Coupang Inc., Coupang's parent company, has acquired Farfetch, the world's largest e-commerce retailer of luxury clothing and beauty products, for $500 million (approximately 71.5 billion yen).
I found out that it will be acquired. Farfetch is an e-commerce company that sells 1,400 brands, including Chanel and Hermès, online to more than 190 countries.
Coupang Inc. issued a press release on the 18th stating, ``We have decided to acquire Farfetch Holdings, the world's leading online luxury company.''
``Coupang's superior operational systems and innovative logistics network will join forces with Farfetch to deliver the best experience for customers, boutiques and brands around the world.'' Continuing, “Now
The $500 million acquisition agreement will provide Farfetch with exclusive access to leading-edge technology for brands and boutiques, allowing consumers around the world to access products from some of the world's best designers.
We will invest a large amount of funds." Farfetch was founded in the UK in 2007 by Portuguese businessman José Neves as a platform that connects branded goods manufacturers and consumers.
It has grown rapidly and was listed on the New York Stock Exchange in 2018. The store includes luxury brand boutiques such as Chanel Louis Vuitton and Yves Saint Laurent, as well as department store departments.
The company sells 1,400 branded products from 50 countries to consumers in more than 190 countries. At the beginning of 2021, the market capitalization reached $23 billion (approximately 3.3 trillion yen), but Italy's
The company's business has fallen into slump due to rapid expansion of its business, including the acquisition of fashion brands, and has recently been pushed to the brink of bankruptcy.
Through this acquisition, Coupang aims to rebuild Farfetch's position and acquire an additional $400 billion (approx.
The idea is to develop the company as a leader in the global brand market worth 1 trillion yen. Coupang is expected to carry out steady management reforms, including first converting Farfetch into a private company.
Kim Bum Seok, founder and CEO of Coupang Inc., said, ``Farfetch is a landmark company in the brand field, and was an agent of change that marked the future of branded goods retail.''
As a privately held company, Farfetch will pursue solid and stable growth while refocusing on providing an experience with the world's most advanced brands."
Jose Neves, Founder and CEO of Farfetch, said, ``Coupang's proven track record and depth of experience will help us serve millions of customers around the world, as well as brands, boutiques, and other businesses.''
``We are now able to provide the best service to our partners,'' he said, ``We have partnered with Coupang, a large company that has shown a willingness to invest in providing new experiences for customers through Farfetch.''
I'm very happy to be able to become a na." Meanwhile, on the same day, Coupang Inc. announced its acquisition of Farfetch to the U.S. Securities and Exchange Commission (SEC).
Coupang Inc., along with investment firm Green Ox Capital, announced the acquisition of all of Farfetch's businesses and assets.
Athena announced that it had decided to enter into a bridge loan with Farfetch and pay $500 million as the acquisition price. Athena's share
Coupang Inc. holds 80.1% and Green Ox Fund holds 19.9%. Coupang Inc. said, ``Through pre-rehabilitation procedures based on UK law, Athena has
``We will acquire all of Ji's businesses,'' he added.
2023/12/19 07:01 KST
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