Conde Nast which launched online fashion marketplace Style.com to offset the decline in traditional advertising revenues across its titles has closed the eCommerce business rather than continue with a significant planned investment.
Style.com visitors are now diverted to the Farfetch site with the latter having acquired Style.com’s trademark, IP and customer file. The terms of the transaction have not been disclosed but Jonathan Newhouse, the chairman and CEO of Conde Nast will join the Farfetch board and it is understood that the publisher will provide content to Farfetch as it did for its own fashion site. It is unknown at this time how many of Style’s 75 employees will be transferring to roles with Farfetch.
Farfetch generated gross sales of more than US $800 million in 2016.
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