Farfetch is an online luxury fashion retail platform who sells over 700 boutiques and brands from around the world.
It was founded in 2007 by José Neves and headquartered in London. They are an e-commerce company in shape of website and mobile apps.
Last week they bought New Guards, which operates Off-White for a total value of $675 million and plans to tap into the group to launch ‘brands of the future’. But this move cause Farfetch to have their lowest stock when it plunged by over 40 percent.
New Guard Group is not only holding the company licenses of Off-WhiteTM, Palm Angels and Heron Preston. They are Milan based and the founder De Giglio and co-founder Claudio Antonioli owning 46% of New Guard Group.
Farfetch has struggled for profitability and isn’t expected to break even before taxes until 2021, and this ownership will mean for New Guard Group stable brands will remains to be seen while Farfetch hoping the acquisition can help with its own business fortunes.
Writer: Ervina Michelle Liem
Editor: Olivia Elena Hakim
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