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Farfetch News: Why FTCH Stock Is Surging 14% Higher Today

Farfetch (NYSE:FTCH) news for Monday includes talk that Alibaba (NYSE:BABA) is interested in investing in the fashion company.

farfetch (FTCH) logo next to a hanger
Source: nikkimeel / Shutterstock.com

According to recent news reports, Alibaba is looking to invest as much as $300 million into Farfetch. These reports claim that BABA is investing in the company to create a Chinese joint venture.

It’s also worth pointing out that the Farfetch investment news might not stop with Alibaba. The reports also say that Richemont is also considering investing in the company. Richemont recently banded together with BABA to create mobile applications.

Farfetch actually has quite a few investors from China. That includes Alibaba’s rivals, such as JD.com and Tencent. However, these investments won’t conflict with the one being made by BABA, reports Reuters.

Farfetch is a British online luxury fashion retailer. The company was founded in 2007 by founder and CEO José Neves. While it started out as an e-commerce business, its expansion has resulted in the creation of several physical locations to purchase its goods.

Farfetch also operates its Farfetch Platform Solutions business. This division of the company is focused on the servicing of enterprise clients with e-commerce and technology capabilities.

Farfetch is still fairly new to the public market. The company’s initial public offering took place in September 2018. This saw it raising $885 million from selling 33.6 million shares of FTCH stock.

FTCH stock was up 14% as of noon Monday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

 


Article printed from InvestorPlace Media, https://investorplace.com/2020/11/farfetch-news-boosts-ftch-stock/.

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