Farfetch Ltd - Technologieplattform für die globale Modeindustrie
eröffnet am 05.09.21 15:36:37 von
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Wow, heute gehen aber nen Menge umber dem Tisch.
Farfetch founder José Neves 'exits CEO post'
In news that might not come as too much of a surprise, it’s being reported that Farfetch founder and CEO José Neves is among more than one member of the leadership team stepping down in the wake of the firm’s takeover by South Korea’s Coupang.The move hasn’t been officially announced but is being credited to an “internal memo” and comes less than a month after the company averted collapse as Coupang took control for a fraction of what it had once been worth as a stock exchange-listed firm.
It’s bellied that chief fashion and merchandising officer at Farfetch/Browns CEO Elizabeth Von Der Goltz, and head of Farfetch Platform Solutions Kelly Kowal are also leaving.
The news was reported by both WWD and Business of Fashion, citing an internal memo.
But Neves isn’t exiting the business entirely with WWD saying he’ll have a consultancy role.
It’s also been reported that the business will be run for now by Coupang founder Bom Kim and the rest of the Farfetch executive team.
It’s believed more job cuts are ahead at the firm as Coupang works to streamline Farfetch and get it back to its core strength of operating as a marketplace through which luxury boutiques can sell high-end fashion.
Neves founded Farfetch in 2008 and rode the wave of growing online luxury sales. During the pandemic, with stores shut worldwide, the business made hay while the sun shone in the same way as e-tailers further down the price scale (such as Boohoo, ASOS and Zalando) did.
But post-pandemic, the enthusiastic return to physical stores took many online businesses by surprise and Farfetch was among them.
Critics also said that its move into non-core areas — such as buying New Guards Group and launching (then later axing) beauty — overstretched it. But while some shareholders were impatient about when enduring profitability might happen, its problems didn’t seem to be acute until H2 last year.
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https://ww.fashionnetwork.com/news/Farfetch-founder-jose-nev…
Ab wann erfolgt die Delistung? Insolvenz ist angeschoben. Wer hat Infos?
Hush-Hush Luxuries: 9 Coveted Luxury Brands of the Super-Rich
Beyond the usual household names like Gucci, Louis Vuitton and Cartier lies a world of discreet ultra-luxury reserved for those at the very pinnacle of wealth and taste.This is the rarefied realm where six-figure price tags are merely the barrier to entry. Their clientele spans oligarchs and royalty, titans of industry and chief executives paid in eight to nine figures annually. Shopping here is strictly by appointment or referral, with little, if any, public presence.
For the select few granted access, the rewards are matchless: access to the absolute best in materials, craftsmanship and design, elevated to the level of art. Join us as we unveil some of the most coveted and exclusive luxury brands that even most of the super-rich have never heard of, but which represent the ne plus ultra for those who can afford it.
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Farfetch
Farfetch was launched by José Neves in 2008 as an online marketplace for luxury boutiques worldwide — and it’s beloved by the mega rich. The official website touts that the company is the top global online luxury fashion platform. With over 1,400 luxury retailers and 3.9 million active consumers, the platform is growing globally, so you may start hearing about them more often.
The Farfetch platform is known for connecting creators, curators and consumers of luxury brands. You’ll likely discover new luxury brands on the platform, since Farfetch sells various products from men’s, kids’, beauty and women’s styles.
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https://www.nasdaq.com/articles/hush-hush-luxuries:-9-covete…
US 'buy now, pay later' splurges raise holiday debt hangover risk
LOS ANGELES/NEW YORK, Dec 20 (Reuters) - Roxanne Ross of Florida is one of a growing number of Americans dodging higher interest rates on credit cards by instead turning to "buy now, pay later" services as they shop for holiday merchandise.
Ross has her eyes on the latest version of Apple (AAPL.O) AirPods for $249. But as of Monday, she was considering using Klarna, a buy now, pay later service, to spread the cost across four installments that stretch into next year.
With U.S. credit card balances at record levels and defaults rising, more shoppers than ever are tapping buy now, pay later services on key shopping days to stretch their budgets.
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Shoppers can purchase anything from a $3,253 Jil Sander leather tote bag marked 30% off from luxury retailer Farfetch (FTCH.N), to groceries from Walmart (WMT.N) and Burger King gift cards valued at up to $500 — getting the merchandise before it's fully paid for.
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https://www.reuters.com/markets/us/us-buy-now-pay-later-splu…
LOS ANGELES/NEW YORK, Dec 20 (Reuters) - Roxanne Ross of Florida is one of a growing number of Americans dodging higher interest rates on credit cards by instead turning to "buy now, pay later" services as they shop for holiday merchandise.
Ross has her eyes on the latest version of Apple (AAPL.O) AirPods for $249. But as of Monday, she was considering using Klarna, a buy now, pay later service, to spread the cost across four installments that stretch into next year.
