Farfetch Secures $500 Million Lifeline from Coupang in Rescue Deal

South Korean retail giant Coupang has stepped in to save struggling luxury online retailer Farfetch with a $500 million deal, rescuing the company from potential closure. However, this deal also ends Farfetch's planned tie-up with rival Yoox-Net-a-Porter. Farfetch, once valued at $23 billion, has faced challenges due to COVID-19 lockdowns in China and the Russian invasion of Ukraine, as well as a decline in growth. The acquisition by Coupang marks a significant turn of events for Farfetch, which had previously acquired Stadium Goods and New Guards Group for substantial amounts.