Coupang, Inc., a global retail giant, today announced its plans to acquire Farfetch Holdings plc, a prominent player in the online luxury segment. This move marks a significant step for Coupang in dominating the $400 billion global personal luxury goods sector. The acquisition synergizes Coupang’s operational prowess and innovative logistics with Farfetch’s leadership in the luxury ecosystem, promising to enhance customer, boutique, and brand experiences worldwide.
The agreement brings together Coupang’s expertise in transforming commerce and Farfetch’s luxury retail influence, creating unparalleled service for millions of customers globally. Additionally, Coupang is ideally positioned to tap into the lucrative South Korean market, known for its high per-capita spending on personal luxury goods.
Through this deal, Farfetch gains access to $500 million in capital, enabling it to continue providing exclusive brands and boutiques with state-of-the-art technology and global market access. José Neves, Farfetch Founder, CEO, and Chairman, expressed enthusiasm about the partnership with Coupang, a Fortune 200 company revered for its commitment to innovative customer experiences.
Bom Kim, Founder & CEO of Coupang, highlighted Farfetch’s influential role in the luxury sector and its potential for growth as a private company under Coupang’s umbrella. He emphasized the focus on delivering the highest standard of service to the world’s most prestigious brands.
The transaction, supported by Greenoaks, a leading global investment firm and Coupang’s investment partner, signifies a strategic alignment of two major retail forces. More details about the acquisition will be disclosed in Coupang’s Current Report on Form 8-K filed with the SEC.
This acquisition marks a pivotal moment in the luxury retail landscape, with Coupang expanding its footprint into the high-end market and Farfetch leveraging new opportunities for growth and innovation.
