Farfetch (NYSE: FTCH) stock hit its all-time high of $73.35 last February. But since then, shares of the London-based luxury e-tailer have plummeted in value by nearly 80% to about $8 a share -- or less than half its IPO price of $20.

Farfetch disappointed investors with its slowing growth and ongoing losses, while the post-pandemic slowdown of the e-commerce market, inflation, rising interest rates, and other macro headwinds made it even less attractive. But at 1.4 times this year's sales, has Farfetch finally become a turnaround play for value-seeking investors?

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