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

Reuters2023-11-29

(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)

((Juveria.Tabassum@thomsonreuters.com))

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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.   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