Alibaba to invest nearly USD 300 mln in online fashion retailer Farfetch

Tuesday 3 November 2020 13:39 CET | News

Alibaba has initiated advanced talks to invest nearly USD 300 million in online luxury fashion retailer Farfetch.

According to Reuters, the two companies plan to create a Chinese joint venture. Besides, Cartier-owner Richemont, which partnered with Alibaba to create mobile applications, is also considering investing in Farfetch alongside the company. Moreover, after the announcement, Farfetch's shares jumped about 16% to USD 32.59.

Farfetch, which counts Alibaba's competitors and Tencent Holdings  among its investors, has been betting on China's burgeoning online luxury goods world, as China-based consumers make up a third of luxury goods purchases worldwide.

However, the terms of the current and past deals with Tencent and JD would not prevent Alibaba from investing in Farfetch, Reuters reported.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Alibaba, investment, luxury fashion retailer, Farfetch,, Tencent Holdings, luxury goods purchases, retail
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce