Farfetch Acquires Resale Platform LUXCLUSIF For Undisclosed Sum

Farfetch Ltd FTCH has acquired resale platform LUXCLUSIF for an undisclosed sum. The acquisition includes LUXCLUSIF's technology platform, and the LUXCLUSIF team will join the Farfetch group.
The deal is expected to accelerate the company's resale capabilities by developing key technology and service features such as automated pricing and faster geographic and category expansion of its resale service, Farfetch Second Life.
After completing the transaction, the LUXCLUSIF team will operate Farfetch's Second Life platform service, integrating existing and new partners into the program.
Farfetch held $1.3 billion in cash and equivalents as of September 30, 2021.
Price Action: FTCH shares closed higher by 4.29% at $36.00 on Wednesday.