José Neves, CEO and founder of Farfetch, launched his omni-channel e-commerce designer-fashion platform just before the crash of 2007. Amid tough economic times, it has built partnerships with more than 750 designers and boutiques, selling 1,500 brands to more than one million customers in 190 countries. In 2016, Farfetch generated $800 million (£640m) in gross sales - up 70 per cent on 2015. A funding round in May 2016 raised $110 million, led by investors Temasek, IDG Capital Partners and Eurazeo - joining existing investor Vitruvian Partners in valuing Farfetch at $1.5 billion. Before launching Farfetch, Neves created Platforme, a software firm for small fashion brands in 1996. The same year, he launched the Swear shoe brand, and in 2001, opened retail venture b Store in London. Here, he shares his knowledge.
"Get your hands dirty - literally. Do things that aren't technical. I run in the park because you need contact with nature to keep perspective."
"Everything you know about the world is at best an approximation. As a Buddhist, I learned that we're all trying to model reality, but all we build are constructs. In reality, everything is in constant transformation, and that's fine."
"Take your trainers with you everywhere. Work out every day - whether it's running, yoga, the gym, meditation… it doesn't really matter. You just need something to start every day focused."
"Pattern recognition is the enemy. Thirty years ago, you could inject pattern recognition by hiring someone who had been there and done it. But today, things change too fast. Hire external talent, but take their input with a pinch of salt."
"If you don't love what you do, you'll probably fail. When I started programming, my first customers were fashion businesses. I thought, 'This is a very cool, creative, interesting, international industry.' I fell in love."
"Disruption isn't everything. The first wave of the internet - Amazon in retail and search engines with the media - threatened to kill creativity in the name of price. The second wave, including Farfetch, is trying to save our industries."
"Diversity isn't a moral choice - it's essential for survival. You need different points of view and different cultures, left brain and right brain, passion and technology. If everyone is looking in one direction, you'll never see what's coming up behind."
"I'm not the best in the world at fashion, and I'm not the best in the world at technology - but, realistically, it's very rare to find people who understand both of those worlds."
"Sometimes you have to go all-in. I launched Farfetch in 2008, and two weeks later Lehman Brothers went bankrupt. There was no funding out there. I had to underwrite development myself with money borrowed from my shoe business. If it hadn't worked, I would have lost all my companies. But in the end it was a good thing - it created a discipline in the company, and the stores that would otherwise have snubbed us needed the help to boost sales, so people in fashion were very open to new solutions. The economy had collapsed, so why not?"
"It is very difficult to change the DNA of a company. But you need to try. A company is shaped by its founder, but changes as it grows. Learn how to let evolution happen."
"Everything changes when you've hired around 150 people. Then your job is no longer finding customers, creating a product or designing solutions - your job is to hire and keep great teams. Surround yourself with skilful people."
1974: Born in Porto, Portugal
1982: Started coding aged eight when the ZX Spectrum he got for Christmas didn't come with any games
1987: Studied martial arts, laying the foundation for his love of yoga and meditation
1993-1997: Studied economics at the University of Porto
1994: Launched his first company, a logistics startup for the fashion industry
1996: Moved into shoe design, establishing the Swear brand in London
2001: Launched retail venture b Store
2007: Launched Farfetch
2015: Acquired Browns, known for nurturing designers such as Alexander McQueen
Three tips from the top:
- Let your company evolve
- Work out every day
- Hire (and keep) a great team https://www.wired.co.uk/article/wired-work-smarter
This article was originally published by WIRED UK
