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Nov. 12, 2021, 11:26 a.m. EST

Farfetch stock shoots up toward best day in 17 months after confirming talks to boost Richemont partnership

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By Tomi Kilgore

Shares of Farfetch Ltd. /zigman2/quotes/203824836/composite FTCH +3.06% shot up 16.5% toward a three-month high in morning trading Friday, after the platform for the luxury fashion industry confirmed that it was in discussions Switerland-based luxury goods maker Compagnie Financiere Richemont SA /zigman2/quotes/206960176/composite CFRUY +3.33% /zigman2/quotes/203783259/delayed CH:CFR +3.87% regarding an expansion of the existing partnership. The discussions included Farfetch making a minority investment in Richemont's Yoox Net-A-Porter business. "This would essentially team up [Farfetch] with its largest competitor, add greater negotiating leverage with brands and fuel a material [Gross Merchandise Value/Earnings Before Interest and Tax] ramp for the platform," wrote Wells Fargo analyst Ike Boruchow, in a note to clients. Farfetch's stock is on track for the biggest once day gain since it ran up 19.4% on June 25, 2020, and trading volume on Friday swelled 8.2 million shares, already well more than double the full-day average of about 3.7 million shares. Meanwhile, the U.S.-listed shares of Richemont jumped 10.4% toward a record. Farfetch's stock has still lost 28.1% year to date, while Richemont shares have soared 61.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has advanced 24.6%.

/zigman2/quotes/203824836/composite
US : U.S.: NYSE
$ 21.24
+0.63 +3.06%
Volume: 7.27M
Jan. 26, 2022 2:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.65 billion
Rev. per Employee
$391,667
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/zigman2/quotes/206960176/composite
US : U.S.: OTC
$ 14.42
+0.47 +3.33%
Volume: 524,877
Jan. 26, 2022 1:45p
P/E Ratio
29.00
Dividend Yield
1.09%
Market Cap
$78.95 billion
Rev. per Employee
N/A
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/zigman2/quotes/203783259/delayed
CH : Switzerland: SWX
CHF 133.00
+4.95 +3.87%
Volume: 1.19M
Jan. 26, 2022 5:30p
P/E Ratio
29.41
Dividend Yield
1.50%
Market Cap
CHF72.59 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
4,441.54
+85.09 +1.95%
Volume: 1.53B
Jan. 26, 2022 2:00p
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