According to the New York Times, Condé Nast reportedly invested over $100 million into the site, but when it was eventually launched after numerous delays, brands that were promised in the announcement such as Maison Margiela, Burberry, and Chloe were absent. The Times also reported that there were rumors of poor sales and the flight of staff members.
On Tuesday, Condé Nast released a statement, saying it was scrapping the shopping website and entering a new partnership with Farfetch, a fast growing online retail platform. All visits to Style.com will be rerouted to Farfetch.
"Three and a half years ago Condé Nast started Style.com with the aim of creating a worldwide e-commerce business." The chairman and chief executive of Condé Nast International, Jonathan Newhouse, wrote in a staff memo. "Everyone has worked very hard. There is a great deal to be proud of."
