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<\/div>\nFarfetch is in talks with Apollo Global Management about securing a last-minute cash injection as it teeters on the brink of collapse.<\/p>\n
The luxury fashion site is understood to be in discussions with several parties about securing new financing, Sky News reported.<\/p>\n
City sources said that Apollo was just one of the firms it was speaking with, but warned that it was still early days on whether a deal would be reached.<\/p>\n
It is unclear whether the new capital would be provided as debt or equity \u2013 or a combination of the two.<\/p>\n
It is also unclear how much Farfetch is looking to raise, but it is understood the company needs to secure as much as \u00a3396m ($500m).<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nThe race to secure emergency funding comes a fortnight after it was reported that Farfetch founder Jose Neves was looking to take the company private following a disastrous float on the New York Stock Exchange.<\/p>\n
The business fueled speculation it was in trouble when it cancelled its quarterly financial results and said that it\u00a0\u201cexpects to provide a market update in due course\u201d.<\/p>\n
The Apollo rescue deal is the latest in a string of strategic options the business is exploring in a bid to stay solvent.<\/p>\n
Farfetch, which is also attempting to tap existing stakeholders for investment, is said to have been in discussions with top stakeholder Richemont.<\/p>\n
However, the luxury conglomerate told Business of Fashion in a statement that\u00a0it had no plans to further invest\u00a0in the company.<\/p>\n
It said: \u201cRichemont would like to remind its shareholders that it has no financial obligations towards Farfetch and notes that it does not envisage lending or investing into Farfetch.\u201d<\/p>\n
The retailer was also reported to be considering the sale of its Browns Fashion business to raise additional capital.<\/p>\n
The race to secure emergency funding comes a fortnight after it was reported that Farfetch founder Jose Neves was looking to take the company private following a disastrous float on the New York Stock Exchange.<\/p>\n
The business fueled speculation it was in trouble when it cancelled its quarterly financial results and said that it\u00a0\u201cexpects to provide a market update in due course\u201d.<\/p>\n
The Apollo rescue deal is the latest in a string of strategic options the business is exploring in a bid to stay solvent.<\/p>\n
Farfetch, which is also attempting to tap existing stakeholders for investment, is said to have been in discussions with top stakeholder Richemont.<\/p>\n
However, the luxury conglomerate told Business of Fashion in a statement that\u00a0it had no plans to further invest\u00a0in the company.<\/p>\n
It said: \u201cRichemont would like to remind its shareholders that it has no financial obligations towards Farfetch and notes that it does not envisage lending or investing into Farfetch.\u201d<\/p>\n
The retailer was also reported to be considering the sale of its Browns Fashion business to raise additional capital.<\/p>\n