Richemont Sells Stake in Online Business YNAP to Farfetch
- Deal caps months of talks to create ‘neutral’ luxury portal
- Richemont expects to take charge of 2.7 billion euros on deal
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Swiss luxury conglomerate Richemont sold a stake in its online retail business YNAP to Farfetch Ltd., taking a $2.7 billion hit from its failed effort to attract rival high-end brands to the digital sales platform.
Following months of talks, e-commerce rival Farfetch will acquire 47.5% of YNAP, which includes the Yoox and Net-a-Porter brands, with Richemont retaining 49.3%. After ceding control of YNAP, which has consistently lost money, Richemont will book a non-cash charge of about 2.7 billion euros ($2.7 billion).