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Farfetch buys 47.5% of Italian online retailer YNAP

Farfetch buys 47.5% of Italian online retailer YNAP
Dinheiro Vivo · 29 Aug 2022
The luxury goods marketplace created by Portuguese José Neves has closed the acquisition of 47.5% of YNAP from Swiss firm Richemont.

Farfetch has closed the purchase of 47.5% of online luxury goods retailer YOOX Net-A-Porter (YNAP) from Richemont. According to Reuters, the sale will represent a loss of 2.7 billion on the accumulated of all the businesses of Richemont, which is also responsible for manufacturing Cartier jewellery.

The deal had been under negotiation for months after Richemont gave up plans to create its own online platform in 2021. In addition to the Farfetch deal, Richemont has also agreed to sell 3.2% of YNAP to Symphony Global, the investment company of UAE businessman Mohamed Alabbar (he was one of the driving forces behind the iconic Burj Khalifa in Dubai).

In this way, Richemont is giving up half of YNAP, sharing the costs of the online platform with Farfetch and Alabbar, who may buy more YNAP shares in the future.

At the end of March, at the time of Richemont's accounts for fiscal 2021-2022, YNAP recorded operating losses of €210 million.