Farfetch plunges 40% over deal to buy Off-White fashion brand’s owner
The streetwear clothing brand Off-White counts the celebrities Beyoncé and Kylie Jenner as fans, but Farfetch investors were less enthused after the online luxury retailer surprised the market with a $675 million deal to buy the fashion brand’s owner.
Shares in Farfetch tumbled by as much as 40 per cent last night in New York as shareholders reeled at the move, which pushes any hopes of the company turning a profit further out into the future. The shares started to recover after the heavy sell off by 5 per cent, or 88c, to $18.25 in after-hours US trading.
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