{"id":11819,"date":"2024-02-17T12:10:18","date_gmt":"2024-02-17T12:10:18","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/farfetch-to-axe-up-to-30-of-workforce\/"},"modified":"2024-02-17T12:10:18","modified_gmt":"2024-02-17T12:10:18","slug":"farfetch-to-axe-up-to-30-of-workforce","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/farfetch-to-axe-up-to-30-of-workforce\/","title":{"rendered":"Farfetch to axe up to 30% of workforce"},"content":{"rendered":"

\"Retail<\/a><\/p>
\n<\/p>\n

\n
\n
\"Farfetch\"<\/div>\n

Farfetch is understood to be looking to lay off between 25% and 30% of its workforce as new owner Coupang works to \u201cstreamline the business\u201d.<\/p>\n

Staff at the online luxury retailer were told on Friday that it \u201cwill begin the process of saying goodbye to colleagues and friends who have been important parts of Farfetch\u2019s journey thus far\u201d, Drapers reported.<\/p>\n

The company wrote in an internal memo: \u201cWe have decided to streamline the business to allow us to operate from a position of financial strength.<\/p>\n\n

Subscribe to Retail Gazette for free<\/strong><\/h5>\n

Sign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\n\n

\u201cWhile it\u2019s never easy to go through this process, this was a necessary decision to secure the future of our business.\u201d<\/p>\n

Farfetch, which employs around 2,000 people, is looking to make cuts in its product design team and Farfetch Platform Solutions \u2013 it\u2019s suite of commerce solutions and retail technology designed for use by brands and retailers.<\/p>\n

The business has begun redundancy consultations for affected staff based in Portugal and will start consultations for employees based in other geographies, including the UK, on 19 February.<\/p>\n

The news comes as it emerged that founder and chief executive Jos\u00e9 Neves has stepped down from the business.<\/p>\n

Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n