Chinese e-commerce giant Alibaba is reportedly in “advanced discussions” to invest nearly USD 300 million in online luxury fashion retailer Farfetch, founded by Portuguese entrepreneur José Neves.
According to publication The Information, which reported the news Monday citing people familiar with the matter, the two companies are also in talks to create a Chinese joint venture.
Swiss luxury conglomerate Richemont, which currently operates a joint venture with Alibaba in China, is also considering investing in Farfetch alongside Alibaba, according to the report.
London-based Farfetch has seen improving sales during the pandemic, with revenue up 74 percent in the second quarter.
The company’s shares jumped 20 percent to all-time-highs since the news was announced.
