in data, but also long range plans that keep you tethered to the mission! A method to track alignment on the big picture (like OKRs) is your friend. The story continues II. Chapter II: Present
  • 34. There are many more chapters to come 34 Chapter III: Future
  • 35. 35 There’s a lot more to come. Chapter III: Future Show up. Be human. Be brilliant. Todos Juntos!