Farfetch Undergoes Strategic Overhaul: José Neves Steps Down Amid Acquisition

Welcome to the 25th edition of the Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

On this week’s agenda:

1. Farfetch Undergoes Strategic Overhaul: José Neves Steps Down Amid Acquisition by Coupang

2. The 2024 Met Gala: A Dive into "The Garden of Time”

3. Takashi Murakami's "Mononoke Kyoto": A Fusion of Past, Present, and Future

4. McLaren and United Autosports Gear Up for 2024 WEC with Nostalgic 720S GT3 EVO Livery

5. US Retail Sales Experience: Significant Drop Post-Holiday Season

6. Frieze Los Angeles 202

7. Aston Martin Unveils the New 656 HP Vantage

Farfetch Undergoes Strategic Overhaul: José Neves Steps Down Amid Acquisition by Coupang

In a significant shift within the luxury e-commerce sector, José Neves, the visionary founder of Farfetch, has announced his departure from the CEO role, following the company's acquisition by Coupang and Greenoaks Capital. This move comes amidst a broader organizational overhaul and the exit of several key managers, including Browns' Elizabeth Von Der Goltz and Farfetch Platform Solutions' Kelly Kowal. The acquisition, aimed at revitalizing Farfetch with a $500 million investment, marks a new chapter for the company, transitioning leadership to Coupang's founder, Bom Kim, alongside the existing Farfetch executive team.

Neves' departure is part of a series of managerial changes and layoffs, signaling a strategic pivot as Farfetch seeks to streamline operations and refocus on its core strengths. This restructuring includes a significant reduction in global headcount, aiming to position Farfetch for sustainable growth and enhanced service delivery for brands, boutiques, and customers alike. The company's approach reflects a commitment to overcoming recent challenges, including the impacts of geopolitical tensions, the pandemic's aftermath, and market volatility, which have collectively pressured the luxury e-commerce platform.

Under Neves' leadership, Farfetch has transformed into THE destination for global luxury fashion and has achieved unicorn status with a valuation exceeding $1 billion. However, the company faced headwinds in recent years, culminating in a pre-pack administration and a distress sale to Coupang. Despite these challenges, Neves is celebrated for his pioneering vision and contributions to democratizing fashion online, enabling a wide array of retailers and brands to access global markets.

The acquisition by Coupang, a Fortune 200 company with extensive e-commerce operations across Asia, signifies a strategic move to diversify into the luxury and fashion sectors. Coupang's commitment to Farfetch promises a focus on operational efficiency, transaction-driven marketing, and the preservation of core services like Farfetch Platform Solutions. Ongoing negotiations for the sale of non-core assets, including Browns and New Guards Group, indicate further efforts to streamline Farfetch's portfolio and reinforce its market position.

As Farfetch embarks on this transformative journey, the luxury e-commerce landscape is poised for a significant evolution. The consolidation under Coupang's stewardship aims to leverage Farfetch's pioneering platform, enhancing its offering to over 4 million customers worldwide. This transition reflects a broader trend in the digital retail space, where adaptability and strategic alignment are key to navigating the complexities of global markets and consumer expectations. Neves' legacy, characterized by innovation and a relentless pursuit of excellence, sets a high bar for Farfetch's future endeavors in the luxury e-commerce domain.

The 2024 Met Gala: A Dive into "The Garden of Time”

The 2024 Met Gala, set for May 6 at the Metropolitan Museum of Art, promises an enchanting evening under the theme "The Garden of Time." This theme ties into the Met's new exhibition, "Sleeping Beauties: Reawakening Fashion," which will showcase around 250 historical fashion items, celebrating over 400 years of design evolution. Unlike the previous year's monochromatic and preppy aesthetic, this year's gala is expected to embrace an ethereal, whimsical, and perhaps coquettish vibe, with a dress code that encourages a reflection on the fleeting beauty of fashion.

Event Details:

• Date and Time: The gala will take place on Monday, May 6, with red carpet coverage starting around 6 p.m. EST.

• Co-Chairs: Zendaya, Bad Bunny, Jennifer Lopez, and Chris Hemsworth have been announced as co-chairs, with honorary chairs including Loewe's Jonathan Anderson and TikTok CEO Shou Zi Chew.

Dress Code: With the theme "The Garden of Time," the dress code suggests the delicate and ephemeral nature of fashion. The accompanying exhibition, "Sleeping Beauties: Reawakening Fashion," focuses on historical garments that are too fragile to wear, highlighting the beauty and decay of fashion through time. Attendees are encouraged to explore themes of nature, whimsy, and historical fashion, potentially drawing inspiration from tales like "Alice in Wonderland" or embodying the elegance of Elizabethan fashion.

