Coupang, Inc. (NYSE: CPNG), a leading global retailer, today
announced plans to acquire the business and assets of Farfetch
Holdings plc, a top online luxury company. This acquisition
positions Coupang as a leader in the $400 billion global personal
luxury goods segment.
Coupang’s operational excellence and innovative logistics
combined with Farfetch’s leading role in the luxury ecosystem will
drive exceptional experiences for customers, boutiques, and brands
across the world. Coupang is also uniquely positioned to unlock
Farfetch’s tremendous value for the vast personal luxury goods
segment in South Korea, which has the world’s highest per-capita
spending on personal luxury goods.
Today’s agreement gives Farfetch access to $500 million of
capital to continue providing exclusive brands and boutiques with
bespoke, cutting-edge technology and giving leading designers
access to consumers around the globe.
“Farfetch is a landmark of the luxury landscape and has been a
transformative force in demonstrating that online luxury is the
future of luxury retail,” said Bom Kim, Founder & CEO of
Coupang. “Farfetch will rededicate itself to providing the most
elevated experience for the world’s most exclusive brands, while
pursuing steady and thoughtful growth as a private company. We also
see tremendous opportunities to redefine the customer experience
for luxury clients everywhere.”
“Coupang’s proven track record and deep experience in
revolutionizing commerce will enable us to deliver exceptional
service for our brand and boutique partners, as well as for our
millions of customers around the world,” said José Neves, Farfetch
Founder, CEO and Chairman. “We are thrilled to be partnering with
such a respected Fortune 200 company that is committed to investing
in innovations that transform all aspects of the customer
experience with Farfetch.”
Greenoaks, a leading global investment firm, brought substantial
financial expertise to the transaction and is Coupang’s investment
partner in this acquisition.
Further information on the transaction will be available in
Coupang’s Current Report on Form 8-K filed with the SEC and
available on our Investor Relations website,
ir.aboutcoupang.com.
About Coupang
Coupang, a Fortune 200 company listed on the New York Stock
Exchange (NYSE: CPNG), is one of the largest retailers in the
world. Its mission is to revolutionize the lives of its customers
and create a world where people wonder, "How did we ever live
without Coupang?" Coupang offers a variety of services, including
same-day and dawn delivery of merchandise, delivery of prepared
foods through Coupang Eats, fintech through Coupang Pay, and video
streaming through Coupang Play. Coupang is headquartered in the
United States, with operations and support services performed in
markets including South Korea, Taiwan, Singapore, China, and
India.
About Farfetch
Farfetch is a leading global marketplace for the luxury fashion
industry. The Farfetch Marketplace connects customers in over 190
countries and territories with items from more than 50 countries
and over 1,400 of the world’s best brands, boutiques, and
department stores, delivering a truly unique shopping experience
and access to the most extensive selection of luxury on a global
marketplace. Farfetch’s additional businesses include Browns and
Stadium Goods, which offer luxury products to consumers, and New
Guards Group, a center for the development of global fashion
brands. Farfetch offers its broad range of consumer-facing channels
and enterprise level solutions to the luxury industry under its
Luxury New Retail initiative. The Luxury New Retail initiative also
encompasses Farfetch Platform Solutions, which services enterprise
clients with e-commerce and technology capabilities, and Future
Retail, which develops innovations such as our Connected Retail
solutions.
About Greenoaks
Greenoaks makes concentrated, long-term investments in enduring
companies. The firm invests behind exceptional leaders at all
stages of their journeys, building partnerships that last for
decades. One of Coupang’s earliest and closest partners, Greenoaks
has made investments in many category-defining companies around the
world.
FORWARD-LOOKING STATEMENTS
This press release may be deemed to contain forward-looking
statements, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Any statements
that are not statements of historical fact (including statements
containing the words "will," "believes," "plans," "anticipates,"
"expects," "estimates," "strives," "goal," "intends," "may,"
"endeavors," "continues," "projects," "seeks," or "targets," or the
negative of these terms or other comparable terminology, as well as
similar expressions) should be considered to be forward-looking
statements, although not all forward-looking statements contain
these identifying words. Readers should not place undue reliance on
these forward-looking statements, as these statements are the
management's beliefs and assumptions, many of which, by their
nature, are inherently uncertain, and outside of the management's
control. Factors that may cause actual results to differ materially
from those in any forward‑looking statements include, without
limitation, (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect Coupang’s
business and the price of the common stock of Coupang, (ii) the
impact of the UK pre-packaged administration process (iii) the
failure to satisfy the conditions to the consummation of the
transaction, including the receipt of certain governmental and
regulatory approvals, (iv) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
transaction agreement, (v) the effect of the announcement or
pendency of the transaction on Coupang or Farfetch’s business
relationships, operating results, and business generally, (vi)
risks that the proposed transaction disrupts current Coupang’s
plans and operations and potential difficulties in employee
retention at both companies as a result of the transaction, (vii)
risks related to diverting management’s attention from Coupang’s
ongoing business operations, (viii) the outcome of any legal
proceedings that may be instituted against Coupang or Farfetch
related to the transaction, (ix) the ability of Coupang to
successfully integrate Farfetch’s operations and technology, and
(x) the ability of Coupang to implement its plans, forecasts, and
other expectations with respect to the combined company’s business
after the completion of the proposed acquisition and realize
additional opportunities for growth and innovation; and other
risks, uncertainties and factors relating to Coupang's operations
and financial performance discussed in its filings with the SEC.
For additional information on other potential risks and
uncertainties that could cause actual results to differ from the
results predicted, please see our most recent Annual Report on Form
10-K and subsequent filings. All forward-looking statements in this
press release or related management commentary are based on
information available to Coupang and assumptions and beliefs as of
the date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law. We may not
actually achieve the plans, intentions, or expectations disclosed
in our forward-looking statements, and you should not place undue
reliance on our forward-looking statements.
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Media Contact: Coupang PR press@coupang.com
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