The Swiss Richemont and the luxury group Farfetch extend partnership
As a minority shareholder, Farfetch is investing directly in Yoox Net-A-Porter, with additional investors to be invited to participate. Yoox Net-A-Porter uses Farfetch’s platform solutions to support its ongoing transition to a hybrid 1P / 3P business model. Richemont Maisons is using Farfetch technology to accelerate its new luxury retail developments, according to a Richemont press release.
Richemont Maisons has joined the Farfetch marketplace. In addition to Richemont and Farfetch, other industry players and investors have expressed interest in investing in Yoox Net-A-Porter. The ultimate goal is for Yoox Net-A-Porter to be a neutral platform with no controlling shareholders.
Richemont of Switzerland announced that progress has been made in creating a neutral, industry-wide platform based on the latest omnichannel retail technologies to support the digitization of the luxury industry. In this context, Richemont is in advanced talks with Farfetch to further expand the partnership established last year.
Richemont will continue to work with Farfetch on definitive agreements and will provide an update in due course if appropriate. There is no assurance that the talks will result in final agreements, nor as to the timing or terms of any transaction. Each transaction requires the approval of the relevant antitrust authorities.
Fibre2Fashion News Desk (GK)