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FARFETCH'S FOUNDER JOSE NEVES IS STEPPING DOWN

Farfetch's founder and CEO, Jose Neves, is stepping down - his departure follows closely on the heels of the acquisition of the struggling luxury e-commerce platform by South Korean firm Coupang, raising uncertainties about Farfetch's future direction under its new ownership.
Alongside Neves, a number of other key executives, including the CFO, CPO, CPO, CMO, and COO, are also set to depart.

The memo of Farfetch states: "After careful consideration we have decided to streamline the business to allow us to operate from a position of financial strength. This process has involved some tough decisions, but ones that are necessary for our future success.”"

In the interim, Coupang's CEO, Bom Kim, along with a team of remaining Farfetch executives, will take charge of the company. The memo also hinted at further layoffs within Farfetch.
Farfetch's founder and CEO, Jose Neves, is stepping down, as revealed in an internal memo obtained by The Business of Fashion.

His departure follows closely on the heels of the acquisition of the struggling luxury e-commerce platform by South Korean firm Coupang, raising uncertainties about Farfetch's future direction under its new ownership. Alongside Neves, a number of other key executives, including the CFO, CPO, CPO, CMO, and COO, are also set to depart.

Founded by Neves in 2007, Farfetch initially aimed to bridge multi-brand luxury boutiques' inventories with its e-commerce platform. Under his leadership, the company pursued an ambitious expansion strategy, acquiring entities such as department store Browns, brand incubator New Guards Group, and sneaker resale site Stadium Goods.

The acquisition by Coupang, announced last December, was a pivotal move for Farfetch, enabling it to avoid bankruptcy with the aid of a $500 million bridge loan from the South Korean e-commerce giant.

However, Farfetch's challenges have persisted following the acquisition. Some of its partners have begun severing ties. Neiman Marcus Group, for instance, announced the cancellation of plans to utilize Farfetch's e-commerce software unit, Farfetch Platform Solutions, for the overhaul of Bergdorf Goodman's online presence. Similarly, Kering has terminated its contract with Farfetch, leading brands like Gucci, Balenciaga, and Saint Laurent to phase out their presence on the platform by the second quarter of the year.

The acquisition by Coupang, announced last December, was a pivotal move for Farfetch, enabling it to avoid bankruptcy with the aid of a $500 million bridge loan from the South Korean e-commerce giant.


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