nov 19 reuters  shares of farfetch ltd ftchn plunged 22 on friday and were set to post their biggest percentage drop in more than two years after the online luxury retailer cut a key growth forecast blaming cooling demand for highend fashion farfetch which sells everything from fendi belts to versace shirts said it had overestimated how strong demand would be during the third quarter our results fell short of our forecast as the extraordinary full price growth rates we had seen through the first part of the quarter shifted to what were still very high levels but lower than what we had seen exiting q2 and during the first part of q3 chief executive officer jose neves said most luxury goods companies have reported big jumps in quarterly sales over the last few weeks helped by a rebound in demand after coronavirusled restrictions were eased farfetch reported gross merchandise value gmv growth an ecommerce measure of transaction volumes of about 23 below its earlier forecast for a 30 growth it lowered its fullyear gmv growth forecast to about 33 from 35 to 40 earlier the londonbased retailer also reported a biggerthanexpected quarterly loss citing higher shipping costs and investments into new marketing methods to counter changes in apple incs aaplo privacy policy that have limited advertisers ability to attract new customers jp morgan cut its price target by 2 to 51 saying the companys shares will likely be in the the penalty box for a little while however the brokerage was optimistic about demand improving in the holiday quarter farfetchs shares fell to 3550 in premarket trading and were set to give up all the gains made since nov 12 when the company said it was in talks with cartierowner richemont cfrs about buying a minority stake in richemonts online business read more reporting by uday sampath in bengaluru editing by amy caren daniel