Swiss luxury goods group Richemont has confirmed that it is selling its stake in Yoox Net-A-Porter (YNAP) to British-Portugese online luxury fashion retail platform Farfetch.
As per media reports, Richemont has said that Farfetch will buy 47.5 per cent in YNAP, while Symphony Global will acquire 3.2 per cent.
That would leave YNAP as a neutral platform with no controlling shareholder.
The deal has also laid the path towards Farfetch potentially taking the remaining shares in YNAP through a put and call option mechanism, wherein sellers and buyers get an option to complete the deal at a later date for a given price under certain circumstances.
The deal would enable YNAP to adopt Farfetch’s technology platform, Farfetch Platform Solutions, to facilitate its shift towards a hybrid retail-marketplace model.
The Swiss luxury retail group has said it will use Farfetch’s technology platform to advance the delivery of its omnichannel strategies for its brands, which will also join the Farfetch Marketplace.
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.
