Business news organisation, The Financial Times is further strengthening its position in coverage of the luxury consumer sector by partnering up with global fashion media firm, The Business of Fashion (BoF). FT Strategies, the consulting arm of the FT, will support BoF‘s growth plans by providing industry-leading expertise in subscription technology, said a press release.
The FT and BoF will also explore additional areas of collaboration in the future. BoF currently has a community of five million people globally, including more than 35,000 paying members and more than 500 corporate partners in 125 countries.
This is not FT‘s first foray into luxury and fashion sector. Its How to Spend It magazine has just reached its 25-year mark. FT Group CEO John Ridding said: “We are really impressed by the quality and dynamism of The Business of Fashion. There is a natural alignment between our global mindset and our focus on reader revenue to support quality journalism.
Additionally, FT is leading a new Series B investment round in BoF, investing alongside Index Ventures and Felix Capital, who led the Seed and Series A rounds respectively. Other existing investors in BoF from the fashion, media and technology arenas are also participating in the new round. The investment in BoF will give the company a “greater presence in the B2B and industry agenda”, added Ridding.
According to the press statement, BoF will retain complete editorial independence from its investors.
Imran Amed, BoF founder, editor-in-chief and CEO, said: “We have always admired the FT’s commitment to quality and integrity, its global perspective and its pioneering business model focused on digital subscriptions. This partnership will enable us to learn from the FT’s expertise and to find creative ways to work together in fulfilling BoF’s mission of bringing together the world’s largest community of fashion professionals.”