Ooof!
Shares in Farfetch, the US-listed online fashion retailer, collapsed 50pc the day after they went up 20pc on the story from The Daily Telegraph about the founder's plot to take the company private.
What caused yesterday's collapse in the share price?..
It would appear little old Betaville's former employer, The Daily Telegraph, isn't just interested in takeover stories about the newspaper itself.
Slapped across the front page of today's business section is a scoop about how the founder of US-listed online fashion house Farfetch, Jose Neves, is weighing a take private of the business. Below is a link to the story, which boosted Farfetch's share by around 20pc:..
Farfetch, the US-listed luxury fashion plaftorm, finally announced a deal although it wasn't quite in the form little old Betaville had originally heard.
Effectively, Compagnie Societe Richemont - the Switzerland-listed luxury goods company - is intially folding online fashion retailer Yoox Net-a-Porter into Farfetch and getting an 11pc stake in the online group. Richemont is also writing down EURO 2.7 billion as part of the transaction...
I'm not sure Betaville has ever had a US takeover story confirmed ten minutes after publishing it but that's exactly what happened during today's Markets Live session hosted by my chum Izabella Kaminska, formerly the editor of FT Alphaville, on her https://the-blindspot.com website.
Anyway, I have pasted the link below to today's transcript in case you missed it:..