- Huw Hughes |
US publisher Condé Nast has reportedly withdrawn its 234 million pound stake in luxury fashion e-tailer Farfetch.
The Vogue, GQ and Vanity Fair publisher is said to have had concerns about the amount of money Farfetch was spending on marketing, the Sunday Times reports.
The two companies originally teamed up in 2017, in a move that saw Condé Nast readers directed towards Farfetch’s site. The commercial partnership also signalled the end of Style.com, and saw Farfetch acquire its trademark, intellectual property and customer database.
For its first quarter ended March 31, Farfetch reported an 48.4 million dollar increase in revenue to 174.1 million dollars, while loss after tax increased by 115.4 percent to 109.3 million dollars.
Condé Nast was an early investor in the New York listed company founded in London in 2009.
Photo credit: Farfetch, Facebook