Farfetch acquires New Guards Group
Farfetch has acquired New Guards Group which trades as Off White, a collection of streetwear brands, for a consideration of US $675 million. New Guards was founded in 2015 and currently sells via concessions in the UK at Harrods, Harvey Nichols and Selfridges. It is Farfetch' intention to expand distribution through directly managed stores and web sites under the current New Guards CEO Davide De Giglio and CCO Andrea Grilli.
News of the acquisition saw the Farfetch share price plummet by 40 per cent in New York. Farfetch had announced that whilst its revenues rose to £173.1 million for the second quarter its losses had grown to £74.1 million.