Global fashion shopping platform Farfetch has postponed the release of the third quarter, which was originally scheduled for November 30, 2023, and said it will not provide** or guidance. 
Britain's Daily Telegraph reported this week that Farfetch founder Jose Neves is in talks with bankers and shareholders about a potential deal to privatise the company, with the deal and "plans likely to be announced soon". Farfetch's share price jumped 23% on the news.
Richemont issued a press release saying it has no financial responsibility for Farfetch and does not intend to provide loans or investments to the company, and is reviewing the terms of the deal announced last summer.
Analysts believe that in the eyes of the historical group, the management buyout is a complex issue. Currently, Richemont is taking a majority stake in the online business Yoox Net-A-Porter. Under the agreement reached in August 2022, Farfetch, as the main buyer, will acquire 475% stake.
Jose Neves said he is committed to completing the Yoox Net-A-Porter deal. But if Yoox Net-A-Porter falls victim to Farfetch's privatization, Richemont will continue to hold a majority stake in the former. Odo analysts estimate that Yoox Net-A-Porter is losing around €200 million a year.
Farfetch's market capitalization has fallen from $26 billion in 2021 to $600 million in a recent deal. (Photo: Xu Chaoyang, Home of Watches).