Farfetch is obviously big, and I can see how multi-brand would work with them because they drive so many sales. However, they're quite expensive, with commissions around 30% to 35%. How does that compare to Miinto, Cettire, and others you've seen?

Farfetch is still good because they were the first marketplaces, so they already had relationships with many multi-brands and brands. They really helped many multi-brands grow over the last 10 years, so they can rely on established, reliable relationships. But as you mentioned, competition within the marketplace universe has grown significantly in the last three to four years. Now, the same multi-brands that do not have unlimited stock are also trying to distribute their stock with profitability in mind across different sources, which might include Miinto or Cettire.

Yes, that's interesting. How does Cettire handle it then?

They don't care. Their strategy is to get the lowest prices possible. They have multiple sources and merchants, aiming to list the lowest prices on their platform. This is why Cettire's business model isn't suitable for direct brand partnerships. No single brand is currently working with Cettire.