Farfetch boss José Neves is set to step down from his role as chief executive at the luxury fashion retailer, according to reports.
Neves is expected to remain at Farfetch in a consultancy role and has not yet been replaced, according to an internal memo seen by WWD.
Coupang founder Bom Kim is said to be taking the lead and overseeing the business in the interim following Neves’ exit.
Coupang first announced it was injecting $500m (£394.8m) in emergency funding into the embattled luxury fashion retailer last December.
At the time, Farfetch said the acquisition would allow it to access the funding it needed to continue providing “exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers around the globe”.
A string of Farfetch senior executives are also expected to follow Neves, with Business of Fashion reporting that the retailer’s chief financial officer, chief operations officer, chief product officer and chief platform officer are among those leaving.
Chief fashion and merchandising officer Elizabeth Von Der Goltz and the brand’s head of Farfetch Platform Solutions are also understood to be preparing to exit the business.
The redundancies are anticipated to be confirmed in the coming days as Coupang looks to streamline the business and “recover its financial strength” through a “better-structured organisation”.
A Farfetch spokesperson said: “As we assessed key priorities and resources across the business, we made the difficult, but necessary, decision to reduce global headcount and redundant roles.
“This decision secures the future of the business and as a result, Farfetch can now operate from a position of strength and focus on what we do best: deliver exceptional experiences for brands, boutiques and customers.”
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