Farfetch has been sold to South Korean e-commerce giant Coupang in a deal that will provide the online luxury giant with $500 million in emergency funding, according to a statement Monday.

The arrangement sees Farfetch narrowly avoid bankruptcy after a slowing luxury market, M&A missteps and high cost of debt imperilled the platforms operations, risking ripple effects for partner boutiques and brands.

But Farfetch’s complex deal with Richemont to acquire a 47.5 percent stake in Yoox-Net-a-Porter, mostly in shares, has been terminated, according to a person with direct knowledge of the matter. Representatives of Richemont did not immediately respond to a request for comment.

Stay tuned to BoF for updates on this developing story.