Coupang has taken Farfetch on — now it just has to dig itself out. The luxury e-commerce platform, which melted down last year and was scooped up by Coupang for $500 million in rescue financing, is still losing money. But Farfetch is also still growing closer to becoming the self-sustaining business that it was long promised … Read more
With Valentino’s new virtual try-on, revealed Monday, shoppers can wear a digital version of the Garavani VSling bag and check it out with different looks before buying. The feature, available on the maison’s website, was built by Wanna, a subsidiary of Farfetch that builds augmented reality and virtual try-on experiences for the luxury industry. The … Read more
MILAN — Marcelo Burlon is stepping down from his role as creative director of the County of Milan brand he founded in 2012. The brand’s parent New Guards Group said in a statement that the County of Milan team will design the collections going forward. The unexpected development comes as the fate of New Guards … Read more
It’s a tough time in digital luxury retail. Consumers are cautious. The big brands are forging their own paths online. Farfetch needed rescuing. Matches was bought and then sent into administration. And Compagnie Financière Richemont could finally offload Yoox Net-a-porter. Now Moda Operandi is out in the market, speaking to private equity companies about investing … Read more
Farfetch is still chasing the dream of being the global luxury platform. But under the auspices of Coupang — which rescued the company from bankruptcy last month — Farfetch has also become something of a side hustle at a larger organization focused first and foremost on building its e-commerce businesses in South Korea and Taiwan. … Read more
Updated Feb. 15 at 6:21 p.m. GMT LONDON — José Neves is stepping down as chief executive officer of Farfetch two months after Coupang and the San Francisco-based firm Greenoaks Capital purchased the e-commerce platform out of administration and pledged $500 million to help revive it. According to a memo seen by WWD, Neves will … Read more
“It’s like the ’80s — they’re serving Dom Perignon.” That was how Amy Fine Collins surmised Thursday night’s cocktail party for Sabyasachi Mukherjee at Bergdorf Goodman. As waiters dressed in Indian attire served flutes of Champagne and tiny Indian delicacies on silver trays, guests jostled around the jewelry display counters. Some momentarily swooped in to … Read more
LONDON – Farfetch is waving goodbye to the Kering brands, part of a raft of changes at the platform since its sale to Coupang last year. WWD has learned that, going forward, the Kering brands will only be available via third-party retailers selling on the site. Farfetch declined to comment. On Thursday, Jean-Marc Duplaix, Kering … Read more
The Neiman Marcus Group has decided to end its working partnership with Farfetch, WWD has learned. The move comes in the wake of Coupang’s purchase of Farfetch, completed last month. The London-based Farfetch had long struggled to turn a profit and was running out of cash amid rising interest rates and plummeting tech valuations. Coupang, based in … Read more
LONDON – Coupang said Wednesday it has completed the acquisition of Farfetch Holdings plc, a deal that was first announced on Dec. 18. Coupang said in a brief statement that by providing access to $500 million in capital, Farfetch “will continue delivering exceptional services for its brand and boutique partners,” and to more than 4 million … Read more
