The European Commission has unconditionally cleared the acquisition by Farfetch of a 47.5% stake in Yoox Net-A-Porter (YNAP) in exchange for the issuance of Farfetch Class A ordinary shares to Richemont.
The European Commission was the last regulatory authority required to provide clearance.
The partnership between Farfetch and Richemont also involves:
- the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, making YNAP a neutral online platform for the luxury industry;
- the adoption by YNAP and the Richemont Maisons of FarfetchPlatform Solutions and;
- the launch of e-concessions on the Farfetch marketplace by most Richemont Maisons.
The company said the completion of the deal remains subject to certain other conditions that Richemont and Farfetch are working towards fulfilling.
“A further announcement will be made in due course,” it added.
Other industry players and investors have already indicated their interest in investing in YNAP alongside Richemont and Farfetch.
The ultimate objective is for YNAP to be a neutral platform, with no controlling shareholders.
YNAP is a leading online luxury and fashion retail business. Made up of four multi-brand online stores, NET-A-PORTER, MR PORTER, THE OUTNET and YOOX, it connects customers to the world’s most coveted brands, bringing them outstanding style and impeccable service.
In addition, YOOX NET-A-PORTER’s ONLINE FLAGSHIP STORES partner with world leading luxury brands to power their own e-commerce destinations.
With 5.3 million customers in 180 countries, YOOX NET-A-PORTER takes a localised approach to serving its clientele around the globe through its network of offices and operations across the U.S., Europe, APAC and joint ventures with Alibaba in China and Symphony Investments in the Middle East.
Across its operations is YOOX NET A PORTER’s Infinity 2030 strategy, its long-term commitment to drive a more sustainable and circular fashion system. Leveraging more than 20 years of data and insights, YOOX NET-A-PORTER continues to embrace next generation technologies including A.I., augmented reality and digital ID to evolve and elevate the customer journey.
Farfetch is a leading global platform for the luxury fashion industry.
Founded in 2007 by José Neves for the love of fashion, and launched in 2008, Farfetch began as an e-commerce marketplace for luxury boutiques around the world.
Today, the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques and department stores, delivering a truly distinctive shopping experience and access to the most extensive selection of luxury on a global platform. Farfetch’s additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards
Group, a platform for the development of global fashion brands. Farfetch offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New
Retail initiative also encompasses Farfetch Platform Solutions, which services enterprise clients with e-commerce and technology capabilities, and Future Retail, which develops innovations such as our Connected Retail solutions.
