The South Korean e-commerce company Coupang will provide Farfetch with a bridge loan of $500 million, execs announced on Monday.
In a press release, reps for Farfetch said the move, which sees them essentially being saved by Coupang, is the result of leadership having “successfully secured a solution that ensures the continued operations of its business and that it will continue to serve the network of brands, boutiques and consumers depending on the FARFETCH Marketplace every day.”
In a separate statement, reps for Coupang confirmed that the worldwide retail force would be acquiring “the business and assets of Farfetch Holdings plc, a top online luxury company.”
Per Coupang CEO Bom Kim, Farfetch stands tall as “a transformative force” in the luxury retail space.
“Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company,” Bom Kim said on Monday, adding that Coupang is eyeing “tremendous opportunities to redefine the customer experience for luxury clients everywhere.”
Farfetch founder José Neves, meanwhile, pointed to Coupang’s “proven track record and deep experience in revolutionizing commerce” as key in this new chapter of the familiar Farfetch name.
“We are thrilled to be partnering with such a respected Fortune 200 company that is committed to investing in innovations that transform all aspects of the customer experience with Farfetch,” he said in a statement issued on Monday.
Complex has reached out to Farfetch for additional comment. This story may be updated.
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