JD.com to Invest USD 397 Million in Farfetch to Expand its Luxury Goods Offering
JD.com announced an investment of USD 397 million in Farfetch to become one of the largest shareholders of this global platform for luxury. Given the size of Farfetch is much smaller than JD.com, we think that the transaction won’t move the needle on our fair value estimate of USD 34 per ADR for no-moat JD.com. The intensive competition in the Chinese e-commerce market is still our key concern on JD.com, and we think that the company is overvalued.We believe JD.com’s partnership with Farfetch s...
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