Farfetch Limited (NYSE:FTCH) is in talks with several parties including Apollo Global Management (NYSE:APO) about securing new financing, according to a report from Sky News.
Sources told the media outlet that Apollo is one of several firms speaking with the company and that a deal was far from certain to be reached.
It was not clear whether funds would be provided as debt or equity, the sources said.
Farfetch told Reuters it had “no comment” on the report.
The news comes two weeks after reports that Farfetch founder Jose Neves was negotiating with shareholders about taking the struggling luxury fashion eCommerce platform private, but major investor Cartier-owner Richemont said it would invest any additional cash.
The company reportedly needs to raise up to $500 million to stay afloat.
Once valued at $23 billion, Farfetch had a market capitalization of about $221 million at Tuesday’s market close.
Its shares traded up on the news of the potential rescue deal, adding 16.8% at US$0.73 on Wednesday afternoon.