Embattled London-based online luxury platform Farfetch has been rescued by South Korea’s Coupang for US$500 million. Report by ILM.

According to media reports the complex transaction that would have seen Farfetch acquire a 47.5% stake in Yoox-Net-a-Porter from Richmont is no longer on the table. The deal results in Farfetch receiving $500 million of emergency funding as it needed fresh funding before Christmas to stave off bankruptcy. AlixPartners had been lined up as administrators before the deal with Coupang was announced on December 18.

Farfetch is a marketplace that connects high-end consumers and it has more than four million active users with luxury boutiques around the world.

Under the tie-up, the South Korean retailer will inject US$500m of emergency cash into Farfetch, supported by investment firm Greenoaks. It means Farfetch will avoid a collapse, having been on the verge of bankruptcy. Founder and Chief Executive Jose Neves had been locked in talks to find a saviour for the business over the past month.