// Farfetch chief financial officer Elliot Jordan will step down by the end of 2023 after more than eight years at the business
// Revenues at the luxury online platform slowed in the final quarter of 2022 as the business warned of “reduced demand”
Farfetch has said Elliot Jordan will step down by the end of 2023, after more than eight years as chief financial officer.
The luxury fashion platform will kick off a search process to identify his successor, and Jordan has agreed to serve as the company’s chief financial officer through the remainder of 2023.
Farfetch founder and chief executive José Neves said: “Elliot has been a fantastic CFO, and I very much appreciate his continued commitment to the business until the end of the year. I look forward to working with Elliot to ensure a smooth transition.
“We are some way off from saying our ‘goodbyes’ but his legacy will be formidable finance and business services teams that are part of a company that we believe is extremely well placed to continue to lead the industry and drive profitable growth – and Elliot has been an important building block of our success.”
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Jordan said: said: “I have thoroughly enjoyed the last eight years as Chief Financial Officer of Farfetch and couldn’t be more proud of all we’ve achieved in that time. I want to thank José and all the talented people I have worked with in building this incredible company and will miss working with the highly passionate and knowledgeable members of my team who have supported this company to scale to where it is today.
“Farfetch is at an exciting moment in its history with the business poised to achieve significant milestones in the next few years and I look forward to handing over a company with such a strong balance sheet and robust cash generation potential.”
Despite reporting record sales for the year, revenues at Farfetch slowed in the final quarter of 2022 as the business warned of “reduced demand” for its “offerings and services” as well as continued challenges in China and Russia.
But the retailer expects new partnerships with companies like Reebok, Ferragamo and Neiman will help sales grow more than 10% in 2023, helping it to hit as high as $10 billion by 2025.
Revenue decreased $36.5 million to $629.2 million in the fourth quarter of 2022, down 5.5% while gross merchandise value dropped nearly 12% year-over-year.
The platform saw digital platform services revenue slip 2.1% driven by third-party revenue.
Commenting on the results José Neves said in a release: “I am proud to report Farfetch adeptly navigated unprecedented macro headwinds throughout 2022 to deliver growth on a constant currency basis, with full year GMV of 4.1 billion dollars.”
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