Kering has terminated its contract with Farfetch, preventing the listing of its portfolio brands, including Saint Laurent, Gucci, Bottega Veneta, and Balenciaga, on the marketplace for orders shipped directly from the brands’ respective warehouses.
As a workaround, Farfetch is planning to sell high-end brands on its site without direct involvement with the brands, as reported by the Business of Fashion.
The department store group Neiman Marcus is also ending its contract, which would have made products from its Bergdorf Goodman store available on the Farfetch platform.
A Neiman Marcus representative told WWD: “Our focus remains on continuing to deliver a differentiated luxury experience across all facets of our integrated retail model, and to position our business for sustainable, profitable growth. We appreciate Farfetch, which continues to be a minority investor in NMG.”
In 2022, Farfetch invested 200 million dollars in the Neiman Marcus Group (NMG) department store chain, with plans for the group to adopt Farfetch’s tech solutions. This is no longer happening, said Retail Touchpoints.
The sale of Farfetch to the South Korean e-commerce giant Coupang has been contentious and the platform is no longer considered a strategic partner for some luxury brands, as emphasised by Kering chief Jean-Marc Duplaix during a recent earnings call, as reported by WWD.
According to the Business of Fashion, the majority of Farfetch’s available brand portfolio comes from third-party retailers. The platform will be eager to retain as many luxury brands as possible to avoid further damaging its troubled reputation.
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