Condé Nast Pulls Investment From FarFetch [caption id="attachment_161701" align="alignright" width="150"] José Neves[/caption] Condé Nast pulled its nearly $300 million investment in the London-based luxury fashion retail marketplace FarFetch, following concerns about the management of the platform. Founded in 2008 by Portuguese billionaire José Neves, who now serves as the company’s CEO and co-chairperson, FarFetch received an early investment of £234 million ($293 million) from Condé, and in 2017, entered into an affiliate link-based partnership with the publisher in return 6% of its shares. But the publishing house, according to The Times, was disconcerted by the amount FarFetch was spending on its marketing strategy and has since gotten rid of its stake in the company. FarFetch, which makes its money by serving as an intermediary between retailers and consumers, and taking a 25% commission from each sale—similar to Net-a-Porter’s business model—is apparently seeing mounting losses. According to its 2019 Q1 report, the company’s gross merchandise value increased by 44% YOY to $415 million and it saw revenue earnings of $146 million, but its losses after tax rose to $109 million from the $50.7 million loss it saw in the same period last year. Condé chairperson Jonathan Newhouse also stepped down from FarFetch’s board of directors in March. Industry Dive Takes on the Banking Industry On Monday, Industry Dive, the Washington, D.C.-based B2B publisher that covers... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2019-07-09 18:18:07 UTC ]
Written By: Charlotte Williams Publication Date: Tue, 20/09/2011 - 14:30 Random House Group UK has made a series of promotions within its UK sales department, with changes at group level as well as at Ebury and Transworld. Deputy group sales director Ed Christie will now also be leading the... Continue reading at The Bookseller
[ The Bookseller | 2011-09-20 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Mon, 27/06/2011 - 08:48 Pan Macmillan has launched a new imprint to bring backlist titles to readers as digital editions or print on demand titles. Macmillan Compass will be managed by fiction publisher Jeremy Trevathan and digital director Sara... Continue reading at The Bookseller
[ The Bookseller | 2011-06-27 00:00:00 UTC ]
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Written By: Jenny Roper Publication Date: Wed, 27/04/2011 - 08:58 Helen Dunmore's The Betrayal has made it onto the six-strong shortlist of the Orwell Prize for political writing, the first novel to be shortlisted since 2008. The list, whittled down from 213 titles by BBC Radio 4's Jim... Continue reading at The Bookseller
[ The Bookseller | 2011-04-27 00:00:00 UTC ]
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