The luxury e-commerce platform will narrowly avoid bankruptcy after the emergency funding from South Korea’s answer to Amazon.
Farfetch, the beleaguered luxury e-commerce platform that has spent months teetering on the brink of bankruptcy, found its white knight: The retailer said Monday that Coupang, described as South Korea’s answer to Amazon, would acquire it, providing a $500 million lifeline.
Farfetch, which is based in London, was once feted as the most dominant force in luxury fashion. It went public on the New York Stock Exchange in 2018, and as consumers and luxury brands flocked to the site, its value shot up, reaching more than $23 billion at its peak in 2021.
But
→ Continue reading at The New York Times