Inspiration: The theme is based on J.G. Ballard’s 1962 short story, "The Garden of Time," which narrates the tale of a couple using time-altering flowers to fend off an approaching mob, symbolizing the transient beauty of time and nature. This narrative sets the backdrop for the gala's theme, inviting guests to don attire that captures the essence of fleeting beauty, with possible nods to florals, nature, and avant-garde interpretations of classic tales.

Guests and Attendance: While the official guest list remains under wraps, speculation suggests appearances by the co-chairs' significant others, such as Tom Holland, Ben Affleck, and Elsa Pataky, alongside a likely presence of influencers, reflecting the honorary chairmanship of TikTok's CEO. Attendance at the Met Gala is highly exclusive, with tickets priced around $50,000, making it a coveted event for celebrities, designers, and influential figures in the fashion industry.

The 2024 Met Gala is shaping up to be a night of fantastical fashion, where the past and the present merge in a celebration of the artistry and impermanence of style.

Takashi Murakami's "Mononoke Kyoto": A Fusion of Past, Present, and Future

Takashi Murakami, a luminary in the contemporary art world, has unveiled his latest exhibition, "Mononoke Kyoto," at the Kyoto City KYOCERA Museum of Art. This marks his first major solo showcase in Japan in eight years, coinciding with the museum's 90th anniversary. The exhibition, a result of a special request by the museum's general manager, Mr. Shinya Takahashi, features over 160 new works and a series of collectible trading cards, all created by Murakami in an intense period of almost continuous work.

Exhibition Insights:

• Theme and Inspiration: "Mononoke Kyoto" delves into the historical and cultural essence of Kyoto, reflecting on its artistic zenith during the Edo period, its evolution under Western influence, and its current identity. The exhibition aims to provide a comprehensive commentary on the city's past, present, and future, inviting viewers to explore Kyoto's rich tapestry of stories, from its imperial and warrior past to its contemporary cultural complexities.

• Artistic Endeavors: Among the standout pieces are the "Rakuchū-Rakugai-zu Byōbu: Iwasa Matabei RIP," a 13-meter long traditional painting reimagined with Murakami's iconic characters and style; large-scale paintings of the Four Symbols, arranged according to Feng Shui principles; and the debut of 108 new trading card images based on the Murakami.Flowers series.

• Sculptural Works: Welcoming visitors are two large-scale sculptures of Oni (demons in Japanese folklore), symbolizing protection and good fortune, positioned at the exhibition's entrance.

Murakami on Collaboration and Culture: In an interview, Murakami shared insights into his longstanding relationship with Mr. Shinya Takahashi, highlighting key collaborative projects like the Roppongi Hills and the 500 Arhats exhibition. Discussing the thematic focus on Kyoto, Murakami expressed his fascination with the city's layered history and its blend of enchanting and underground narratives.

Reflections on Social Media: Addressing the current social media landscape, Murakami voiced concerns over cancel culture and its impact on public figures. He noted a shift in his engagement with social platforms, adopting a more cautious approach in response to the increased prevalence of negative feedback and the challenges of keeping up with rapidly changing cultural norms.

"Mononoke Kyoto" not only showcases Takashi Murakami's artistic genius but also serves as a profound exploration of Kyoto's historical depth and cultural dynamism. The exhibition, which runs until September 1, offers a unique opportunity to witness the melding of traditional and contemporary art forms, encapsulating the spirit of one of Japan's most storied cities.

McLaren and United Autosports Gear Up for 2024 WEC with Nostalgic 720S GT3 EVO Livery

In a significant move that marks McLaren's return to the forefront of endurance racing, the automotive giant, in collaboration with its racing partner United Autosports, has taken the wraps off the livery for their two 720S GT3 EVO cars. These vehicles are poised to make a splash in the 2024 FIA World Endurance Championship (WEC), a series that includes the legendary 24 Hours of Le Mans. This event holds a special place in McLaren's history, as the brand last competed there in 1998, and it was at Le Mans where McLaren secured a memorable victory in 1995 with car #59. The choice of race numbers for the new cars, #59 and #95, serves as a heartfelt tribute to this landmark achievement, intertwining McLaren's rich racing legacy with its present and future endeavors.

Design and Heritage: The design of the 720S GT3 EVO livery is a striking combination of satin and high gloss black, highlighted with the iconic McLaren Papaya on the rear and selected aerodynamic features. This color scheme is not merely aesthetic but carries deep historical significance, echoing the brand's heritage and ensuring the cars are easily distinguishable on the race track. The design is a testament to McLaren's commitment to blending performance with style, paying homage to their victorious past while looking forward to future successes.

