Farfetch's 2023 outlook hit hard by weak demand in US and China, shares plummet.
Originally Published 2 years ago — by Reuters
Shares of online luxury goods retailer Farfetch plunged nearly 40% to a record low as weak demand in its top two markets, the United States and China, led to a gloomy annual sales outlook. The company also missed revenue estimates in the second quarter due to retailers cutting back on orders. Farfetch projected a lower total gross merchandise value for 2023, causing several brokerages to cut their price targets on the stock. Analysts expressed concerns about management's credibility and limited visibility.