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Tinuku ~ pays US$397 million for e-commerce stock of luxury fashion provider Farfetch. China's technology giant has bought shares, a London-based e-commerce service displaying luxury fashion, marking an international acquisition portfolio for the mainland Chinese market as the second-largest private luxury shareholding in the world.

Tinuku bought shares for $397 million

The two companies announced the strategic policy on Thursday and said the partnership as a means to expand the estimated market share of US$80 billion for the luxury goods segment of consumers in mainland China.

"Luxury is our main part, we do not find a stronger online partner than Farfetch to extend our lead in fighting for the future of high-end consumers in China," said Richard Liu Qiangdong, chairman and chief executive of bought shares for $397 million

Farfetch was founded by José Neves in 2008 and has partnered directly with over 700 luxury fashion brands and boutiques in the online marketplace. The company sells about 1 million to customers in over 190 countries and regions.

In 2016, Farfetch reported gross sales of US$800 million by running nine local e-commerce sites covering mainland China, South Korea and Japan. The company last raised funding of the F Series in May 20017 led by Temasek Holdings, IDG Capital Partners and Eurazeo for US$110 million.


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