Condé Nast has closed its fledgling ecommerce site Style.com and entered into a new partnership with Farfetch.
The Vogue and GQ publisher said Style.com’s results “had fallen very far short of where we hoped they would be”. Its operations have been discontinued and its site now redirects to Farfetch.
The new partnership will bring together Condé Nast’s editorial content with Farfetch’s global ecommerce platform. Farfetch has acquired the Style.com trademark, its inventory and customer database.
Jonathan Newhouse, Condé Nast International
Condé Nast International chairman and CEO Jonathan Newhouse will join the Farfetch board.
Style.com finally launched in September 2016, a year after its planned debut.
In a statement to Style.com staff this morning, Newhouse said: “Style.com was a new business in a new kind of industry which did not even exist 20 years ago. Sadly, the results of the business have fallen very far short of where we hoped they would be.
“Accordingly, we at Condé Nast have evaluated the future of Style.com and decided to make the strategic decision to cease all business operations and to sell certain assets of Style.com to one of the leading business players, Farfetch, with whom our parent company Advance already has an association.”
Newhouse said the company expects to redeploy some staff within Condé Nast. It is not yet clear how many people are affected.