Vogue publisher Conde Nast dumps stake in retail platform Farfetch
Conde Nast, the publisher of Vogue magazine, has dumped its £234m stake in luxury retail platform Farfetch.
The company has concerns over how the marketplace is managed under founder and chief executive Jose Neves, according to the Sunday Times.
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The newspaper reported that Conde Nast has raised concerns about how much Farfetch has been spending on marketing.
Conde Nast chairman Johnathan Newhouse stepped down from the platform’s board in March.
In the first quarter of this year Farfetch reported a loss after tax of $109.2m , from a loss of $50,7m in the first three months of 2018. Revenue increased from $125,6m to $174m.
New York listed Farfetch was founded in London in 2009. Conde Nast was an early investor in the company.
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In 2017 the magazine giant, which also publishes titles including GQ and Vanity Fair, launched a commercial partnership that saw Conde Nast readers directed to the Farfetch platform.
Farfetch told the Sunday Times that its investment in customer engagement and technology development would drive future growth.