Home » Business News • UK Employment news » Farfetch announces up to 30 percent job cuts

Farfetch announces up to 30 percent job cuts

By Nithya Bose in Business News, posted February 19, 2024

Farfetch reportedly plans to cut between 25 and 30 percent of its workforce after its acquisition by Coupang to “streamline the business”.

The online luxury fashion retailer informed its employees about the impending layoffs.

The company said it “will begin the process of saying goodbye to colleagues and friends who have been important parts of Farfetch’s journey thus far.”

It wrote in an internal memo: “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.”

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With an approximate headcount of 2,000 employees, Farfetch will reduce positions primarily within its product design team and Farfetch Platform Solutions.

Farfetch Platform Solutions offers commerce solutions and retail technology for brands and retailers.

The company has started layoff discussions for its Portugal-based staff.

It plans to begin similar consultations for employees in other regions, including the UK, by February 19.

This restructuring move coincides with the departure of José Neves, Farfetch's founder and CEO, marking a significant transition for the company.

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