Luxury Retailer Farfetch Makes Shocking Job Cuts, Leaving 30% Out in the Cold
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Farfetch, the luxury e-commerce platform, announced in an internal communication to its employees on Thursday, February 16th, that it would be commencing a process of layoffs affecting approximately 2,000 staff members across various teams, including product design and Farfetch Platform Solutions.
The company cited the need to streamline operations for financial stability, with redundancy consultations already underway for employees in Portugal and scheduled meetings for those in other regions, such as the UK, on Monday, February 19th.
The announcement coincided with founder José Neves stepping down as CEO and the departure of several key executives, including the chief financial officer and chief marketing officer. These changes come on the heels of Farfetch’s sale to Coupang, confirmed by the Korean retail giant on January 31st.
