Is luxury e-commerce facing a downturn?

Luxury's digital platforms are grappling with significant challenges, marked by financial struggles and strategic shifts. London-based Farfetch, in an effort to avert bankruptcy, has chosen to sell a majority stake to Coupang, often dubbed South Korea's Amazon counterpart. Referred to as an ‘every’ store known more for selling affordable garments in the 20 dollar range than 2,000 dollar dresses, Coupang’s acquisition exemplifies Farfetch's recent decline in value from a peak of 21 billion dollars in 2021 to a mere 250 million dollars last week.