Coupang plans to acquire Farfetch Holdings

It will drive expansion to South Korea, the world’s highest spender in personal luxury goods.

Coupang, Inc. plans to acquire online luxury retailer, Farfetch Holdings plc, from its operations to assets, which makes it the global leader in the US$400b personal luxury goods sector.

Through the purchase, Coupang will combine its operational excellence and pioneering logistics with Farfetch’s experience in the luxury segment to advance ideas for customers, boutiques, and brands all over the world.

With its foothold in the market, Coupang will also drive expansion in South Korea, a market that has the world’s highest per-capita spending on personal luxury goods.

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Similarly, Farfetch will also gain access to US$500m of capital to support exclusive brands with cutting-edge technology and to help designers worldwide with consumer engagement.

“Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands while pursuing steady and thoughtful growth as a private company. We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere,” Bom Kim, Founder and CEO of Coupang, stated.