Why Farfetch Stock Popped Today
Shares of Farfetch (NYSE: FTCH) were gaining today on a down day for tech stocks. The catalyst appeared to be good news out of China as the government announced plans to get rid of its quarantine rule for inbound travelers. It was the latest step by Beijing to end its Zero-COVID-19 policy, reopening the economy and giving a boost to Chinese stocks.
As a result, the stock finished the day up 10.1%.
China is Farfetch's second-largest market, and the luxury fashion platform sees China as its most important growth market. It's teamed up with Alibaba and Richemont in China, giving it the reach of Alibaba's Tmall. In its annual report, it said that China is expected to become the largest luxury market in the world by 2025, worth more than $100 billion in annual sales.
Source Fool.com
