Farfetch Founder José Neves Plans to Take Company Private

Richemont, a Major Shareholder, Declines to Invest Further Amid Farfetch's Financial Woes

Farfetch founder José Neves is reportedly planning to take the company private following a disastrous US float that saw the company lose more than 90% of its value since listing on the New York Stock Exchange in 2018.
Richemont, a major shareholder in Farfetch, has stated it does not plan to invest in or lend to Farfetch, despite reports that it had the tentative backing of Neves' plans.
Farfetch's decision to cancel its third-quarter financial update has added to the uncertainty surrounding the company's future.
Richemont's deal to sell a majority stake in Yoox Net-a-Porter to Farfetch may not complete due to Farfetch's current financial woes.
Shares in Farfetch jumped as much as 22.8% following the report of Neves' plans to take the company private.