Over the next 30-90 days, Farfetch will likely prioritize cash preservation (vendor terms, marketing discipline, tighter op-ex) and operational simplification to demonstrate runway under Coupang ownership, while managing reputational fallout from the going-concern language with brands and boutiques. Expect tougher commercial negotiations (lower promo intensity, stricter return/chargeback controls) and heightened scrutiny of service KPIs (delivery times, cancellations) as Farfetch attempts to protect contribution margin despite a 12% revenue decline. Luxury partners should assume increased variability in trading terms and potentially slower investment in partner tooling, content, and logistics until funding visibility improves.

In the next 6-12 months, the strategic question is whether Farfetch can transition from a promotion-led growth model to a higher-quality, higher-margin marketplace with fewer but more profitable orders. If Coupang provides stable financing and leverages its operational excellence (fulfillment discipline, cost efficiency), Farfetch could regain reliability and reduce partner friction; if financing remains episodic, the platform may underinvest in customer acquisition, merchandising, and cross-border logistics, limiting GMV recovery. A sustained demand slowdown plus tariff risk increases the probability that Farfetch focuses on a narrower assortment, fewer markets, and stronger unit economics rather than broad global expansion.

Farfetch's pullback from promotions can reduce price competition and channel conflict for brands, but it also risks share loss to multi-brand e-tailers and DTC if customers remain promotion-sensitive in a softer demand environment. Competitors with stronger balance sheets and tighter control of inventory and service (large mono-brand DTC, well-capitalized department store digital ecosystems, and high-service curated e-tailers) can exploit uncertainty by offering brands more predictable cash cycles, customer data collaboration, and marketing support. Farfetch's differentiation shifts from scale and breadth toward operational reliability and margin discipline; the going-concern warning weakens negotiating leverage versus top-tier maisons and may concentrate supply among brands willing to accept platform risk for incremental reach.

Suppliers and boutique partners may seek shorter payment cycles, stronger protections on returns/fraud, and clearer allocation of promotional funding, which can compress Farfetch's working-capital flexibility. Luxury brands will weigh distribution risk and brand-control concerns against incremental demand capture, likely tightening assortment governance and insisting on stricter MAP-like discipline and luxury service standards. Customers may see fewer discounts and potentially improved curation, but if cost cuts impact service levels (delivery speed, customer care), conversion and repeat could deteriorate, especially among high-LTV cross-border clients.