Members of the FarFetch management team have been ‘let go’ following the business’ takeover by Coupang. This includes founder Jose Neves, CFO Tim Stone and COO Luis Teixeira. It is understood that Neves will be retained in the short term as a consultant but that there will be no new management appointments for the time being.
Further job cuts are in the offing, primarily affecting employees in the UK and Portugal, as the business’ new owner seeks to reduce costs and streamline operations. Estimates are that around 30 per cent of staff will be made redundant with consultations commencing this month in Portugal, the UK and other territories.
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