Fashion

Announced Monday morning, Farfetch has been purchased by the South Korean e-commerce company Coupang. The announcement came as rumors swirled that Farfetch was skirting close to bankruptcy. The combination of spending on major initiatives like the purchase of YNAP just as spending on luxury began to decline across the U.S. put it in a risky situation. In November, the company called off its third-quarter earnings release shortly before it was scheduled, saying that it would issue further guidance soon.