Richemont Has Sold 50.7% Of Its Yoox-Net-a-Porter Stake to Farfetch, Symphony Global
Giving Farfetch the opportunity to acquire the remaining shares.
French luxury conglomerate Richemont has officially sold its controlling 50.7% stake in Yoox-Net-a-Porter to Farfetch and Symphony Global. The latest deal now gives the e-commerce platform Farfetch the ability to acquire the remaining shares.
Business of Fashion has reported that Farfetch will acquire 47.5% from Richemont while Symphony Global, which is an investment company led by real estate mogul Mohamed Alabbar, will acquire the remaining 3.2% stake in YNAP. In a statement, Farfetch CEO Jose Neves said,
“This investment and work we will do with Farfetch Platform Solutions for YNAP will pave the way to a potential acquisition by Farfetch, which would create a complementary portfolio of iconic luxury destinations, appealing to different demographics, price points and regions.”
With the new agreement, YNAP no longer has a controlling stakeholder. Back in 2018, Richemont acquired a 95% controlling stake on the e-tailer. Now, with less than 50% stake, it will allow the luxury company to de-consolidate the loss-making YNAP. The deal also ignites a new partnership which will see Richemont brands adopt Farfetch’s technology to progress its digital strategy.
Elsewhere in fashion, Japanese basketball brand ballaholic links up with ASICS on a new capsule collection.
