The South Korean e-commerce firm Coupang has saved Farfetch from potential bankruptcy, and could use its logistical and marketing might to solve some of the luxury e-tailer’s seemingly intractable problems. But “everything stores” have a spotty track record when it comes to high-end retail.

Return rates are set to soar this holiday, despite slower sales growth, putting brands’ returns management playbooks to the ultimate test.

The deal provides the online luxury giant with $500 million in emergency funding. A complex transaction that would have seen Farfetch acquire a 47.5 percent stake in Yoox-Net-a-Porter from Richemont is dead.

Farfetch is in discussions with a liquidity provider to secure $500 million in emergency funding, in a deal that would also take the company private and wipe out shareholders, according to a report from The Sunday Times.

Reports of financial strain at Farfetch amid a stalled deal with YNAP has driven confidence in multi-brand e-commerce to all-time lows. With value propositions eroding and investment drying up, a way forward remains unclear.

Stòffa’s made-to-measure menswear has cultivated a devoted, influential following. Now, the brand is betting that its forthcoming flagship retail store is its next step on the long path to building a legacy luxury label.

The e-commerce giant is seeking a cash injection to avert a collapse that could send shockwaves across the fashion industry. So far nobody has come to the table and time is running out, but founder Jose Neves may yet have a move up his sleeve.

The luxury e-tailer could be the latest e-commerce firm to go private amid its worst year as a public company. But Farfetch’s much scrutinised lack of focus could persist outside the public market.