Farfetch Founder José Neves Steps Down Amidst Coupang Acquisition Fallout

José Neves, the visionary Founder of Farfetch in 2008, is relinquishing his role as CEO following the company’s acquisition by South Korea’s Coupang in December. Additionally, there are exits of key executives, including Elizabeth von der Goltz, Chief Fashion and Merchandising Officer, and Kelly Kowal, Head of Farfetch Platform Solutions (FPS).

In a statement addressing Neves’s exit, a Farfetch spokesperson acknowledged the necessity of reducing global headcount and eliminating redundant roles to secure the future of the business. Despite Neves transitioning to a consultancy role, no successor has been named, with Coupang management assuming interim oversight of Farfetch.

Coupang injected a vital $500 million lifeline into Farfetch amidst financial turmoil, prompting a 38% drop in shares and the cancellation of Farfetch’s deal to acquire a stake in Yoox Net-a-Porter from Richemont.

The Coupang acquisition effectively privatized Farfetch, erasing shareholder investments, including Neves’s own. In response, a group of Farfetch investors is contesting the acquisition in court, seeking $400 million in compensation for their losses. The legal battle underscores the turbulent aftermath of Farfetch’s acquisition and the challenges it faces in navigating its new ownership landscape.

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