The British marketplace dedicated to luxury goods, Farfetch, is going under a South Korean flag. For Richemont, it's the end of an adventure in luxury e-commerce.
Coupang, South Korea’s largest e-commerce company, has saved Britain’s Farfetch (H1 2023 sales up by 3% at US$1.13 billion, net loss of US$444 million) from bankruptcy via a US$500 million takeover bid. The takeover was made in association with the investment company Greenoaks, through the joint venture Athena Topco LP. Coupang is thus acquiring a platform of more than 3,500 brands, in the key luxury market of South Korea, where per capita spending on luxury goods is among the world’s highest.
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