SFRGF - Farfetch shares fueled higher on Ferragamo partnership

Online luxury retailer Farfetch ( NYSE: FTCH ) stock surged on Thursday after the announcement of a new partnership with Italian high-end fashion designer Salvatore Ferragamo ( OTCPK:SFRGY ).

The new agreement is aimed at boosting digital capabilities for the storied Italian retailer which is seeking to promote a “digital and omnichannel strategy” via Farfetch’s platform.

“We are absolutely delighted to be working with Ferragamo on their digital transformation,” Farfetch ( FTCH ) CEO José Neves said. “Ferragamo has a wonderful heritage of creativity and craftsmanship and I am hugely excited about the opportunity to take it to a unique new audience globally.”

Shares of Farfetch ( FTCH ) jumped 5.46% on Thursday while Ferragamo ( OTCPK:SFRGY ) stock rose 3.31% .

Read more on the week’s rally for consumer discretionary stocks .

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