Farfetch, the British-Portugese online retailer, has said that it is in advanced talks with Swiss luxury goods group Richemont to further enhance their partnership.
The two retail stalwarts are all set to create a neutral, industry-wide platform – built on highly advanced omnichannel retail technologies – to enhance the digitisation of the luxury fashion sector.
The scope of the talks includes Farfetch investing directly in Richemont-owned YOOX NET-A-PORTER as a minority shareholder, with other investors to be invited to participate alongside.
This apart, YOOX NET-A-PORTER will leverage Farfetch Platform Solutions to support its ongoing transition to a hybrid 1P/3P business model.
What else! In addition to Richemont Maisons joining the Farfetch marketplace, the former will leverage Farfetch technology to speed up their luxury new retail developments.
The intent is to make YOOX NET-A-PORTER a neutral platform with no controlling shareholders.
Richemont has, however, confirmed on its website that there can be no certainty that the discussions will lead to definitive agreements, nor as to the timing or terms of any transaction.
Farfetch was founded in 2007 and is a British-Portuguese online luxury fashion retail platform that sells products from more than 700 boutiques and brands worldwide. It is majorly known for its clothes and shoes.
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