Alibaba eyes investment in Farfetch

Chinese e-tail giant Alibaba is reportedly in “advanced discussions” to invest nearly 300 million dollars in online luxury fashion retailer Farfetch.

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.

Photo credit: Farfetch website