Thursday, May 23, 2024

Farfetch cuts up to 30% of jobs

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A company-wide communication sent to all Farfetch employees on Thursday (16 February) said the etailer “will begin the process of saying goodbye to colleagues and friends who have been important parts of Farfetch’s journey thus far”.

“We have decided to streamline the business to allow us to operate from a position of financial strength (…). While it’s never easy to go through this process, this was a necessary decision to secure the future of our business,” the internal memo stated.

Teams affected by the redundancies,  totalling around 2,000 employees, include product design and Farfetch Platform Solutions – the luxury etailer’s suite of commerce solutions and retail technology designed for use by brands and retailers.

Redundancy consultations affecting employees based in Portugal have already begun, while staff based in other geographies, including the UK, will be called into meetings on Monday, 19 February.

On Thursday (15 February), Farfetch announced that founder José Neves will be stepping down from his role of CEO.

Farfetch chief financial officer Tim Stone, chief product officer Hélder Dias, chief platform officer Kelly Kowal,  chief marketplace officer Edward Sabbagh, Americas president Sindhura Sarikonda, chief operations officer Luís Teixeira, chief marketing officer Nick Tran and Browns CEO Elizabeth Von Der Goltz “will be moving on to pursue other endeavors”.

Farfetch’s sale to Coupang was confirmed by the Korean retail giant on 31 January.

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