Luxury online fashion marketplace and technology platform Farfetch sells products from over 700 designer global boutiques and brands. Founded in 2007 by Portuguese entrepreneur José Neves with headquarters in London, the platform has grown to operate offices and offer mobile apps and dedicated websites around the world. It was bought by South Korean ecommerce retailer Coupang in 2024. Retail Week provides news, analysis, features and opinion about Farfetch and the luxury retail sector.
Rising interest rates, escalating costs and restrained consumer spending have cast a shadow over retail, leading to a surge in insolvencies.
Farfetch is set to cut up to 30% of its total workforce as global ecommerce retailer Coupang takes ownership, Drapers has reported.
Farfetch boss José Neves is set to step down from his role as chief executive at the luxury fashion retailer, according to reports.
A group of investors behind Farfetch are concerned over the “value destruction” as a result of Coupang’s acquisition of the global ecommerce giant and have appointed advisers to evaluate their options.
Global ecommerce retailer Coupang has acquired Farfetch, injecting $500m (£394.8m) in emergency funding into the embattled luxury fashion retailer.
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