With U.S. credit card balances at record levels and defaults rising, more shoppers than ever are tapping buy now, pay later services on key shopping days to stretch their budgets.
...
Shoppers can purchase anything from a $3,253 Jil Sander leather tote bag marked 30% off from luxury retailer Farfetch (FTCH.N), to groceries from Walmart (WMT.N) and Burger King gift cards valued at up to $500 — getting the merchandise before it's fully paid for.
...
https://www.reuters.com/markets/us/us-buy-now-pay-later-splu…
NYSE suspends shares of luxury retailer Farfetch amid liquidation warning
The New York Stock Exchange said it was suspending Farfetch Ltd. shares FTCH, -13.26% immediately, citing a Monday securities filing that mentioned the company’s expectation that Class A and B stockholders won’t recover any of their outstanding investments.Coupang CPNG, +1.92% said Monday that it would buy the business and assets of luxury retailer Farfetch Holdings, but the listed entity Farfetch Ltd. was unable to secure the additional liquidity it needed to continue as a going concern.
Farfetch Ltd. said in the filing that it expected to be delisted from the NYSE and to be liquidated.
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https://www.marketwatch.com/story/nyse-suspends-farfetch-ltd…
Farfetch rescue leaves scattered luxury debris
Broken glass. It wasn’t long ago that online retailer Farfetch was poised to bring some of the world’s oldest luxury fashion houses into the digital age. Now, the $226 million technology company is delisting its shares from the New York Stock Exchange and taking a bailout from South Korean e-commerce giant Coupang. The rescue gives struggling Farfetch another shot at survival by wiping out existing investors. Yet former backers, particularly Cartier-owner Richemont, have some unpleasant messes to clean.Boss José Neves launched Farfetch in 2008 as a marketplace for high-end goods. Three short years ago, as shopping moved online en masse following pandemic lockdowns, companies like Richemont raced to get in on the action. Alongside Chinese technology giant Alibaba, Richemont pumped $600 million into Farfetch. The idea was for Richemont’s brands which also include Montblanc and Roger Dubuis to utilize Farfetch’s technology to distribute goods online. Farfetch would take a cut of sales, creating a mutually beneficial way to grow.
Only it didn’t pan out as planned. Neves made a string of costly and unfocused acquisitions, racking up debt. Sales growth came to a screeching halt once lockdowns lifted, and costs continued to grow. Plus Richemont never used the platform meaningfully. It tried to massage its investment last year by offloading a stake it had in struggling Italian competitor Yoox Net-A-Porter for some shares of Farfetch. But on Monday, it walked away from that deal, too.
Farfetch’s deal replaces the old investment from a fellow European retailer with a new one that has ties deep in South Korea. Savior Coupang is still taking a gamble. Farfetch is burning cash like a shopper in a Van Cleef & Arpels store: It is expected to book a pre-tax operating loss of $720 million this year, according to LSEG data. That’s a hardly sign of a viable business model.
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https://www.breakingviews.com/considered-view/farfetch-rescu…
Was heisst das für uns.. Hot or not
Antwort auf Beitrag Nr.: 74.984.057 von Oginvest am 18.12.23 18:25:37.... Descriptions of the transactions
https://s22.q4cdn.com/426100162/files/doc_news/2023/Farfetch…
https://s22.q4cdn.com/426100162/files/doc_news/2023/Farfetch…
Richemont steigt nach Farfetch-Verkauf aus YNAP-Deal aus
Der Luxusgüterhersteller Richemont zieht einen Vertrag zum geplanten Verkauf eines Teils des Online-Mode- und Accessoires-Geschäfts Yoox Net-A-Porter (YNAP) an Farfetch zurück. Der Grund: Der kriselnde britische Online-Luxushändler Farfetch wird vom südkoreanischen E-Commerce-Riesen Coupang übernommen....
Richemont teilte konkret mit, dass man davon ausgehen könne, dass die im November 2020 von Farfetch an Richemont ausgegebene vorrangige Wandelanleihe in Höhe von 300 Millionen Dollar nicht zurückgezahlt werde. Der Buchwert dieser Anleihen in den Büchern von Richemont belaufe sich zum 30. November 2023 auf 218 Millionen Euro.
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Die Aktie von Farfetch wurde am Montag an der Wall Street vom Handel ausgesetzt, nachdem die Übernahme durch Coupang bekannt wurde. Im Anschluss daran verlor die Aktie des koreanischen Konzern an Wert. Um 16.30 Uhr Schweizer Zeit stand sie an der New Yorker Börse 3,1 Prozent im Minus. Die Richemont-Aktie verlor ihrerseits hierzulande 1,9 Prozent.
https://www.cash.ch/news/richemont-steigt-nach-farfetch-verk…
Farfetch Ltd - Technologieplattform für die globale Modeindustrie