South Korean e-commerce group Coupang will buy Farfeth, it said. Fashion business this Monday.
The deal will provide the luxury goods platform with $500 million (about 458 million euros) in emergency funding to avoid bankruptcy.
“Farfetch has become a transformative force, demonstrating that selling luxury goods online is the future of retail,” said Beom Kim, chief executive of Coupang.
The luxury brand sales platform, founded in 2008 by José Neves with its tax headquarters in London and becoming the first Portuguese “unicorn” (“start-up” worth more than a billion euros), is showing losses and has recently suffered large losses in the luxury brand market. The stock market is coming off two years of gains in 2021 and 2022, benefiting from an online trading boom.
Author: morning Post This Lusa
Source: CM Jornal
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.