Coupang to acquire Farfetch in $500 million deal

South Korea’s leading online marketplace, Coupang, announced its acquisition of the luxury fashion platform Farfetch in a pivotal $500 million deal. Farfetch, once a celebrated name in the luxury e-commerce sector, was on the verge of bankruptcy after a series of high-risk investments and a downturn in the global luxury market.

The company’s valuation had plummeted from over $23 billion in 2021 to around $200 million, leaving it dire need of a financial lifeline.

In a press release, Farfetch Limited announced the resignation of its independent board members and all committees:

“Dana Evan, David Rosenblatt, Diane Irvine, Gillian Tans, Stephanie Horton and Victor Luís effective immediately. The resignation of the Independent Directors is not the result of any disagreement with Farfetch Limited or its operations, policies or practices.”

“They leave with the sincere thanks of Farfetch Limited for all they have contributed to the Board and Farfetch Limited, along with…