In a joint statement, Richemont, Farfetch and Symphony Global, one of Mohamed Alabbar’s investment vehicles, announced changes to the Yoox Net-A-Porter (YNAP) group, which controls luxury e-commerce platform Net-A-Porter. Porter.
The agreement details that the participation of Richemont, a company that owns brands such as Cartier or Montblanc, will be acquired by Farfetch, who will keep 47.5% of the group. Alabbar will retain a 3.2% stake in YNAP, a group that has a global luxury customer base in the order of four million users.
After the sale of 47.5% of the capital of YNAP to Farfetch, Richemont will receive between 53 and 58.5 million class A shares of the company José Neves, expected “to represent between 10 and 11% of the share capital of the company’s shares and 12 to 13% of the issued capital. In addition, Richemont will also receive $250 million on the fifth anniversary of the completion of the initial phase of the transaction. The note details that these 250 million dollars are also expected to be paid through Farfetch shares.
Richemont already had a connection to Farfetch. In November 2020, the company announced a partnership with China’s Alibaba to invest $1.1 billion in Farfetch. From this partnership, the companies gained a combined 25% stake in the operation of the luxury fashion platform in China.
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Source: Observadora
