Farfetch Stock Falls to Record Low
Falling by 4.8% on the New York Stock Exchange.
Farfetch entered the New York Stock Exchange last year, with shares reaching a high of $30.58 USD on its first day of trading. WWD reports that this year the retailers stock has taken a significant hit, falling 4.8% to $8.89, a record low.
This isn’t the first time Farfetch’s stock has fallen, with the acquisition of New Guards Group for $675 million USD leading to a near 40% fall, going from $18.25 USD per share to $10.10 USD in just under an hour and 20 minutes. Speaking to WWD at the time of this stock fall, founder José Neves said “I will not comment on stock prices. I never do. Our job is to remain focused on executing a very exciting strategy and opportunity.”
When Farfetch first announced that it could file for IPO registration, it was said that the company had a chance to be valued at $5 billion USD, with the company reaching $4.8 billion USD on its opening.
In other news, Snow Peak announced the launch of its first ever London store.
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