The British online fashion retailer Farfetch Limited canceled the publication of its results for the third quarter of the 2023 financial year at short notice on Tuesday. The company originally wanted to present the current figures on Wednesday.
In a brief statement, the e-commerce specialist also stated that all previous forecasts were no longer valid and that no new goals would be formulated for the time being. The company will provide information about further developments “in due course”.
According to media reports, founder and CEO José Neves is currently negotiating with important shareholders
The online retailer did not give reasons for the move. However, this was preceded by a report in the English daily newspaper The Telegraph, according to which Farfetch founder and CEO José Neves is currently negotiating with important shareholders about delisting the company from the stock exchange.
The heavily indebted fashion retailer recently had to struggle with declining demand in important markets such as China and the USA and had to lower its annual forecasts. This year alone, the share price fell by 64 percent. However, the latest news caused a short-term price jump because investors expected surcharges on the market value of their shares in the event of a stock market withdrawal.
Planned Ynap deal: Richemont is monitoring developments
On Wednesday, the Swiss luxury goods group Compagnie Financière Richemont SA (Richemont), which has been trying to sell a large part of its majority stake in the online fashion retailer Yoox Net-A-Porter Group (Ynap) to Farfetch for over a year, reacted to the latest events.
The company said it was “closely monitoring” developments at Farfetch. Richemont currently has no financial obligations to Farfetch and does not plan to invest in or lend money to the company, it said in a statement. Richemont also emphasized that neither individual group brands nor Ynap have yet switched their online business to the Platform Solutions IT system operated by Farfetch.