Farfetch buys LUXCLUSIF citing rapidly expanding pre-owned market
09/12/2021 12:59
** Online luxury retailer Farfetch FTCH.K announces
acquisition of resale platform LUXCLUSIF for undisclosed amount
to expand its resale capabilities
** FTCH has worked closely with LUXCLUSIF, most recently
through FTCH's resale service 'FARFETCH Second Life', co says,
adding pre-owned market is growing extremely fast urn:newsml:reuters.com:*:nBw8sNggNa
** Separately, in note discussing potential deal between
Swiss luxury co Richemont CFR.S and Farfetch on CFR's Yoox
Net-a-Porter (YNAP), as announced by both companies last month,
Bernstein writes: "Farfetch IPOed as the Uber of luxury goods
distribution but has done a lot to move away from its
marketplace mission ever since" urn:newsml:reuters.com:*:nL8N2S3126
** In mid-November, FTCH shares rose on reports of deal with
CFR where FTCH was in talks to buy minority stake in YNAP
urn:newsml:reuters.com:*:nL4N2S33HC
** Brokerage cuts FTCH's PT to $40.50 from $42 on Thurs,
saying quarterly misses reduce FTCH's M&A currency and share
price; "The best strategic course for Farfetch would be pivoting
to department stores, as the new weakest link in the industry" -
Bernstein
** Last month, FTCH stock sank after co cut its key FY
growth forecast and posted bigger-than-expected Q3 loss
urn:newsml:reuters.com:*:nL4N2SA2PP
** Shares flat to slightly lower pre-market; YTD, shares
down 44%
(Reporting by Anisha Sircar in Bengaluru)
((Anisha.Sircar@thomsonreuters.com;))