PETA buys Farfetch shares to increase anti-fur pressure
Farfetch’s IPO seems to have been a success with its shares opening around 35% higher than their offer price on Friday. And while such investor enthusiasm can wane after the initial burst of interest in headline-grabbbing IPOs, one new shareholder in the firm looks set to be in it for the long term. PETA said Monday that its US arm has acquired shares in the luxury e-tailer as the “stock purchase allows the group to push the luxury retailer to ditch fur.”
Its purchase of the shares will allow it to attend the company's annual meetings and “officially urge it to end the sale of fur garments” on its website.
“The fur industry is headed for the history books, as modern, high-end designers are saying no to pelts and yes to beautiful and innovative vegan fabrics,” said PETA Director of Corporate Projects Yvonne Taylor. “PETA US is taking the campaign straight to [Farfetch’s] boardroom and demanding a ban on fur sales.”
While Farfetch includes fur products on its website and celebrity designer Karl Lagerfeld recently defended its use, the trend is moving against fur. A number of high-profile labels, including Gucci, have publicly ditched it in recent periods, while Yoox-Net-A-Porter has also banned it and consumer opinion is turning against it.
PETA cited opinion polls that show “95% of Britons would never wear real fur.” It added: “As top designers including Vivienne Westwood, Versace, Gucci, Stella McCartney, and, most recently, Burberry all have policies against using it in their collections, there's no excuse for Farfetch to continue to allow unscrupulous labels to peddle cruelty on its site.”
The pressure group didn’t say how many Farfetch shares it has acquired, nor the price it paid. But it did say that it has met with Farfetch executives in the past to discuss the fur issue.
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