Tencent Invests in Luxury Fashion Technology Platform

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.

Click here to read the full press release.