Richemont found a messy way to unload the struggling e-commerce business Yoox Net-a-Porter. A new partnership with Farfetch gives both sides what they need, but also shows how weak Richemont’s negotiating position is.
On Wednesday, Compagnie Financière Richemont The Swiss company behind jewelry brands Cartier and Van Cleef & Arpels, said it signed an agreement with Farfetch and a Middle Eastern investor to sell just over half of YNAP. This transaction will allow Richemont to consolidate its business and could eventually pave the way for a full merger of YNAP with Farfetch – a rival luxury e-commerce business that has grown faster over the years. recently.