Farfetch Inc. is cutting back — and so are its stockholders.
Shares of the posh e-commerce platform plummeted 35.3 percent to $3.08 in afterhours trading after the corporate confirmed it’s exiting the wonder category, turned in a weak second quarter and cut its outlook for the yr.
The posh fashion platform made its move into beauty just last yr, acquiring Violet Grey and tapping founder Cassandra Grey as an advisor.
The deal was followed by a broader rollout of beauty in April 2022, when greater than 100 prestige brands launched on the marketplace.
Given Farfetch’s deep relationships with most of the primary luxury brands — and the platform’s ambitions to be a one-stop luxe shop — the corporate saw potential to log right into...
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