AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
TechnologyJul 10, 2019
Condé Nast Pulls $300M Investment in E-Commerce Site
The publisher was reportedly concerned luxury fashion e-tailer Farfetch was spending too much money on marketing.
Farfetch CEO José Neves took the e-tailer public in 2018, raising $844 million in its IPO but its spending habits have raised questions and recently led to publisher Conde Nast pulling its $300 million investment in the company.
New York—Condé Nast has ditched its nearly $300 million stake in luxury fashion e-tailer Farfetch over concerns about its management, according to a report by U.K. newspaper The Times.
The publisher reportedly was concerned about the amount of money the platform, which sells jewelry, clothing, shoes and accessories from various brands and boutiques online, was spending on marketing.
Though its sales climbed 56 percent to £475 million ($594 million) last year, losses widened to £122.7 million ($153 million).
Condé Nast is not the first to call out Farfetch over its spending habits.
Analysts and various reports had predicted, correctly, that FarFetch would reach a valuation between $5 billion and $6 billion when it made its trading debut on the New York Stock Exchange in September 2018.
In its IPO, the company sold 44.2 million shares, raising $844 million and bringing its market valuation to around $6.2 billion, as per a CNBC report.
But the $6 billion valuation raised some eyebrows, particularly because of the company’s cash burn rate as well as its inability to turn a profit.
Bloomberg’s Andrea Feldsted wrote an opinion article in April 2018 titled “Farfetch’s Farfetched Valuation” in which she stated that it was “hard to see how the company’s business model can be all that capital light.”
The company’s position as a middleman between boutiques and consumers is a potential draw for investors because the go-between business model means avoiding the expense of holding stock and the risk of getting stuck with unsold merchandise, The Fashion Law explained.
Its revenue stems in part from taking a 25 percent commission per sale from its boutique partners.
Despite its cost-cutting advantages, the company has not yet turned a profit and Alex Wilhelm, editor-in-chief at Crunchbase News, crunched the numbers to determine why.
Simply, it boiled down to Farfetch spending more money than it was making.
In an August 2018 article, Wilhelm wrote that the company’s “cost structure greatly exceeded its gross profit growth in dollar terms.”
He noted that the company’s operating and investing cash burn rates were rising, its after-tax losses were widening, and its EBITDA was becoming more negative.
An early investor in the London-based company, Condé Nast held 6 percent of FarFetch prior to selling its shares.
Condé Nast’s parent company Advance Publications still holds stakes in other retailers—Moda Operandi, Rent the Runway and luxury reseller the Vestiaire Collective, The Fashion Law reported.
Condé Nast Chairman Jonathan Newhouse stepped down from Farfetch’s board in March.
Neither
Condé Nast nor Farfetch responded to National Jeweler’s request for comment.
More on Technology
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
