Farfetch Appoints TikTok Exec as Marketing Chief — Retail Bum

Farfetch has named TikTok’s former marketing head, Nick Tran, as its chief marketing officer (CMO).

Tran’s appointment comes at a challenging time for the luxury fashion marketplace as its business is being impacted by consumers’ shift back to shopping in physical stores and their reluctance to make big-ticket purchases.

To top that off, challenges arising from the suspension of business in Russia and weak demand due to regional COVID restrictions in China have further added to the company’s woes.

In the three months leading up to December, Farfetch’s year-on-year (yoy) sales have declined for the second quarter in a row, with gross merchandise volume down by 12%, resulting in a 5% decline in revenue.

The slowdown in sales caused the company’s stock value to plunge to an all-time low last December, and it has since remained around the same level.

The company is currently in the middle of acquiring a 47.5% stake in rival Yoox Net-a-Porter from Richemont, which it expects to complete by the end of the year.

In recent months, Farfetch has made several critical changes to its executive ranks. In January, the company appointed former MatchesFashion chief commercial officer Elizabeth Von der Goltz as its chief fashion and merchandising officer. Meanwhile, the company’s finance chief Elliot Jordan is expected to step down by the end of 2023.

Originally published at https://retailbum.com on April 21, 2023.