Nov 28 (Reuters) - José Neves, the founder of online luxury retailer Farfetch (FTCH.N), has expressed his intention to take the company private following a challenging initial public offering (IPO) on the New York Stock Exchange (NYSE), according to a report from the Telegraph on Tuesday.

Neves, who launched Farfetch in 2007, has reportedly considered the decision to privatize the company as a potential solution to its struggles since going public. The move comes as Farfetch's stock performance has been far from stellar, raising concerns among investors.

The luxury fashion house, known for its curated selection of high-end brands, made its debut on the NYSE in September 2018 amid much anticipation. However, the company has faced difficulties in maintaining a strong market presence since then.

The Telegraph's report highlights that Neves, who currently holds a significant stake in Farfetch, sees the privatization as an opportunity to take greater control over the company's direction and strategy. By going private, he aims to address the challenges that have hindered Farfetch's progress as a publicly listed company.

The decision to take Farfetch private is likely driven by concerns over the company's share price performance and the potential impact of market volatility on its valuation. Going private would allow Neves to reposition and restructure Farfetch, potentially addressing the issues that have limited its growth in the public market.

Despite the challenges faced by Farfetch in the past year, the company still holds a strong position in the online luxury retail industry. Its e-commerce platform has gained popularity among fashion-forward consumers, offering access to a wide array of designer apparel and accessories.

As of now, it remains unclear how Neves plans to execute the privatization of Farfetch. The process typically involves securing the necessary financing to buy back shares from existing investors and delisting the company from the stock exchange. Details regarding the potential timeline for the privatization have yet to be revealed.

Farfetch's troubled NYSE listing and subsequent plans to go private sheds light on the obstacles that online fashion retailers face in the competitive luxury market. Neves' decision reflects his commitment to overcoming these challenges and steering Farfetch towards a more promising future.

As the company ventures into the private realm, stakeholders and investors will closely watch for further updates on how Farfetch plans to navigate this transition and recapture its previous momentum in the ever-evolving fashion industry.

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