Coupang news and archive

Farfetch owner Coupang hires Microsoft AI specialist

Farfetch owner Coupang has announced the appointment of Asha Sharma, an experienced Microsoft AI specialist, who will be joining the South Korean retail giant's board of directors, as revealed in a press release. Sharma, who had served as corporate vice president and AI specialist at Microsoft, has held various leadership roles in addition to...

Business

Coupang CEO outlines plans for Farfetch

Almost one month on from the closing of its acquisition of Farfetch and the luxury e-tailer’s new owner, Coupang, is beginning to outline plans for the British company’s future. Brief details of such were described in a conference call with analysts held by Coupang’s founder and chief executive officer, Bom Kim, who also took the opportunity to...

BusinessFeatured

Farfetch CEO steps down amid Coupang upheaval

José Neves, the chief executive of Farfetch, is set to step down from the company amid an ongoing shakeup at the firm following a 500 million dollar acquisition by South Korea’s Coupang. His departure comes as part of a string of layoffs at the company, where chief fashion and merchandising officer Elizabeth Von Der Goltz and head of Farfetch...

Business

NMG scraps commercial partnership with Farfetch

Farfetch is continuing to experience a certain level of backlash following a last-minute rescue by South Korean firm Coupang, with the Neiman Marcus Group (NMG) now said to have scrapped its ongoing partnership with the luxury e-tailer. According to Business of Fashion (BoF), NMG has put a halt to plans to use Farfetch’s e-commerce software for...

Business

Coupang finalises Farfetch acquisition

Coupang has finalised its acquisition of Farfetch Holdings plc, a deal disclosed on December 18, confirming its commitment to provide Farfetch with 500 million in capital. In a statement Coupang said: “By providing access to 500 million dollars in capital, this acquisition allows Farfetch to continue delivering exceptional services for its brand...

Business

Farfetch shareholders come together to contest Coupang takeover

A group of Farfetch shareholders have come together to contest the proposed acquisition of the luxury e-tailer by South Korean giant Coupang, which they believe led to an untransparent sales process. The ‘2027 Ad Hoc Group’ is composed of institutional investors that hold over 50 percent of Farfetch’s 3.75 percent convertible senior notes, due...

Business

Style Capital mulling New Guards Group acquisition

Italian private equity firm Style Capital is reportedly mulling the acquisition of Farfetch-owned New Guards Group, which is facing an uncertain future in the wake of its parent company’s sale to South Korea’s Coupang. The speculation was confirmed by Style Capital’s founder and chief executive officer, Roberta Benagalia, who told WWD that while...

Business |Opinion Featured

Is luxury e-commerce facing a downturn?

Luxury's digital platforms are grappling with significant challenges, marked by financial struggles and strategic shifts. London-based Farfetch, in an effort to avert bankruptcy, has chosen to sell a majority stake to Coupang, often dubbed South Korea's Amazon counterpart. Referred to as an ‘every’ store known more for selling affordable...

BusinessFeatured

Farfetch sold to South Korea’s Coupang, gets 500 million dollar injection

Farfetch has been rescued after it found a buyer in Coupang, a South Korean multi-industry retail giant that has scooped the luxury fashion e-tailer up from its speculated financial crisis. As part of the agreement, Coupang, a NYSE-listed firm, will provide Farfetch with access to 500 million dollars of capital to continue its operations, both...

Business

South Korea e-commerce giant Coupang raises 4.2 billion dollars in NY listing

Seoul - South Korean e-commerce giant Coupang has raised 4.2 billion dollars in its initial public offering that makes it the biggest listing in the United States so far this year. The Seoul-based firm, backed by Japan’s SoftBank, has shaken up the South Korean retail sector since launching 11 years ago with a platform guaranteeing same-day...