International Driver Lineup: The 2024 season will see a diverse and talented group of drivers taking the wheel of the two cars. Gregoire Saucy, James Cottingham, and Nicolas Costa will be driving #59, showcasing an international flair and a blend of experience and youthful vigor. Meanwhile, Marino Sato, Nico Pino, and Josh Caygill will be driving #95, further emphasizing McLaren's global approach to motorsport and its dedication to nurturing talent from around the world. The season's itinerary begins in Qatar on March 2, traversing continents with races scheduled in Europe, the Americas, and Asia, before reaching its climax in Bahrain in November.

McLaren's Racing Philosophy: Michael Leiters, CEO of McLaren, articulated the brand's intrinsic bond with racing, highlighting the WEC as an ideal platform to demonstrate the superior performance capabilities of McLaren's supercar engineering. The decision to celebrate their Le Mans victory through the livery underscores the importance of heritage in McLaren's ongoing narrative, reinforcing the brand's status as a stalwart of automotive excellence and competitive spirit.

United Autosports' Pride in Partnership: Echoing the sentiments of McLaren's leadership, Richard Dean, CEO of United Autosports, expressed pride in the collaboration. He emphasized the livery's significance in not only celebrating McLaren's historic racing achievements but also aligning with the brand's current and future racing ambitions. This partnership between McLaren and United Autosports is a powerful alliance, poised to make a significant impact on the 2024 WEC.

As McLaren and United Autosports gear up for the 2024 WEC with the 720S GT3 EVO, the unveiling of the livery is a moment of reflection on past triumphs and an assertion of future aspirations. It symbolizes a bridge between McLaren's storied past and its ambitious vision for the future, promising an exciting chapter in the annals of endurance racing.

US Retail Sales Experience: Significant Drop Post-Holiday Season

In January, US retail sales witnessed a notable decline, marking the most substantial drop in nearly a year, as consumers scaled back their spending following the holiday shopping surge. According to data from the Commerce Department, retail purchases, unadjusted for inflation, fell by 0.8% from December, following a downward revision of the previous month's figures. This downturn in retail activity coincided with a decrease in US factory production, the first in three months, signaling a potential slowdown in economic momentum. However, experts caution against viewing these developments as indicators of a significant economic downturn.

Despite the January slump, the robust labor market and diminishing inflation have generally supported consumer spending. Economists from Wells Fargo & Co., Tim Quinlan and Shannon Seery Grein, suggest that while a moderation in spending is anticipated throughout the year, the labor market's strength will likely prevent a sharp decline in consumption. The retail sales report highlighted decreases across nine of thirteen categories, with building material stores and auto dealers experiencing the most significant drops. Adverse winter weather conditions across the US in January have been partly blamed for the widespread sales weakness.

The report also noted a 0.4% decrease in so-called control-group sales, a critical component for calculating gross domestic product, marking its first decline since March. This category excludes various sectors such as food services, auto dealers, and gasoline stations, offering a more focused view of retail activity.

Despite the downturn in retail sales, certain sectors like restaurants, bars, and grocery stores saw increases, indicating varied consumer behavior. Executives from major companies like Coca-Cola Co., Hershey Co., and Walgreens Boots Alliance Inc. have observed inflation's cumulative impact and a continued consumer trend towards value-seeking behavior, reflecting broader economic pressures and consumer sentiment.

As the US awaits further data on January's spending on goods and services, adjusted for inflation, the retail sales figures provide an early indication of consumer behavior at the start of the year. With the labor market remaining stable and consumer prices showing mixed trends, the economic outlook remains cautiously optimistic, albeit with an acknowledgement of the challenges consumers face in navigating higher borrowing costs and credit card delinquencies.

Frieze Los Angeles 2024

Frieze Los Angeles is set to return to Santa Monica Airport from February 29 to March 3, 2024, for its fifth edition, promising an array of new features, including public spaces, a new Focus curator, and an expanded roster of local and international exhibitors. Under the direction of Christine Messineo, Frieze’s Director of Americas, the fair continues to evolve, maintaining its signature tent designed by Kulapat Yantrasast’s architectural studio WHY. This year introduces a redesigned site plan that transforms the outdoor space into a communal gathering point, emphasizing food, culture, and community, with installations and pop-ups from renowned LA restaurants.

