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Alibaba looking to invest in online fashion retailer Farfetch - The Information

·1-min read

(Reuters) - Alibaba Group Holding Ltd <9988.HK> is in advanced talks to invest nearly $300 million in online luxury fashion retailer Farfetch Ltd <FTCH.N>, the Information reported on Monday, citing people familiar with the matter.

Shares of London-based Farfetch jumped about 16% to $32.59 following the news.

The two companies are also in talks to create a Chinese joint venture, the report said, adding that Cartier-owner Richemont, which has teamed up with Alibaba to create mobile applications, is also considering investing in Farfetch alongside the Chinese e-commerce giant.

Both Farfetch and Alibaba were not immediately available for a comment.

Farfetch, which counts Alibaba's competitors JD.com <9618.HK> and Tencent Holdings Ltd <0700.HK> among its investors, has been betting on China's burgeoning online luxury goods world. Chinese consumers make up a third of luxury goods purchases worldwide.

Terms of the current and past deals with Tencent and JD would not prevent Alibaba from investing in Farfetch, the Information said, citing a source.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)