BREAKINGVIEWS-Farfetch rescue leaves scattered luxury debris

Reuters2023-12-19

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)

By Anita Ramaswamy

NEW YORK, Dec 18 (Reuters Breakingviews) - The struggling online merchant secured a bailout from South Korean e-commerce giant Coupang, which is injecting $500 mln. The deal gives Farfetch a fresh shot at existence, but leaves former backer Richemont wiped out, and its new investor with fresh messes to clean.

Full view will be published shortly.

Follow @AnitaRamaswamy on X

CONTEXT NEWS

South Korean e-commerce company Coupang said on Dec. 18 that it plans to buy online luxury goods site Farfetch and provide it with $500 million in capital as part of the deal.

Cartier parent Richemont subsequently said it was scrapping an earlier agreement to sell Farfetch a stake in its online fashion business Yoox Net-A-Porter.

(Editing by Lauren Silva Laughlin and Sharon Lam)

((anita.ramaswamy@thomsonreuters.com))

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