Farfetch FTCH, a major player in the luxury fashion industry, has captured the attention of significant investors, as shown by a recent SEC filing.
Investment firm Point72 Asset Management, L.P., along with related entities and renowned investor Steven A. Cohen, revealed ownership of 18,132,807 Class A Ordinary Shares, representing a 5.1% stake in Farfetch.
In a separate development, reports surfaced last month suggesting that José Neves, the founder of Farfetch, was contemplating the idea of taking the company private.
Currently holding a 15% stake and controlling 77% of the voting rights, Neves is working with advisors from JP Morgan Chase & Co. JPM to explore this potential shift, as reported by Reuters on Nov. 28.
This investment, managed through a joint filing agreement and investment management contracts, demonstrates a strategic engagement in Farfetch’s operations.
The move by Point72 and its affiliates underscores the heightened attention from investors in the luxury retail sector.
Farfetch recently announced that it will not disclose its financial results for the third quarter. The company is also refraining from providing forecasts or guidance, cautioning against relying on previously given estimates. Instead, Farfetch intends to provide a market update at a later time.
Read Next: Costco Will Be A “Share Gainer” With Solid Sales And High Membership Renewal Rates: Analyst Forecasts Upside
Price Action: FTCH closed higher by 9.4% to $1.28 on the last check Saturday. Shares were trading lower by 0.78% to $1.27 after hours.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.