Why Farfetch Stock Went Up Again Today
Shares of luxury fashion company Farfetch Limited (NYSE: FTCH) surged on Friday, up 11% as of 2:30 p.m. EST. Previously the stock went up because of a rumor it was launching a joint venture with Alibaba Group Holding (NYSE: BABA) and Richemont (OTC: CFRUY) in China. Yesterday, the rumor was confirmed and details given, sending Farfetch stock up again.
Alibaba is one of the biggest companies in the world, let alone China. The company claims to have 757 million customers, and they will all now have increased exposure to Farfetch's brand. For its part, Farfetch will launch its own channels on e-commerce platforms owned by Alibaba.
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Source Fool.com
