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Heron Preston buys back rights to own brand from New Guards Group

Fashion designer Heron Preston has announced that he has regained full and exclusive rights to his brand. He repurchased these rights from New Guards Group (NGG), the fashion holding company owned by Farfetch. In an interview with The Business of Fashion, Preston shared: "I have been through hell to protect what I have built. I fought for my...

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Farfetch rebrands advertising platform to address marketing challenges

Luxury platform Farfetch has unveiled a rebranded and rejuvenated advertising platform intended to address marketing challenges through “bespoke, brand-dedicated marketing strategies”. The renewed Farfetch Advertising has been launched alongside a new dedicated website, aimed at providing current partners and prospective brands with information...

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Farfetch teams up with Coupang’s R.Lux to increase reach in South Korea

Farfetch has unveiled a new partnership with R.Lux, an app also owned by the luxury e-tailer’s parent company Coupang. Through the collaboration, Farfetch intends to deepen its reach within South Korea’s luxury market and allow its own partners to gain “immediate access to millions of already-engaged customers”. R.Lux, described as Coupang’s...

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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...