Farfetch CEO José Neves Steps Down

Farfetch's founder José Neves is stepping down as the company's CEO. This move comes after the December 2023 announcement that South Korean retailer Coupang acquired Farfetch and gave the company access to $500 million in emergency funding to avoid bankruptcy.

Moving forward, Neves will hold a consultancy role at Farfetch while Coupang's founder Bom Kim and Farfetch's executive team oversee the company in the interim, Fashionista has learned. No CEO replacement has been announced.

"As we assessed key priorities and resources across the business, we made the difficult but necessary decision to reduce global headcount and redundant roles," a Farfetch spokesperson said in a statement. "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."

In addition to Neves, these reductions reportedly also include most of Farfetch's C-suite: Its chief financial officer, chief product officer, chief platform officer, chief marketing officer and chief operations officer are also all leaving their positions, Business of Fashion reported on Thursday, citing an internal memo.

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