Coupang to acquire business and assets of Farfetch

Coupang (CPNG) earlier announced plans to acquire the business and assets of Farfetch Holdings (FTCH) online luxury company. This acquisition positions Coupang as a leader in the $400B global personal luxury goods segment, Coupang said in a statement. “Coupang’s operational excellence and innovative logistics combined with Farfetch’s leading role in the luxury ecosystem will drive exceptional experiences for customers, boutiques, and brands across the world. Coupang is also uniquely positioned to unlock Farfetch’s tremendous value for the vast personal luxury goods segment in South Korea, which has the world’s highest per-capita spending on personal luxury goods.” Today’s agreement gives Farfetch access to $500M of capital to continue providing exclusive brands and boutiques. “Farfetch is a landmark of the luxury landscape and has been a transformative force in demonstrating that online luxury is the future of luxury retail,” said Bom Kim, Founder & CEO of Coupang. “Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company. We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere.”