Richemont Says It Has No Plans to Invest in Farfetch, or Lend to It
29 November 2023 - 6:33PM
Dow Jones News
By Andrea Figueras
Compagnie Financiere Richemont said that it has no financial
obligations toward the luxury fashion e-commerce company Farfetch
and doesn't plan to lend to or invest in it.
The Swiss-based luxury group's release comes after Farfetch said
late Tuesday that it wouldn't publish its third-quarter results,
which were due Wednesday. The company won't provide forecasts at
this time, and any prior guidance should no longer be relied upon,
Farfetch said.
Earlier Tuesday, UK newspaper Telegraph reported that Jose
Neves, founder of the online luxury retailer, was in talks with top
shareholders to take the company private. According to the
newspaper, the move could have the tentative backing of major
backers including Chinese e-commerce giant Alibaba and
Richemont.
Farfetch declined to comment.
Richemont said that it is monitoring the situation, including
reviewing its options in respect of its arrangements with Farfetch,
which remain subject to certain terms and conditions, including the
sale of a stake in online platform Yoox Net-A-Porter to the luxury
fashion e-commerce company.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
November 29, 2023 02:18 ET (07:18 GMT)
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