The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
As Farfetch’s new chief marketing officer, TikTok’s former head of marketing will oversee the global marketing activities for the company’s luxury e-commerce marketplace, reporting into chief marketplace officer Edward Sabbagh.
His appointment is part of a broader executive reshuffle at the company. In January, former MatchesFashion chief commercial officer Elizabeth Von der Goltz was appointed chief fashion and merchandising officer of Farfetch and CEO of the company’s Browns unit, following the exits of former chief brand officer Holli Rogers and chief growth officer Martin Avetisyan. Chief financial officer Elliot Jordan is set to step down by the end of the year.
Tran joins Farfetch at a challenging time for the company: the luxury e-commerce giant is struggling to contend with the resurgence of physical retail, as consumers return to stores after a pandemic-fuelled surge in online shopping, hampering growth at digital players.
Challenges in the Russia and China markets have also taken a toll on Farfetch’s performance, while the rising cost of living is pushing many shoppers to be more discerning about luxury purchases. Farfetch’s stock hit an all time low in December and has remained close to those levels since.
ADVERTISEMENT
In the three months through December, year-on-year sales at Farfetch declined for the second consecutive quarter, with gross merchandise value — a measure of goods primarily sold through its online marketplace — down almost 12 percent, and revenue falling 5 percent.
Farfetch is currently in the process of completing a deal to acquire a 47.5 percent stake in rival Yoox Net-a-Porter from luxury goods group Richemont. The transaction is on track to complete before the end of the year, according to the company.
Learn more:
Farfetch Reports Rare Drop in Online Sales
The strong dollar worked against the luxury marketplace, which has struggled to grow as consumers return to physical stores.
Editor's Note: This story was updated on April 24, 2023, to clarify that Holli Rogers was a former CEO of Browns, and thus did not hold the CEO role when she departed Farfetch.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.
Balenciaga’s deputy CEO Laura du Rusquec will replace Andrea Baldo as the Danish brand aims to elevate its image.
This week, more luxury brands will report first-quarter results, offering clues as to how broad and how deep the downturn is going to get.