Luxury online retailer Farfetch plans to raise $446M in IPO
LONDON (AP) - Online luxury e-commerce company Farfetch says it expects to reap $446.5 million in its upcoming initial U.S. stock sale.
The London-based company, which runs a global platform matching upscale brands with affluent buyers, revealed pricing terms of its initial public offering on the New York Stock Exchange in a filing late Wednesday.
Farfetch said it's selling 30 million shares but did not give a date for the IPO, which was announced in August.
Farfetch doesn't buy or manufacture any of the products it sells but instead acts as a channel for brands such as Gucci and Prada.
The company said it had 1.1 million active users as of June but its first-half losses more than doubled to $68.4 million.
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