ZURICH (Reuters) – The luxury group Richemont, owner of Cartier, announced on Monday the abandonment of its plan to sell part of its online fashion and accessories business Yoox Net-A-Porter (YNAP) to online luxury retailer Farfetch.
The move comes after South Korean e-commerce giant Coupang said earlier Monday it plans to buy Farfetch.
Richemont reached an agreement last year to sell an initial 47.5% stake in YNAP to Farfetch.
The agreement also provided for Dubai Mall developer Mohamed Alabbar to take a 3.2% stake in Farfetch through his Symphony Global investment vehicle.
“Due to the proposed transaction announced by Farfetch on December 18, 2023, the agreements announced in August 2022 cannot be completed,” Richemont said on Monday.
“As a result, Richemont, Farfetch and Symphony Global, one of Mr. Mohamed Alabbar’s investment vehicles, terminated the agreements.”
Richemont says it will reevaluate options for YNAP “to best exploit its strengths and potential under new leadership.”
(Reporting John Revill, Blandine Hénault for the )
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