richemont sells ynap stake to farfetch and alabbar

Richemont sells YNAP stake to Farfetch and Alabbar

Sumary of Richemont sells YNAP stake to Farfetch and Alabbar:

  • Richemont said that the Farfetch platform was well-positioned to dispatch end-to-end abilities for the luxury industry, and envisions further collaboration on progressive technology solutions will be made available to luxury names and merchants to meet the increasing omnichannel demands of the luxury customer.
  • Johann Rupert, chairman of Richemont, said: Today’s announcement is a significant step towards the realisation of a dream I first express in 2015 of make an independent, objective online platform for the luxury industry that would be highly bewitching to both luxury names and their discerning clientele.
  • Luxury rock Richemont has confirmed that it is trade its stake in online fashion retailer Yoox Net-A-Porter (YNAP) to Farfetch and Alabbar, while also publish its names and YNAP will be switching to Farfetch Platform Solutions as part of its Luxury New Retail vision.
  • Farfetch and Alabbar acquire stakes in Yoox Net-A-Porter The luxury giant, which owns names including Cartier, IWC and Van Cleef & Arpels, said the business will also allow Richemont and YNAP to leverage Farfetch’s technology platform to advance its Luxury New Retail programme.

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