Companies

Farfetch CEO José Neves steps down

Feb 19, 2024 United Kingdom

Following Farfetch’s acquisition by South Korea’s Coupang in December, José Neves, who founded the luxury e-commerce platform in 2008, is stepping down from the CEO role

His departure is accompanied by the exit of several key executives, including Elizabeth von der Goltz, chief fashion and merchandising officer of Farfetch and CEO at Browns, and Kelly Kowal, head of Farfetch Platform Solutions (FPS). Meanwhile, Coupang CEO Bom Kim and a team of remaining Farfetch executives will remain at the company’s helm, with further redundancies imminent.

“As we assessed key priorities and resources across the business, we made the difficult but necessary decision to reduce global headcount and redundant roles,” said a Farfetch spokesperson. Coupang announced that discussions with those affected by the redundancies began last Friday in Portugal and today in the UK and other regions.

“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”, concluded the spokesperson.

The changes come two months after Coupang and the San Francisco-based firm Greenoaks Capital purchased the e-commerce platform out of administration with a 500 million US dollars bridge loan. José Neves, however, will remain at Farfetch in a consultancy role.

Image Credits: executivedigest.sapo.pt

United Kingdom Companies ecommerce Farfetch Luxury Management