richemont to sell ynap stake to farfetch and alabbar

Richemont to sell YNAP stake to Farfetch and Alabbar

Sumary of Richemont to sell YNAP stake to Farfetch and Alabbar:

  • Johann Rupert, chairman of Richemont, said: Today’s statement is a momentous step towards the realisation of an imagination I first voiced in 2015 of make a private, objective online platform for the luxury industry that would be highly attractive to both luxury names and their discerning person.
  • 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 announcement.
  • Luxury conglomerate Richemont has confirmed that it is selling its share 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.
  • Richemont said that the Farfetch platform was well-positioned to deliver end-to-end abilities for the luxury industry, and envisions further cooperation on progressive technology solutions will be made available to luxury names and merchants to meet the increasing omnichannel requires of the luxury customer.

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