Coupang Inc CPNG shares are trading flat at $16.87 Monday morning after the company revealed its intention to acquire Farfetch Ltd FTCH, an online luxury company.
Coupang says this move positions the company as a dominant force in the $400 billion global personal luxury goods market. The merger aims to leverage Coupang's operational efficiency and logistics alongside Farfetch's luxury expertise.
Coupang says this acquisition provides Farfetch access to $500 million in capital, enabling the company to further enhance its technology and expand its reach.
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According to data from Benzinga Pro, CPNG has a 52-week high of $19.99 and a 52-week low of $12.66.
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