Farfetch to Make Major Workforce Cuts

Following Major Managerial Changes, the Luxury Digital Retailer is Set to Cut 25-30% of Existing Jobs

The latest development in the eventful transition for Farfetch under its new ownership by Coupang includes major layoffs for its workforce. The luxury e-talier is reportedly set to cut 25 to 30 percent of its existing jobs.

The announcement came via a company-wide memo sent to employees, which stated that the move was part of Coupang’s efforts to “streamline the business,” and went on to say that Coupang would “begin the process of saying goodbye to colleagues and friends who have been important parts of Farfetch’s journey thus far.”

The memo continued, “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.”

Divisions that are to be impacted by the layoffs include product design and Farfetch Platform Solutions, the retailer’s retail technology and solutions branch for third-party brands.

The news followed the announcements that Farfetch founder and CEO José Neves was to be stepping down from the helm position alongside fellow executives, including chief product officer Hélder Dias, chief financial officer Tim Stone and chief marketing officer Nick Tran, among many others