FARFETCH was snapped up by South Korean e-commerce group
The
The deal will wipe out Farfetch's shareholders, which include founder and chief executive
Farfetch has had a torrid time since it floated in 2018, with its value plummeting from around
"Farfetch is a landmark of the luxury landscape and has been a transformative force in demonstrating that online luxury is the future of luxury retail," Bom Kim, founder and chief executive of
Neves said: "
Cartier-owner Richemont said in a separate statement it would pull out of a deal to sell off its online fashion and accessories business to Farfetch following news of the rescue deal.
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