Farfetch to lay off a third of staff in 2024

Amid an ongoing upheaval of its management team, luxury e-tailer Farfetch is now also reportedly set to lay off between 25 and 30 percent of its workforce.

This is according to a company-wide memo sent to employees and seen by Drapers, which reported the news and stated that the move was part of Coupang’s efforts to “streamline the business”.

The media outlet noted that in the memo Coupang said it 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 include product design and Farfetch Platform Solutions, the retailer’s commerce solutions and retail technology for third-party brands.

The news followed the revelation that Farfetch founder and CEO José Neves was to be stepping down from the helm position alongside fellow executives, including CPO Hélder Dias, CFO Tim Stone and CMO Nick Tran, among many others, who are each “moving on to pursue other endeavours”.