The report by the Information was based entirely on unnamed sources as no official announcements have come from either company. But that was enough to excite Wall Street. The news of Farfetch, a $10 billion company, courting the likes of a $830 billion e-commerce titan like Alibaba ignited Farfetch shares up to a peak of 20 percent on Monday — an all-time high — before settling in around some 13.8 percent up in the afternoon to close at $32.
A global company based in the U.K., Farfetch offers a tech-forward platform for luxury goods, in a growing operation covering both online and physical retail.
With Alibaba, parent company of massive e-tailer and luxury platform Tmall, Farfetch’s cadre of investors would now include China’s biggest company, a retail and tech heavyweight that projects more than a billion active customers by the end of 2024. The news broke as the luxury fashion sector ponders its digital reinvention, which has accelerated due to the global coronavirus pandemic. The stage seems to be set for a new Amazon of luxury to emerge.
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Source: CNBC - 🏆 12. / 72 Read more »