Farfetch, the Internet platform for luxury goods, is cleared by the European Commission to acquire a 47.5 percent equity stake in Yoox Net-A-Porter (YNAP) in exchange for Farfetch Class A ordinary shares going to Richemont, a publicly traded company on the Swiss Exchange that operates three luxury business units. Yoox, an online luxury and fashion retail business consisting of Net-a-Porter, Mr Porter, The Outnet and Yook, currently has 5.3 million customers across 180 countries.
Meanwhile, the partnership between Farfetch and Richemont also involves the acquisition of Symphony Global, the adoption of YNAP and the Richemont Maisons of Farfetch Platform Solutions and the launch of e-concession on the Farfetch Marketplace.
Richemont and Farfetch are said to be working on several conditions to complete the transaction, with a further announcement with additional details to come.
