Richemont Says It Has No Plans to Invest in Farfetch, or Lend to It

By Andrea Figueras

Compagnie Financiere Richemont said that it has no financial obligations toward the luxury fashion e-commerce company Farfetch and doesn't plan to lend to or invest in it.

The Swiss-based luxury group's release comes after Farfetch said late Tuesday that it wouldn't publish its third-quarter results, which were due Wednesday. The company won't provide forecasts at this time, and any prior guidance should no longer be relied upon, Farfetch said.

Earlier Tuesday, UK newspaper Telegraph reported that Jose Neves, founder of the online luxury retailer, was in talks with top shareholders to take the company private. According to the newspaper, the move could have the tentative backing of major backers including Chinese e-commerce giant Alibaba and Richemont.

Farfetch declined to comment.

Richemont said that it is monitoring the situation, including reviewing its options in respect of its arrangements with Farfetch, which remain subject to certain terms and conditions, including the sale of a stake in online platform Yoox Net-A-Porter to the luxury fashion e-commerce company.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

November 29, 2023 02:18 ET (07:18 GMT)

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