The 2024 edition is notable for its embrace of more than 95 galleries from 21 countries, nearly half of which are based in the Greater Los Angeles area, including 13 first-time exhibitors at Frieze Los Angeles. The fair remains a pivotal platform for local non-profits and continues its commitment to supporting the arts through initiatives like the Deutsche Bank Frieze Los Angeles Film Award and the Frieze Impact Prize, in collaboration with Endeavor Impact, the Center for Art & Advocacy, and its fellowship program for formerly incarcerated artists, Right of Return.

A significant highlight for 2024 is the appointment of Essence Harden as the curator of the Focus section, which showcases US galleries operating for 12 years or less and serves as a platform for emerging and underrepresented voices. This year, supported by Stone Island and Frieze subsidies, Focus will explore themes of ecology through the works of 12 galleries, reflecting Harden’s interest in extending the concept of ecology to encompass various aspects of art-making.

The fair’s layout for 2024 is designed to offer a streamlined experience with discoveries at every corner, according to Yantrasast. The interior provides a focused art experience with uplifting natural light, while the exterior courtyard is envisioned as a space full of art and cultural activities for friends to connect and linger.

Participating galleries for 2024 include a concentrated group of Los Angeles-based spaces such as Blum & Poe, The Box, Château Shatto, and David Kordansky Gallery, among others. Additionally, the fair welcomes major international exhibitors, many of which have spaces in LA, including Gagosian, Hauser & Wirth, and White Cube, showcasing the global appeal and reach of Frieze Los Angeles.

In conjunction with Frieze Week, Los Angeles’s preeminent museums, including the Getty, The Museum of Contemporary Art, The Broad, and LACMA, will host special events and activations, offering visitors a chance to explore the city’s world-class collections. Frieze Los Angeles 2024 not only celebrates the growth of the Los Angeles art scene but also serves as a destination for an international audience to engage with today’s most compelling artists and galleries.

Aston Martin Unveils the New 656 HP Vantage

Aston Martin has once again set a new benchmark in the fusion of luxury and performance with the introduction of the latest Vantage model, a car that stands as a testament to the brand's unwavering dedication to engineering excellence and aesthetic sophistication. With a storied history spanning 74 years, the Vantage has always been synonymous with the pinnacle of driving pleasure, and this newest iteration is no exception. It emerges as the most driver-focused and fastest model in the lineup, following on the heels of the successful launch of the DB12 Coupe and Volante, and it's clear that Aston Martin has spared no effort in ensuring that the new Vantage upholds and surpasses the legacy of its predecessors.

Under the hood, the new Vantage boasts a hand-built 4.0 Twin-Turbo V8 engine, a marvel of engineering that delivers a staggering 656 horsepower and 590 lb-ft of torque. This powerhouse enables the car to reach a top speed of 202 mph and sprint from 0 to 60 mph in a mere 3.4 seconds, making it a formidable contender on any road or track. Aston Martin's commitment to achieving the perfect balance of power and agility is evident in the vehicle's impeccable 50:50 weight distribution and the advanced suspension system that underpins its highly evolved aluminum structure. The introduction of the latest generation of adaptive dampers and a comprehensive overhaul of the engine cooling system further enhance the Vantage's performance, ensuring it can handle the increased thermal demands with ease.

The exterior design of the new Vantage is a visual feast, exuding a muscular presence that is unmistakably Aston Martin. Drawing inspiration from the DNA of the DB12, the redesigned front end features a larger grille and integrated splitter, improving cooling and aerodynamics. The iconic Aston Martin side strake, frameless door mirrors, and a wider rear bumper with quad exhaust tailpipes add to the car's dramatic and distinctive look, ensuring it makes a bold statement from every angle.

Inside, the Vantage offers a sanctuary of luxury and cutting-edge technology. The cabin is defined by clean architectural lines and the use of the finest materials, including hand-stitched Bridge of Weir hides. The incorporation of state-of-the-art connected technology and an immersive audio system developed in partnership with Bowers & Wilkins creates an unparalleled experience for both the driver and passengers, blending luxury with functionality in a way that only Aston Martin can.

Amedeo Felisa, Aston Martin's Chief Executive Officer, has emphasized that the new Vantage is a clear expression of the brand's heritage, embodying high performance in its purest and most explicit form. This commitment to excellence is a hallmark of Aston Martin, a brand that consistently strives to push the boundaries of automotive design and engineering.

As production of the new Aston Martin Vantage gears up to begin this quarter, with deliveries expected to start in the second quarter of the year, anticipation is building among enthusiasts and potential buyers. The brand has facilitated this excitement by launching a configurator and a dedicated inquiry page, allowing for a closer look at what promises to be one of the most exhilarating vehicles on the market.

Thank you again for supporting the world of luxury.