Coupang Inc (NYSE:CPNG) shares are trading flat at $16.87 Monday morning after the company revealed its intention to acquire Farfetch Ltd (NYSE:FTCH), an online luxury company.
Coupang says this move positions the company as a dominant force in the $400 billion global personal luxury goods market. The merger aims to leverage Coupang's operational efficiency and logistics alongside Farfetch's luxury expertise.
Coupang says this acquisition provides Farfetch access to $500 million in capital, enabling the company to further enhance its technology and expand its reach.
See Also: Why U.S. Steel Shares Are Soaring Today
According to data from Benzinga Pro, CPNG has a 52-week high of $19.99 and a 52-week low of $12.66.