Shares of luxury fashion e-commerce platform Farfetch (NYSE: FTCH) fell 8.5% on Tuesday, dragging the stock back toward its record low reached just last week. Although the company itself did not report it (and has neither confirmed nor denied it), industry news site Business of Fashion reports the struggling online-shopping platform is looking for an investor before running out of cash before the end of this year. The suggestion isn't all that "far-fetched," of course, given what the company has confirmed of late.
Shares of the luxury e-commerce company were recovering today, but the situation still remains murky.
Shares in Farfetch fell by as much as 50 per cent on Wednesday, despite reports that its founder could take the luxury online retailer private following a collapse in its market value. Farfetch had been due to report quarterly results on Wednesday but postponed the announcement, saying it would “not be providing any forecasts or guidance at this time, and any prior forecasts or guidance should no longer be relied upon”. Richemont, the Swiss luxury group that has been one of the ecommerce group’s main backers, also said it had no plans to invest any more money in Farfetch.