Online luxury retailer Farfetch is reportedly looking to lay off between 25 and 30 percent of its workforce as it continues to restructure its management team.
This emerges from a company-wide memo to employees, which was seen by the Drapers news agency. It said the move was part of Coupang’s efforts to “streamline the company.”
The statement said Coupang will “begin the process of saying goodbye to colleagues and friends who have been an important part of Farfetch’s journey so far.”
The businesses affected are said to include product design and Farfetch Platform Solutions, the retailer’s commerce solutions and retail technology for third-party brands.
The news followed the announcement that Farfetch founder and CEO José Neves was stepping down from his leadership position, as were other executives including Chief Product Officer Hélder Dias, Chief Financial Officer Tim Stone and Chief Marketing Officer Nick Tran everyone “will devote themselves to other tasks.”
This translated post previously appeared on FashionUnited.uk