Reports that Alibaba is about to invest $300 million into online luxury purveyor Farfetch juiced the latter’s stock on Monday.
The report by the Information was based entirely on unnamed sources as no official announcements have come from either company. But that was enough to excite Wall Street. The news of Farfetch, a $10 billion company, courting the likes of a $830 billion e-commerce titan like Alibaba ignited Farfetch shares up to a peak of 20 percent on Monday — an all-time high — before settling in around some 13.8 percent up in the afternoon to close at $32. As for Alibaba, its stock edged up as well, though only slightly at just 1 percent.
In response to a WWD inquiry, a Farfetch spokeswoman replied, “We don’t comment on market rumor or speculation.” Alibaba did not immediately return a request for comment.WWD