An online luxury retailer that had more than $2 billion wiped off its market value last week faces more problems as it emerged that five US law firms are preparing class action suits.
Farfetch, founded in 2007 by José Neves, a Portuguese entrepreneur, is one of London’s most celebrated technology start-ups. Its online marketplace connects fashion shoppers with luxury boutiques around the world. The business floated in New York last September in a $5 billion listing, but less than a year later the shares have crashed to half the flotation price.
