FARFETCH Announces New Guards Group Management Changes

June 1, 2023
  • Cristiano Fagnani named CEO of Off-White; remains responsible for the Reebok Business as CEO of NGG++
  • Stephanie Phair appointed Chair of New Guards Group (NGG); retains her role as Group President, FARFETCH
  • NGG co-founders Davide De Giglio and Andrea Grilli step down from their roles nearly four years after FARFETCH’s acquisition of NGG

FARFETCH, the leading global platform for the luxury fashion industry, today announced that Cristiano Fagnani has been named CEO of Off-White and also remains responsible for NGG’s Reebok business as CEO of NGG++.

Stephanie Phair has been appointed Chair of NGG. The company also announced that NGG CEO, Davide De Giglio, along with his co-founder, Executive Director and Off-White CEO, Andrea Grilli, are stepping down from their roles. The existing leadership team for Palm Angels remains unchanged; with Stefano Robino as General Manager and Francesco Ragazzi as Founder and Creative Director. The leadership of the other NGG brands remains unchanged as well.

Founded in 2015 and based in Milan, NGG manages the design, production and distribution for a range of global brands, including Palm Angels, Off-White and Reebok. It was acquired by FARFETCH in 2019.

Mr. Fagnani has over 20 years of industry experience, including as Chief Marketing Officer for NGG where he worked closely with Off-White. Prior to joining NGG more than three years ago, he had a highly successful career at Nike, where he led Energy Marketing, Brand Experience and Product Collaborations.

Stefano Robino has more than two decades of experience in the luxury fashion industry, having held senior roles with brands including Ami, Tom Ford, Zegna and Lanvin, prior to joining NGG more than three years ago. Under Mr. Robino's leadership, the Palm Angels brand more than doubled its revenues from 2020 to 2022.

Ms. Phair, who has been working closely with the NGG Group, including as a member of the operational boards for the NGG brands, will support the NGG leadership team toward achieving the goals set out for the business and foster the continued successful integration with the FARFETCH Group. She maintains her role as Group President, FARFETCH. A seasoned luxury executive, she founded TheOutnet.com while an executive at Net-a-Porter, and has held roles with Issey Miyake and Vogue. Previously, the multi-lingual Ms. Phair also served on the Board of Directors for Moncler S.p.A., and was the Chair of the British Fashion Council.

José Neves, Founder, CEO and Chair, FARFETCH, said:

“New Guards has performed extremely well since 2019, and has continued to execute on its strategy with the recent launch of Reebok. I would like to thank Davide and Andrea for their dedicated leadership over the past four years, and for building a very strong team of successors to continue driving the strategy and operations of NGG. They leave with my fondest best wishes for their future endeavours. With a very experienced management team in Cristiano, Ib, Stefano and Francesco and the added benefit of Stephanie’s oversight, I am confident in the continued success of NGG.”

Davide De Giglio said:

“As the co-founder of NGG, I take this moment to reflect on the remarkable decade that has transpired since the inception of our platform. This journey, filled with challenges, learnings, and victories, has been nothing short of extraordinary. From an initial idea to a leading light in the fashion world, NGG’s evolution has been one of the most fulfilling experiences of my life. We've been a symbol of innovation, creativity, and independence, setting trends and collaborating with phenomenal talent. We are indebted to FARFETCH, who recognized our potential and backed our ambitions. Their acquisition has not just fostered our growth but has also ensured our global presence and influence.

Today, after a beautiful ten-year journey, I step down from my position at NGG. My heart is filled with gratitude for the opportunities I have been given, the extraordinary individuals I had the privilege to work with, and the collective successes we achieved. I leave behind a resilient, dynamic, and robust group that I'm confident will continue to flourish and uphold our shared vision. I look forward with excitement to seeing where the next decade will take NGG.”

Andrea Grilli said:

“Nine years, more than 800 employees, over 70 stores, customers in more than 100 countries and over 170 collaborations and capsule collections. Behind these numbers are endless emotions that can’t really be summed up in a few lines. Contributing to the development of NGG by helping the brands gain global visibility and respect in the luxury industry since day one is a priceless experience because it highlights all the efforts made by the wonderful people who I’ve had the good fortune to work with.

NGG, today more than ever and thanks to the involvement and support of FARFETCH, is in an incredible position. I wish them and the team all the best and will carry this experience with me forever.”

ENDS

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the future operational and financial performance of our New Guards Group business, as well as statements that include the words “expect,” “plan,” “aim,” “enable,” “believe,” or the negative of these terms and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2022, as such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and on our website at http://farfetchinvestors.com. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About FARFETCH

Farfetch Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion, and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world. Today, the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a global platform. Farfetch’s additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards Group, a platform for the development of global fashion brands. Farfetch offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses Farfetch Platform Solutions, which services enterprise clients with e-commerce and technology capabilities, and Future Retail, which develops innovations such as our Connected Retail solutions.

For more information, please visit www.farfetchinvestors.com.

Media Contacts:
Susannah Clark
EVP Communications, FARFETCH Limited
susannah.clark@farfetch.com
+44 7788 405224

Brunswick Group
farfetch@brunswickgroup.com
US: +1 (212) 333 3810
UK: +44 (0) 207 404 5959

Investor Relations Contact:
Alice Ryder
VP Investor Relations, FARFETCH Limited
ir@farfetch.com

Source: FARFETCH