Richemont, FARFETCH and Symphony Global, one of the investment vehicles of Mohamed Alabbar, announced a landmark transaction towards the digitalisation of the luxury industry, with the acquisition by FARFETCH and Alabbar of a 47.5% and 3.2% stake respectively in YNAP, and the agreement for Richemont and YNAP each to adopt FARFETCH Platform Solutions.
This represents a significant step in achieving Richemont’s vision of making YNAP a neutral industry-wide platform, and, through a put and call option mechanism, lays a path towards FARFETCH potentially acquiring the remaining shares in YNAP, bringing together these highly complementary businesses.
The partnership also marks a step change in Richemont Maisons’ omnichannel distribution capabilities.
Through this partnership, Richemont and YNAP will leverage FARFETCH’s technology platform to advance their Luxury New Retail programme. YNAP will adopt FARFETCH Platform Solutions to facilitate its shift towards a hybrid retail-marketplace model.
Richemont will adopt FARFETCH Platform Solutions to advance the delivery of the omnichannel strategy of its Maisons, which will also join the FARFETCH Marketplace, boosting, among other categories, FARFETCH’s watches and jewellery offering.
Alex Shishlo for Rough&Polished
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