Farfetch FTCH has acquired brand platform New Guards for $675 million.
The company also reported second-quarter losses of 15 cents per share. The company reported quarterly sales of $209 million, which beat the analyst consensus estimate of $195.86 million by 6.71%.
Farfetchs’ acquisition of brand platform New Guards Group is an aim to advance its strategy to be the global technology platform for the luxury fashion industry.
"The addition of New Guards' brand platform brings a creative and industrial dimension to our suite of capabilities which, combined with our community of more than 650 boutiques, enables us to power and promote both new and existing creative names in the luxury industry to build the brands of the future,’ said CEO José Neves.
Farfetch shares were trading down 34.25% at $12 in Friday’s pre-market session. The stock has a 52-week high of $32.40 and a 52-week low of $15.98.
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