By Andrea Figueras

A noteholder group of the global luxury fashion platform Farfetch, known as the 2027 Ad Hoc Group, said it opposes Coupang's acquisition of the company.

The group of institutional investors, which represents over 50% of Farfetch's convertible notes due in 2027, said Wednesday that it is evaluating options for recovering value, after South Korean e-commerce company Coupang said it had completed the acquisition.

"The expedited sale of Farfetch to Coupang is yet another example of serious failings at Farfetch, including a lack of transparency and corporate governance at Farfetch," the noteholders said.

Furthermore, the speed of the process prevented any proper marketing of Farfetch's assets to other parties that could potentially have increased asset value for stakeholders, they said.

"The group is evaluating all options for recovering value, including litigation," the noteholders said.

In December, Coupang said it planned to acquire the business and assets of Farfetch and that it would provide the company with $500 million in funding.

Last Friday, the group of noteholders said it appointed Pallas Partners as legal counsel and Ducera Partners, an investment bank, as financial advisors, in order to evaluate options to protect its interests.

Farfetch and Coupang didn't immediately respond to a request for comment.

Write to Andrea Figueras at

(END) Dow Jones Newswires

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