Farfetch Gains Glamorous Investors: Steven Cohen-Backed Point72 Makes Luxe Bet With 5.1% Share - Farfetch (NYSE:FTCH)

Farfetch FTCH, a prominent player in the luxury fashion industry, has attracted notable investment interest, as evidenced by a recent SEC filing. 

Point72 Asset Management, L.P., along with associated entities and noted investor Steven A. Cohen, reported owning 18,132,807 Class A Ordinary Shares, representing a 5.1% stake in Farfetch.

Meanwhile, a news report emerged last month that claimed José Neves, the founder of Farfetch, was reportedly considering taking the company private. 

Currently holding a 15% stake and controlling 77% of the voting rights, Neves is collaborating 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, showcases a strategic involvement in Farfetch’s operations. 

The move by Point72 and its affiliates underlines the growing investor attention in the luxury retail sector.

Farfetch recently said it will not disclose its financial results for the third quarter. It 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. 

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