Neves controls 70% of the voting shares. First act: a few days ago, a well-organized leak raised the rumor of a privatization; the share price jumped 25% in the process.

Second act: yesterday, Farfetch announced that it would not publish its quarterly results; this time, the news caused the share price to fall by 54%.

Clearly, something is up. To fuel this speculation, we note that business jets leased by Richemont and Alibaba have landed in London in recent days...

Two years ago, Farfetch had a market capitalization of over $25 billion. This has now shrunk to less than $400 million, and the stock is now a penny stock.

We remember management's projections, which at the time of the IPO anticipated sales of $3 billion and an EBITDA margin of at least 10% by 2023.

2023 is drawing to a close. Not only have sales targets not been met, but losses have only deepened as the business has expanded.

Last year, the company posted an operating loss - before depreciation and amortization - of $500 million. In public markets, Farfetch's situation is becoming untenable. Privatization therefore seemed inevitable.

A genuine management error: management failed to take advantage of its share price's delirium during the pandemic to carry out a capital increase.