(Reuters) -Online luxury retailer Farfetch’s founder José Neves is looking to take the company private after a troubled New York Stock Exchange listing, the Telegraph reported on Tuesday.
Neves is said to be working with advisers at JPMorgan, the report said, adding that he retains a 15% stake but holds 77% of the voting rights through a dual-class share structure.
Shares of the company edged 20% higher following the news. The stock has fallen about 64% so far this year.
The move is believed to have the tentative backing of major backers including Chinese e-commerce giant Alibaba and Swiss luxury conglomerate Richemont, the report added.
Farfetch did not immediately respond to a Reuters request for comment.
(Reporting by Juveria Tabassum and Annett Mary Manoj; Editing by Maju Samuel and Shilpi Majumdar)
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