Farfetch founder bids to take company private

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.