Farfetch founder steps down amid layoffs
It has been reported that the CEO of Farfetch, José Neves, will step down from his position amidst a series of layoffs at the company.
The layoffs include the departure of the Chief Fashion and Merchandising Officer and the Head of Farfetch Platform Solutions. This move comes after Farfetch was acquired by South Korean company, Coupang, for $500 million. Neves is expected to continue working with the company in a consultancy role, but his position will not be directly replaced.The interim management of the company will be led by Coupang founder Bom Kim and Farfetch's executive team.
Farfetch is planning to lay off between 25% and 30% of its workforce as new owner Coupang works to "streamline the business". This is part of Coupang's effort to recover its "financial strength" through a "better-structured organisation." Further job cuts are expected to be announced in the coming days.
As of the end of 2022, Farfetch had 6,728 employees, with 1,179 based in the UK. The company has informed its staff that job cuts will begin in Portugal, followed by the UK.
Notably, executives departing the company include Chief Financial Officer Tim Stone and Chief Operating Officer Luis Teixeira.
