Farfetch’s Stock Falls to Record Low, but Can It Recover?

What a difference a year can make. Around this time last year, José Neves, chief executive officer and co-chair of luxury platform Farfetch, was receiving an extremely warm welcome at the New York Stock Exchange, watching his company’s shares soar to $28.45 during the company’s first day on the public market. Now, just one day shy of the one-year anniversary as a public company, it’s a very different story, with investors’ feelings towards the company having chilled. The stock fell 4.8 percent Thursday to a record-low close of $8.89. So what went wrong for the one-time stock market darling and is it able to win back investors’ confidence? Farfetch’s troubles began in early August, when its share price plunged more than 40 percent in one single after-hours trading session, following the release of its second-quarter financials and news that it paid $675 million for Off-White licensee New Guards Group. Neves told WWD at the time: “I will not comment on stock prices. I never do. Our job is to remain focused on executing a very exciting strategy and opportunity. “We always said that this is about building the global platform for luxury. We always said that M&A would be part of our tool kit. I think

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