Reuters Online luxury retailer Farfetch is in talks with Apollo Global Management to secure emergency funding to shore up its finances, a person familiar with the matter said.

Shares of the retailer rose as much as 24 in afternoon trading. Its market capitalization stood at about 220.9 million as of last close, according to LSEG data.

The talks were reported earlier on Wednesday by Sky News.

Farfetch is in discussions with several parties on securing new financing and Apollo was only one of several firms in discussion, the person said.

Farfetch declined to comment. Apollo did not immediately respond to a request for comment.

The person familiar with the matter indicated it was unclear whether the new capital would be provided as debt or equity, or a combination of the two, and that a deal was far from certain.

On Tuesday, Moody39;s downgraded the company39;s credit rating deeper into junk territory and put it on review for a further cut, citing its deteriorating financial position.

In November, the Telegraph first reported Farfetch founder and CEO Jose Neves was in talks with top shareholders, including Cartier owner Richemont, to take the company private.

However, Richemont said it would not inject any cash into the retailer.

Founded in 2007, Londonbased Farfetch debuted on the New York Stock Exchange in September 2018 and has had a tumultuous time since its listing, grappling with weakening demand in the U.S. and China.

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