Farfetch Founder Makes Bid to Privatize Company
José Neves, the founder of online luxury retailer Farfetch, is reportedly seeking to take the company private after a troubled listing on the New York Stock Exchange. Neves, who holds a 15% stake and 77% of the voting rights, is said to be working with advisers at JPMorgan. The move has the tentative backing of major backers including Alibaba and Richemont. Farfetch's stock rose 20% following the news, but has fallen about 64% this year.