Farfetch Gets Backer With $500 Million Injection From Coupang

Bloomberg2023-12-18

(Bloomberg) -- Farfetch Ltd. found a backer in e-commerce company Coupang Inc., which agreed to lend $500 million, buy the assets and delist the troubled fashion platform’s shares. Most Read from ...

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Gulf Splits Hinder US Efforts to End Houthi Ship Attacks. China’s Real Estate Meltdown Is Battering Middle Class Wealth. Documents Reveal Hidden Problems at Russia’s Nuclear Powerhouse. London-based Farfetch has lost more than 90% of its value since its listing five years ago. Coupang, which has its roots in South Korea and is backed by SoftBank Group Corp., said it plans to buy the company’s assets in exchange for bridge loans.Farfetch, which is listed in New York, slumped 35% in premarket US trading and the shares were suspended Monday. Coupang fell 3.4%.Unveiled in August 2022, the proposed YNAP deal would see Farfetch buy 47.5% of the Richemont platform in exchange for its own shares. That would reduce Richemont’s stake to 49.3%. The agreement has been cleared by ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","CPNG":"Coupang, Inc.","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK4220":"综合零售","BK4548":"巴美列捷福持仓","BK4122":"互联网与直销零售","FTCHF":"Farfetch Limited","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4585":"ETF&股票定投概念"},"translate_title":"Farfetch从Coupang获得5亿美元注资","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CPNG":1,"FTCH":0.9,"FTCHF":0.9},"content_text":"(Bloomberg) -- Farfetch Ltd. found a backer in e-commerce company Coupang Inc., which agreed to lend $500 million, buy the assets and delist the troubled fashion platform’s shares.\nMost Read from Bloomberg\n\nUS Frackers Return to Haunt OPEC’s Pricing Strategy\nBP to Pause All Tanker Transits Through the Red Sea\nGulf Splits Hinder US Efforts to End Houthi Ship Attacks\nChina’s Real Estate Meltdown Is Battering Middle Class Wealth\nDocuments Reveal Hidden Problems at Russia’s Nuclear Powerhouse\n\nLondon-based Farfetch has lost more than 90% of its value since its listing five years ago. Coupang, which has its roots in South Korea and is backed by SoftBank Group Corp., said it plans to buy the company’s assets in exchange for bridge loans.\nFarfetch, which is listed in New York, slumped 35% in premarket US trading and the shares were suspended Monday. Coupang fell 3.4%.\nSeattle-based Coupang now has operations in South Korea, Taiwan, Singapore, China, and India.\nThe move casts doubt on a planned tie-up between Farfetch and Swiss Cartier owner Richemont, which has said it’s reviewing options over its planned sale of a stake in its Yoox Net-a-Porter online unit in exchange for shares in Farfetch. Richemont has said it has no plans to invest in or lend to Farfetch for any possible buyout.\nRead More: Richemont’s Online Deal in Doubt on Report Farfetch Plans Buyout\nUnveiled in August 2022, the proposed YNAP deal would see Farfetch buy 47.5% of the Richemont platform in exchange for its own shares. That would reduce Richemont’s stake to 49.3%. The agreement has been cleared by regulators but has yet to be finalized.\nA Richemont representative said the company wasn’t immediately prepared to comment.\nMost Read from Bloomberg Businessweek\n\nGetting Old, Explained\nRotary Clubs Recapture Their Glory Days, Just Not in the US\nHow Sick Kids Got Contaminated Cancer Drugs\nThe Biggest Problem With Lab-Grown Chicken Is Growing the Chicken\nCan AI Help You Die?\n\n©2023 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2392775991"}