Farfetch is understood to be looking to lay off between 25 per cent and 30 per cent of its workforce as new owner Coupang works to ‘streamline the business’.
As per sources, the online luxury store informed its staff on Friday that they will be bidding farewell to friends and colleagues who had played significant roles in Farfetch’s journey so far.
The company wrote in an internal memo, “We have decided to streamline the business to allow us to operate from a position of financial strength. While it’s never easy to go through this process, this was a necessary decision to secure the future of our business.”
The 2,000-person company Farfetch is aiming to reduce staff members in both its product design team and Farfetch Platform Solutions, which is a retail technology and commerce solution package that is intended for usage by brands and retailers.
The company has started talking about layoffs to impacted Portuguese employees and will soon begin talking to workers in other countries, such as the UK. The announcement coincides with the revelation that José Neves, the company’s founder and CEO, has left his position.
