ReutersNov 03, 2020 00:17:16 IST
(Reuters) - Alibaba Group Holding Ltd is in advanced talks to invest nearly $300 million in online luxury fashion retailer Farfetch Ltd, the Information reported on Monday, citing people familiar with the matter.
Shares of London-based Farfetch jumped about 16% to $32.59 following the news.
The two companies are also in talks to create a Chinese joint venture, the report said https://www.theinformation.com/articles/alibaba-in-talks-to-invest-in-online-fashion-retailer-farfetch, adding that Cartier-owner Richemont, which has teamed up with Alibaba to create mobile applications, is also considering investing in Farfetch alongside the Chinese e-commerce giant.
Both Farfetch and Alibaba were not immediately available for a comment.
Farfetch, which counts Alibaba's competitors JD.com and Tencent Holdings Ltd among its investors, has been betting on China's burgeoning online luxury goods world. Chinese consumers make up a third of luxury goods purchases worldwide.
Terms of the current and past deals with Tencent and JD would not prevent Alibaba from investing in Farfetch, the Information said, citing a source.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)
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