The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Via Stalls And Markets Or Other 47.91 - Retail Sale Via Mail Order Houses Or Via Internet
500 - 600 jobs Number of planned job losses
Announcement Date
16 February 2024
Employment effect (start)
16 February 2024
Foreseen end date
Description
Luxury retailer Farfecht has announced that it will cut between 500 and 600 jobs worldwide.
The restructuring programme will affect positions in Portugal and the UK. The measure will impact product design and Farfetch Platform Solutions, the retailer's commerce solutions and retail technology for third-party brands. The conditions of the programme will be negotiated with employee representatives according to local regulations. According to the sources, the company plans to lay off 25% to 30% of its global workforce, and the programme aims to streamline the business and improve financial outcomes.
Founded in 2008, Farfecht is an e-commerce company focused on luxury clothing and beauty products. The company operates as a digital marketplace shipping goods to customers in almost 190 countries, boutiques and department stores. Currently, the company employs about 2,000 people worldwide.
Eurofound (2024), Farfecht, Internal restructuring in World, factsheet number 201161, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201161.
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