Farfetch CEO José Neves Steps Down Following Coupang Acquisition

Coupang purchased Farfetch for $500 million USD last month.

Fashion
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Late last month, it was announced that Farfetch would be acquired by the South Korean conglomerate Coupang for $500 million USD.

The luxury shopping platform was nearing filing for bankruptcy a few months prior. Cojupang’s investment would allow it to continue operating its online storefront, as well as maintain its partnerships with brands and retailers. It would also allow Farfetch to cement its status in South Korea’s luxury goods market.

“Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company,” Coupang CEO Bom said about the acquisition. “We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere.”

Following a series of layoffs throughout the company, Farfetch founder and CEO José Neves has stepped away from the company. A memo viewed by WWD reportedly detailed the Neves would remain with the company on a consultancy basis. Coupang’s Kim, along with the remaining Farfetch executives, would oversee its day-to-day operations.

“As we assessed key priorities and resources across the business, we made the difficult, but necessary, decision to reduce global headcount and redundant roles,” a spokesperson for the company told FashionUnited in a statement.

“This decision secures the future of the business and as a result, Farfetch can now operate from a position of strength and focus on what we do best: deliver exceptional experiences for brands, boutiques and customers.”

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