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Tencent Invests in Luxury Fashion Technology Platform
Jan. 30, 2020 05:40AM PST
Fintech InvestingTencent and Dragoneer have made strategic investments into luxury fashion technology platform Farfetch of US$125 million each.
Tencent Holdings (OTC Pink:TCHEY,HKEX:0700) and investment firm Dragoneer have made strategic investments into luxury fashion technology platform Farfetch Limited (NYSE:FTCH) of US$125 million each.
As quoted in the press release:
The financing will supplement Farfetch’s current liquidity position. As of December 31, 2019, the Company’s cash and cash equivalents balance amounted to approximately $320 million.
The additional capital supports Farfetch’s long-term strategy of delivering a global technology platform for the luxury fashion industry and facilitates the Company’s continued focus on executing its growth plans, including in the key China market, and driving towards operational profitability.
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