Coupang news and archive

New Guards Group files for bankruptcy protection in Italy

New Guards Group (NGG), the Farfetch-owned parent company of Palm Angels and Ambush, has filed for a form of bankruptcy protection in Italy as its pursuit for a buyer continues to trudge on. According to various media platforms, the Italian fashion group has applied for a ‘composizione negoziata per la soluzione della crisi dímpresa’ (or CNC), a...

Business

Authentic reportedly pulls Reebok licensing deal with New Guards Group

Authentic Brands Group is believed to have terminated its deal with Farfetch-owned New Guards Group (NGG), which had previously been the licensee of Reebok and oversaw the distribution of the sportswear brand in Europe. According to a memo from NGG Management to staff, seen and reported on by WWD, NGG has received a termination notice for the...

Business

Farfetch to shutter software service in strategic pivot

Farfetch, the luxury e-commerce platform now under Coupang's ownership, is reportedly ceasing operations of its Farfetch Platform Solutions (FPS), a once-flagship software-as-a-service product. This move, as reported by Business of Fashion, signals a strategic shift towards cost reduction and a renewed focus on its core marketplace business. The...

Business

Farfetch owner Coupang faces net loss and heavy fines

South Korea’s largest e-tailer Coupang Inc. is set to sink deeper into the red in the second quarter of fiscal 2024, the company’s financial report shows. In addition to its costly acquisition of British luxury e-tailer Farfetch, the company is facing a costly legal dispute. Coupang's revenue rose 25 percent to around 6.71 billion euros, of...

Business

Farfetch acquisition weighs on Coupang revenue

Coupang Credits: Coupang investor relations Coupang, South Korea's leading e-commerce platform, has reported its first quarterly loss in two years, as the company grapples with the integration of its recent Farfetch acquisition and a significant regulatory fine. The setback comes despite robust growth in its core online retail business. The...

People

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...