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Farfetch Founder Resigns After A £400M Coupang Takeover

Image Source: Sharaf Maksumov / Shutterstock

Following a £400m rescue by Korean ecommerce company Coupang, Farfetch founder José Neves has resigned from the business.

Neves departed the retailer immediately, according to a memo to employees on Thursday, as reported by the Telegraph.

In 2018, the founder took Farfetch public in the US with a valuation of £4.92bn. However, the company’s shares plummeted after its IPO, resulting in investors losing out under the rescue deal.

While Neves will continue at the retailer in an advisory role, Farfetch will be managed by Coupang’s current leadership, without a direct replacement for the founder.

Employees were informed that layoffs would commence in the UK and other countries on Monday, and across Portugal on Friday.

A memo stated: “After careful consideration 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.”

In a central remark, a company spokesperson stated: “As we assessed key priorities and resources across the business, we made the difficult but necessary decision to reduce global headcount and redundant roles.”

This decision aims to ensure the business’s future, enabling Farfetch to operate from a position of strength and focus on its core mission of delivering exceptional experiences for brands, boutiques, and customers.

In December, Farfetch was acquired by Coupang, which agreed to inject £397.2m in emergency funding into the online luxury retailer as part of a pre-pack administration process.

This move followed a period of rapid expansion that left the company unable to meet its debts, paving the way for potential administration.

Image Source: Sharaf Maksumov / Shutterstock

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