Farfetch has found a rescuer. And who is it? Step forward Coupang, the Fortune 200 company listed on the New York Stock Exchange that’s one of the largest retailers in the world.

It has announced plans to acquire the “business and assets of Farfetch Holdings plc” that will position it “as a leader in the $400 billion global personal luxury goods segment”.

And for those who haven’t heard of it, Coupang is the dominant e-tail player in South Korea (one of the biggest e-tail markets globally). It also has a payments unit and a restaurant delivery business.

Greenoaks, a major global investment firm, also “brought substantial financial expertise to the transaction and is Coupang’s investment partner in this acquisition”.

Coupang said its “operational excellence and innovative logistics combined with Farfetch’s leading role in the luxury ecosystem will drive exceptional experiences for customers, boutiques, and brands across the world”.

And it added that it’s “uniquely positioned to unlock Farfetch’s tremendous value for the vast personal luxury goods segment in South Korea, which has the world’s highest per-capita spending on personal luxury goods.

The agreement gives Farfetch “access to $500 million of capital to continue providing exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers around the globe”.

Bom Kim, founder and CEO of Coupang said its new acquisition is “a landmark of the luxury landscape and has been a transformative force in demonstrating that online luxury is the future of luxury retail. Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company. We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere.”

And José Neves, Farfetch’s own founder and CEO, added: “Coupang’s proven track record and deep experience in revolutionising commerce will enable us to deliver exceptional service for our brand and boutique partners, as well as for our millions of customers around the world. We are thrilled to be partnering with such a respected Fortune 200 company that is committed to investing in innovations that transform all aspects of the customer experience with Farfetch.”

The rescue came after Farfetch came close to running out of money and its shares plummeted. The company had struggled in the face of the luxury and e-tail downturn and its own diversification.

We don’t have answers yet to some questions. They include whether Neves will stay on long term (although there’s no suggestion he won’t), where Farfetch will eventually be headquartered, and whether that process to “rededicate itself to providing the most elevated experience for the world’s most exclusive brands” means it will sell off assets such as New Guards Group and Browns.

Plus there was the issue of where this left its YNAP deal with Richemont. We now know the answer to that one as Richemont has issued a release saying the deal is off.

As for the rest of the questions, of course, it could all be ‘business as usual’, but the release announcing the Coupang link-up didn’t go into such details. We’ll just have to wait and see.