Farfetch Taps TikTok Exec Nick Tran for CMO Role

As Farfetch’s new chief marketing officer, TikTok’s former head of marketing will oversee the global marketing activities for the company’s luxury e-commerce marketplace, reporting into chief marketplace officer Edward Sabbagh.

His appointment is part of a broader executive reshuffle at the company. In January, former MatchesFashion chief commercial officer Elizabeth Von der Goltz was appointed chief fashion and merchandising officer of Farfetch and CEO of the company’s Browns unit, following the exits of former chief brand officer and Browns CEO Holli Rogers and chief growth officer Martin Avetisyan. Chief financial officer Elliot Jordan is set to step down by the end of the year.

Tran joins Farfetch at a challenging time for the company: the luxury e-commerce giant is struggling to contend with the resurgence of physical retail, as consumers return to stores after a pandemic-fuelled surge in online shopping, hampering growth at digital players.

Challenges in the Russia and China markets have also taken a toll on Farfetch’s performance, while the rising cost of living is pushing many shoppers to be more discerning about luxury purchases. Farfetch’s stock hit an all time low in December and has remained close to those levels since.

In the three months through December, year-on-year sales at Farfetch declined for the second consecutive quarter, with gross merchandise value — a measure of goods primarily sold through its online marketplace — down almost 12 percent, and revenue falling 5 percent.

Farfetch is currently in the process of completing a deal to acquire a 47.5 percent stake in rival Yoox Net-a-Porter from luxury goods group Richemont. The transaction is on track to complete before the end of the year, according to the company.

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Farfetch Reports Rare Drop in Online Sales

The strong dollar worked against the luxury marketplace, which has struggled to grow as consumers return to physical stores.