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On Thursday, Jean-Marc Duplaix, Kering deputy chief executive officer in charge of operations and finance, said Farfetch had always been a “small player” in the Kering universe.
During a briefing at Kering headquarters, he told reporters: “Today our brands are present only through e-concessions, which had been negotiated in recent years. E-commerce at Kering accounted for around 12 percent of revenues in 2023, which is less than previously, since the pressure on aspirational consumers impacted e-commerce more than physical distribution.”
Within that 12 percent, Duplaix added, “Farfetch has always been a small player for us, one partner among many. So our exposure to Farfetch is already extremely limited, in fact, since it is a percentage of 12 percent.”
Duplaix said Kering “will not comment further on the state of our relations with Farfetch. It is not a strategic partner for us.”
The news that Kering is leaving the platform comes 24 hours after The Neiman Marcus Group said it was ending its working partnership with Farfetch.
As reported, Neiman’s informed WWD on Wednesday that the Bergdorf Goodman website and app will no longer be re-platforming onto Farfetch Platform Solutions.
In addition, plans for the Neiman Marcus and Bergdorf Goodman divisions to join the online Farfetch Marketplace have been dropped. The BG website and app did not go live with FPS.
In December, Compagnie Financière Richemont cut its ties with Farfetch immediately after the company was sold to Coupang. As reported, Richemont had already negotiated the sale of Yoox Net-a-porter to Farfetch, and had tapped Farfetch Platform Solutions to work with the other luxury brands in the group.
Although Coupang has been in charge for less than two months, they’ve already dug deep into the business and made their priorities clear. Farfetch will return to its roots in connecting retailers and fashion customers online, and driving sales.
In a note sent earlier this week to the brands and boutiques on the Farfetch platform, Bom Kim, Coupang’s founder and CEO, said it was time to “move forward and work together to redefine the customer experience for luxury clients everywhere.”
He added: “We need to rededicate Farfetch to creating an amazing experience for customers, helping them discover the best boutiques, curators and brands, in an elevated environment.
“We’re confident Farfetch will make significant strides towards delivering impeccable experiences for luxury customers globally and, in turn, drive great results for our partners and the Farfetch business alike,” he said.
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