Farfetch Will purchase a participation of 47,5% of Yoox Net-to-Porter (YNAP), whereas Symphony Gloval will do with a 3,2 percent ofthe same . The agreement leaves to Yoox-Net to-Porter without a majority shareholder and allana the way so that Farfetch purchase potentially the remaining actions of YNAP.
By means of this agreement, the own marks of Richemont will adopt the technology of solutions for the platform. Between the signatures that will purchase this new technology find Cartier, Chloé, Montblanc and AZ Factory between others.
José Neves signalled that thanks to these agreements will be able to achieve a complementary wallet of destinations of iconic luxury: "Andsta investment and work that will do with Farfetch Platform Solutions for YNAP will smooth the way for a possible acquisition by part of Farfetch, what would create a complementary wallet of destinations of iconic luxury, appeals for different demographic groups, prices and regions."
This operation approaches to Farfetch to turn into the world-wide platform of the luxury, as it advanced José Neves. The last results of the last quarter for Farfetch inform that the gross value of the market for the company increased in 1,3% with regard to the past year. Besides, as it advances Forbes, his income grew 10,7% in sight to the same period of the previous year. The expectations of Neves in this new agreement is that Farfetch was "the perfect convergence of the shopping of luxury". On the other hand, the president of Richemont, flattered the technology of Farfetch of which will be able to benefit the Swiss company and that will allow him do reality the vision of the 'Luxury NewRetail '.
Another of the important appearances that develops the agreement is that Richemont will have a giant point of sale to arrive to the customers, that will allow to promote the offer of clocks and jewels of Farfetch.
YNAP Will remain free of debts and will not be the majority shareholder
Besides, YNAP will remain free of debts and will have almost 300 million dollars in cash, whereas Richemont "will put to disposal, during a maximum of 10 years, a line of credit engaged by 450 million dollars that YNAP will be able to use freely, subject to some conditions".
"The announcement of today is an important step to the realisation of a dream that expressed for the first time in 2015 to build an independent digital platform and neutral for the industry of the luxury that resulted very attractive so much for the marks of luxury as for his demanding clientele. Already then we knew that if we wanted to control our own destination and protect the singularity of the industry of the luxury in his process of digitalisation, would have to collaborate, since the task was too big to undertake it in solitary", explained Johann Rupert, the one who is the president of Richemont.