FARFETCH LIMITED

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08/11FARFETCH : and Salvatore Ferragamo Announce Global Strategic Partnership
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08/11Italian Luxury Brand Ferragamo Taps Online Retailer Farfetch To Gain Younger Customers
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08/04Farfetch to Announce Second Quarter 2022 Results
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Farfetch to Accept Retail Payments in Cryptocurrencies

06/10/2022 | 01:46am EDT

By Pierre Bertrand


Farfetch Ltd. said Friday that it will start allowing payments in cryptocurrencies later this year.

The British-Portuguese digital luxury-fashion platform said it will initially accept seven cryptocurrencies including Bitcoin, Ethereum and Binance Coin on its Farfetch Marketplace.

Digital currency payments will be first introduced to the company's private clients in the coming months, and will be expanded to include all U.S., U.K. and European customers later in the year, with more to follow, the company said.

Cryptocurrency is digital money whose value and transactions are verified cryptographically, rather than by a central financial authority. They are seen as an alternative financial system to that of common banks.

The company added that it has partnered with German cyrptocurrency platform startup Lunu for its point of sale terminals enabling in-store transactions. At the terminals, customers will be able to access their crypto wallets and make payments by scanning a QR code, the company said.

The decision to accept digital payments builds on smaller tests of cryptocurrency payments using Lunu's terminals at Off-White flagship stores in Paris, London and Milan including in Browns, Farfetch's own luxury retailer, the company said.

French luxury giant LVMH Moet Hennessy Louis Vuitton SE owns a 60% stake in Off-White. The company is operated by Milan's New Guards Group which is a Farfetch subsidiary.


Write to Pierre Bertrand at pierre.bertrand@wsj.com


(END) Dow Jones Newswires

06-10-22 0346ET

Stocks mentioned in the article
ChangeLast1st jan.
BINANCE COIN (BNB/USD) -1.52% 323.9 End-of-day quote.-38.60%
BITCOIN (BTC/EUR) -0.21% 23221.2 End-of-day quote.-44.75%
BITCOIN (BTC/USD) -0.07% 23943.4 End-of-day quote.-49.84%
CHRISTIAN DIOR SE 0.22% 671.5 Real-time Quote.-8.22%
ETHEREUM (ETH/BTC) 1.59% 0.07861 End-of-day quote.-0.37%
ETHEREUM (ETH/EUR) 1.37% 1825.42 End-of-day quote.-44.96%
ETHEREUM (ETH/USD) 1.46% 1881.06 End-of-day quote.-50.06%
FARFETCH LIMITED 2.42% 10.1792 Delayed Quote.-70.39%
LVMH MOËT HENNESSY LOUIS VUITTON SE 0.13% 694.5 Real-time Quote.-4.59%
All news about FARFETCH LIMITED
08/11FARFETCH : and Salvatore Ferragamo Announce Global Strategic Partnership
PU
08/11Italian Luxury Brand Ferragamo Taps Online Retailer Farfetch To Gain Younger Customers
MT
08/04Farfetch to Announce Second Quarter 2022 Results
BU
08/02Cowen Cuts Farfetch to Market Perform From Outperform, Price Target to $9 From $11
MT
07/22Piper Sandler Starts Farfetch at Neutral With $9 Price Target
MT
07/21KeyBanc Analyst Assumes Coverage of Farfetch With Overweight Rating, $11 Price Target
MT
07/12Societe Generale Adjusts Farfetch's Price Target to $12 From $18, Keeps Buy Rating
MT
06/30Farfetch Publishes 2021 Environmental, Social and Governance Report
BU
06/29JPMorgan Adjusts Price Target on Farfetch to $16 From $20, Reiterates Overweight Rating
MT
06/28US Recession to Likely Impact E-Commerce Sales, UBS Says; eBay, Farfetch Downgraded
MT
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Analyst Recommendations on FARFETCH LIMITED
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Financials (USD)
Sales 2022 2 495 M - -
Net income 2022 78,3 M - -
Net cash 2022 454 M - -
P/E ratio 2022 82,8x
Yield 2022 -
Capitalization 3 775 M 3 775 M -
EV / Sales 2022 1,33x
EV / Sales 2023 1,13x
Nbr of Employees 6 464
Free-Float 83,5%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 9,90 $
Average target price 19,08 $
Spread / Average Target 92,7%
EPS Revisions
Managers and Directors
José Manuel Neves Chief Executive Officer
Elliot Gilbert Jordan Chief Financial Officer
Cipriano Sousa Chief Technology Officer
Luis Teixeira Chief Operations Officer
Dana L. Evan Independent Non-Executive Director
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