Farfetch’s owner is reportedly considering taking the company private
The online luxury retailer’s Chief Executive Officer José Neves is reportedly in talks with top shareholders and JP Morgan advisers to delist the company
The Telegraph newspaper reported on Tuesday that José Neves is seeking to take the company private after a troubled New York Stock Exchange listing – the company has lost more than 90pc of its value since listing on the market in 2018. The move is believed to have the tentative backing of major shareholders, including Chinese e-commerce giant Alibaba and Swiss luxury conglomerate Richemont, which also owns online fashion house Yoox Net-a-Porter.
Just last month, European antitrust regulators approved a deal for Farfetch to acquire a 47.5% stake in this latter platform, so it’s not clear yet what a delisting would mean for this deal.
Farfetch declined to comment on the news that it may go private. But shortly after announced that it would not be reporting its planned third quarter earnings scheduled for Wednesday. It will also “not be providing any forecasts or guidance at this time, and any prior forecasts or guidance should no longer be relied upon”.
Image Credits: reuters.com
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