{"id":244181,"date":"2023-11-29T14:57:51","date_gmt":"2023-11-29T14:57:51","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=244181"},"modified":"2023-11-29T17:25:53","modified_gmt":"2023-11-29T17:25:53","slug":"farfetch-founder-jose-neves-considers-taking-the-business-private-delays-results-announcement","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/farfetch-founder-jose-neves-considers-taking-the-business-private-delays-results-announcement\/","title":{"rendered":"Farfetch founder Jos\u00e9 Neves considers taking the business private, delays results announcement"},"content":{"rendered":"

Farfetch founder Jos\u00e9 Neves is reported to be in talks with bankers about a plan to take the global fashion platform back into private hands after a five-year spell of being listed on the New York Stock Exchange.<\/strong><\/p>\n

<\/p>\n

Neves is said to be keen to delist the business, which has lost 90% of its value, since its IPO in 2018 when it was valued at $6.3bn, and is plotting the move with bankers, as well as shareholders, according to The Telegraph<\/em>. Shares are currently trading at $1.70, compared to $20 at the time of its float.<\/p>\n

It has been anticipated that the move might be announced today when Farfetch was due to update the markets on trading, but it has issued a statement saying that this announcement will not now go ahead.<\/p>\n

\"Farfetch Limited, the leading global platform for the luxury fashion industry, will not announce its third quarter 2023 financial results and will not hold its related conference call previously scheduled for Wednesday, November 29, 2023. The company expects to provide a market update in due course.<\/p>\n

\"The Company will not be providing any forecasts or guidance at this time, and any prior forecasts or guidance should no longer be relied upon,\" a statement read.<\/p>\n

Neves established the platform 15 years ago to unite the world's leading fashion boutiques onto one website. It now also works directly with luxury brands and has its own brand group, New Guards Group, parent of Off-White and Palm Angels among others.<\/p>\n

Backers of Farfetch include Swiss luxury group Richemont and Chinese retail giant Alibaba; they are said to tentatively approve the idea of a delisting. Neves owns 15% of the business but due to the structure of the shares, he holds 77% of the voting rights.<\/p>\n

In 2020, Farfetch executed a deal with Alibaba and Richemont in which both businesses invested $300m in the main Farfetch business, plus $250m each in its Chinese business.<\/p>\n

Recently Farfetch received regulatory approval to acquire a 47.5% stake in rival group Yoox Net-A-Porter (YNAP) in exchange for the issuance of Farfetch Class A ordinary shares to its parent, which is also Richemont. The deal was first revealed last August and also involved Symphony Global, one of the investment vehicles of Mohamed Alabbar, taking 3.2% stake.<\/p>\n

Once the deal is finalised, YNAP plans to adopt Farfetch's technology, to support\u00a0its shift towards a hybrid retail-marketplace model.<\/p>\n","protected":false},"excerpt":{"rendered":"

Farfetch founder Jos\u00e9 Neves is reported to be in talks with bankers about a plan to take the global fashion platform back into private hands after a five-year spell of being listed on the New York Stock Exchange.<\/p>\n","protected":false},"author":11,"featured_media":244182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[9921],"acf":[],"yoast_head":"\nFarfetch founder Jos\u00e9 Neves considers taking the business private, delays results announcement - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Farfetch founder Jos\u00e9 Neves is reported to be in talks with bankers about a plan to take the global fashion platform back into private hands.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/farfetch-founder-jose-neves-considers-taking-the-business-private-delays-results-announcement\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Farfetch founder Jos\u00e9 Neves considers taking the business private, delays results announcement - 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