Farfetch’s IPO has been a success with its shares surging on Friday. And while investor enthusiasm can wane after the early burst of interest in headline-making IPOs, one shareholder looks to be in it for the long term.
Farfetch priced its shares above its targeted range on Friday in a New York flotation that values the online luxury retailer at over $5.8 billion and underscores how big a bet web sales have become for high-end brands.
Farfetch will complete by the end of this week its much-anticipated initial public offering (IPO) on the New York Stock Exchange with a valuation of up to $4.8 billion if investors pile in to buy its shares.
Cartier maker Richemont on Monday named group veteran Jerome Lambert as chief executive officer, as the luxury goods group posted a 10 percent gain in the five months to Aug. 31 on strong Asia revenues.