UPDATE 1-Farfetch founder bids to take company private - Telegraph


(Adds details from report and shares)

Nov 28 (Reuters) - Online luxury retailer Farfetch's

founder José Neves is looking to take the company private after a troubled New York Stock Exchange listing, the Telegraph reported on Tuesday.

Neves is said to be working with advisers at JPMorgan, the report said, adding that he retains a 15% stake but holds 77% of the voting rights through a dual-class share structure.

Shares of the company edged 20% higher following the news. The stock has fallen about 64% so far this year.

The move is believed to have the tentative backing of major backers including Chinese e-commerce giant Alibaba and Swiss luxury conglomerate Richemont , the report added.

Farfetch did not immediately respond to a Reuters request for comment.

(Reporting by Juveria Tabassum and Annett Mary Manoj; Editing by Maju Samuel and Shilpi Majumdar)


Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.


We need your insight to fill this gap
Leave a comment