Shares of Farfetch (NYSE: FTCH) were plunging 23.6% in afternoon trading on Thursday after the online luxury fashion marketplace filed a business update with the Securities & Exchange Commission.

Farfetch said it will host a Capital Markets Day with financial analysts and institutional investors today that will discuss in greater depth the company's strategic growth plan. Its stock was trading at $6.49 per share at 12:24 p.m. ET as investors expressed disappointment with where management saw the company heading.

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