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Fashion: Richemont sells over 50% of Ynap to Farfetch and Alabbar

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Euro splash, now worth less than a dollar (ANSA)

(ANSA) – MILAN, AUGUST 24 – Richemont has sold over 50% of Yoox Net to Porter (Ynap) to the Farfetch online platform (47.5%) and to an investment vehicle headed by the Emirati billionaire Mohamed Alabbar (3 ,2%). This is stated in a note indicating that Richemont and Farfetch will have put options and buy options respectively for the sale of the entire stake under certain conditions.

Richemont will receive in exchange between 53 and 58.5 million Farfetch shares, equal to approximately 10/11% of the capital. According to Johann Rupert, president of Richemont, this is an “important step towards realizing the dream of creating an independent and neutral online platform for the luxury industry that is highly attractive to both brands and customers.”

“If we want to control our destiny and protect the unique character of the luxury industry – he added – we need to collaborate, because the commitment is too great for a single entity” and “Farfetch’s sophisticated technology” will allow Richemont to “benefit from the best tool on the market”, for online sales. As a Farfetch partner, Richemont will then help build the “perfect platform for the future” to “make the luxury industry flourish in a growing digital economy.”

Farfetch founder and president José Neves spoke of the “digitization of luxury”, explaining that “this significant partnership will make our company a pre-eminent global luxury platform”. “I am sure – echoed Mohamed Alabbar, founder and president of Symphony Global – that our deep knowledge of the Middle Eastern luxury market, with its technological and influential customers, will make Ynap great for years to come”. (HANDLE).

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Source: Ansa

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