The company is still well positioned to be the market leader in global luxury e-commerce, but new owner Coupang has its work cut out for it, writes Imran Amed.
Founder José Neves and eight other c-suite executives are departing the luxury marketplace, which faces an uncertain future under its new owner.
The luxury marketplace's founder is one of several high-ranking employees who are leaving less than a month after the company was acquired by Coupang.
As a workaround, the embattled marketplace is considering providing “complete anonymity” to third-party retailers in exchange for sourcing certain luxury brands, according to internal documents reviewed by BoF.
US consumer spending across online luxury sellers like Farfetch, Matches and Net-a-Porter suffered sustained declines throughout 2023. The question is whether the downturn is simply temporary or the luxury e-commerce model itself is broken.