Why Farfetch Stock Dived by Almost 8% Today
Luxury-goods retail-platform operator Farfetch Limited (NYSE: FTCH) had quite the Memorial Day hangover on Tuesday, with its stock tumbling by almost 8%. Investors weren't happy about an investment the company is making in an old-school peer.
Farfetch and Neiman Marcus Group -- the owner of the storied Neiman Marcus chain of high-end department stores -- announced that the former is making an equity investment in the latter. That investment totals $200 million, which gives Farfetch a minority stake in the retailer. The two companies didn't specify what percentage of Neiman Marcus Group's equity this constitutes.
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Source Fool.com
