Farfetch Ltd. secured a lifeline from e-commerce company Coupang Inc., which agreed to lend $500 million, buy the assets and delist the troubled fashion platform’s shares.

Coupang, which has its roots in South Korea and is backed by SoftBank Group Corp., said it plans to provide bridge loans to Farfetch via a partnership with investment firm Greenoaks Capital Partners. The deal marks the end of a proposed tie-up between Farfetch and Swiss luxury group Richemont.

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