Rhodes started the San Francisco-based company in 2017 as a wholesale platform that gives local shop owners an easy way to find and buy new inventory and a fighting chance to go up against Amazon. In short order, he attracted 70,000 local shops and $266 million from blue-chip investors. In October, the company joined the vaunted unicorn club with a valuation of $1 billion.
The platform is already providing a crucial lifeline for many. Haley Solar, a Los Angeles-based clothing designer, used to generate 90% of her sales through apparel. However, people aren’t exactly racing to buy her $158 midi dresses or $98 silk t-shirts right now, so she’s been purchasing candles, perfume and face masks from Faire and bundling them together as care packages that she markets to her followers on Instagram.
Some of those businesses have even begun offering local delivery and curbside pickup, as well as creating websites and investing in an online presence for the first time. Since Faire doesn’t offer any online services, it has actively encouraged small businesses to launch sites through platforms like Shopify and Square.
etailers say they expect revenue to collapse by at least 50% and don’t have enough cash on hand to make it longer than three months. Many are applying for state or federal loans.
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Source: Forbes - 🏆 394. / 53 Read more »