Richemont to sell online retailer stake to Farfetch, takes 2.7 bln euro writedown - Reuters
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5% stake, in exchange for over 50 million Farfetch shares.
The estimated write-down could fluctuate, depending on the listed price of Farfetch shares and exchange rates, Richemont added.
Farfetch shares lost 60% over the past six months, and it missed first quarter sales expectations due to business disruptions from lockdowns in China as well as a loss of sales in Russia.
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