Richemont has discovered a messy option to unload its struggling e-commerce enterprise Yoox Internet-a-Porter. A brand new partnership with Farfetch offers either side one thing they want, but additionally reveals how weak Richemont’s negotiating place was.
On Wednesday, Compagnie Financière Richemont the Swiss firm behind the Cartier and Van Cleef & Arpels jewellery manufacturers, mentioned it struck a cope with Farfetch and a Center Japanese investor to promote simply over half of YNAP. The transaction will enable Richemont to deconsolidate the enterprise, and will ultimately pave the best way for a full merger of YNAP with Farfetch—a rival luxurious e-commerce enterprise that has grown quicker lately.
