Farfetch news and archive

Coupang closes Ngg++

There is no good news for New Guards Group (NGG), the Milan-based company located in Via Turati, which manages Farfetch's fashion activities. As reported by Mff, the company will soon lose a new element, following the sale of the Palm Angels, Off-White, Alanui and Ambush brands. On April 30, Ngg++, the division created in 2023 to manage the...

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Alanui co-founders repurchase stake in brand from Farfetch’s New Guards Group

Carlotta and Nicolò Oddi, the co-founders of Alanui, have regained their majority stake in the Italian knitwear brand that had been held by New Guards Group (NGG), a Milanese production and distribution company owned by Farfetch. Upon the transaction’s completion, Alanui will independently manage its business, from operations to distribution....

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Coupang: Farfetch losses impact annual profit

E-commerce giant Coupang Inc. significantly increased its revenue in fiscal year 2024, driven in part by the acquisition of online luxury fashion platform Farfetch, completed at the end of January last year. However, substantial losses from the newly acquired business and other one-off charges negatively impacted the group's net profit....

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Former Farfetch execs face High Court over ‘mismanagement’ claims

Three former executives of Farfetch are believed to be involved in a High Court dispute with the luxury fashion e-tailer’s liquidators regarding claims of “serious mismanagement”. Farfetch founder José Neves, ex-president Stephanie Phair and former chief financial officer Elliot Jordan are understood to be “at the centre of an investigation into...

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Perfect Corp. acquires virtual try-on expert Wannaby

Beauty and fashion tech solutions provider Perfect Corp. has entered into an agreement with Farfetch, to acquire Wannaby, a digital immersive experiences expert. This acquisition, Perfect Corp. said in a release, represents a significant milestone in integrating advanced technology, enabling the company to expand its offerings into new luxury...

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New Guards Group files for bankruptcy protection in Italy

New Guards Group (NGG), the Farfetch-owned parent company of Palm Angels and Ambush, has filed for a form of bankruptcy protection in Italy as its pursuit for a buyer continues to trudge on. According to various media platforms, the Italian fashion group has applied for a ‘composizione negoziata per la soluzione della crisi dímpresa’ (or CNC), a...

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Authentic reportedly pulls Reebok licensing deal with New Guards Group

Authentic Brands Group is believed to have terminated its deal with Farfetch-owned New Guards Group (NGG), which had previously been the licensee of Reebok and oversaw the distribution of the sportswear brand in Europe. According to a memo from NGG Management to staff, seen and reported on by WWD, NGG has received a termination notice for the...

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Farfetch to shutter software service in strategic pivot

Farfetch, the luxury e-commerce platform now under Coupang's ownership, is reportedly ceasing operations of its Farfetch Platform Solutions (FPS), a once-flagship software-as-a-service product. This move, as reported by Business of Fashion, signals a strategic shift towards cost reduction and a renewed focus on its core marketplace business. The...

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Farfetch owner Coupang faces net loss and heavy fines

South Korea’s largest e-tailer Coupang Inc. is set to sink deeper into the red in the second quarter of fiscal 2024, the company’s financial report shows. In addition to its costly acquisition of British luxury e-tailer Farfetch, the company is facing a costly legal dispute. Coupang's revenue rose 25 percent to around 6.71 billion euros, of...

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Farfetch acquisition weighs on Coupang revenue

Coupang Credits: Coupang investor relations Coupang, South Korea's leading e-commerce platform, has reported its first quarterly loss in two years, as the company grapples with the integration of its recent Farfetch acquisition and a significant regulatory fine. The setback comes despite robust growth in its core online retail business. The...

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Farfetch owner Coupang hires Microsoft AI specialist

Farfetch owner Coupang has announced the appointment of Asha Sharma, an experienced Microsoft AI specialist, who will be joining the South Korean retail giant's board of directors, as revealed in a press release. Sharma, who had served as corporate vice president and AI specialist at Microsoft, has held various leadership roles in addition to...

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Q1 of 2024 marked by series of job cuts

The first quarter of the year has outlined the tough reality of the current market, with last year’s challenging financial period leaving many companies with no option but to initiate strategic reviews. And, as part of this process, inevitably the question of jobs comes into play, with roles, departments and geographies coming under the...