Alibaba’s J Michael Evans has stepped down from his position on the board of luxury e-commerce platform Farfetch. This move aligns with Farfetch’s stance on maintaining an arm’s length commercial relationship with Alibaba Group. Evans, who serves as the President of Alibaba, joined Farfetch’s board in 2020 following the partnership between Farfetch, Alibaba, and Richemont. It is important to note that his resignation does not signify any disagreement with Farfetch or its operations.
This announcement comes during a challenging period for Farfetch, as its share price has experienced a decline of over 30% in the past month. The company even decided to cancel the release of its latest financial results, sparking speculation about its future. Rumors have circulated about founder José Neves seeking funding, uncertainties surrounding the YNAP deal, and the potential sale of assets like Browns and New Guards Group.
Despite these uncertainties, Farfetch remains fully functional on its e-tail site. The company recently unveiled its collaboration with Dolce & Gabbana, providing exclusive early access to the Flower Power Pre-Spring 2024 women’s collection. This collection draws inspiration from the vibrant spirit of the 1960s and seamlessly combines it with contemporary sophistication.
Additionally, Farfetch launched Farfetch Beat 012, which is the second part of Nas and Futura’s vinyl trilogy with 12on12. This limited release presents a new and original Hip Hop 50 cover, celebrating the 50th anniversary of hip-hop and its cultural significance.
While J Michael Evans’ departure raises some questions regarding the future of Farfetch’s relationship with Alibaba, the e-commerce platform remains dedicated to delivering exciting collaborations and offerings to its customers.
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