Cartier-jewellery owner Richemont said on Wednesday that it was “carefully monitoring” the situation after Farfetch’s founder said he was considering taking the online luxury retailer private. Photo: Reuters
Cartier-jewellery owner Richemont said on Wednesday that it was “carefully monitoring” the situation after Farfetch’s founder said he was considering taking the online luxury retailer private.
Richemont, which also owns several Swiss watch brands, said it had no financial obligation to Farfetch and did not envisage lending or investing into the company.
“Richemont is carefully monitoring the situation, including reviewing its options in respect of its arrangements with Farfetch, announced on 24 August 2022, which remain subject to certain terms and outstanding conditions,” the company said.
Last year, Richemont agreed to sell a 47.5% stake in its Yoox Net-A-Porter (YNAP) fashion and accessories business to the US-listed company, with an arrangement in place where Farfetch could also acquire the rest of YNAP.
Richemont’s brands, which also include watchmakers IWC and Jaeger-LeCoultre, have been working on transferring their online businesses to Farfetch’s technology.
But financial troubles at Farfetch, whose share price has dropped steeply in recent months, have raised questions about the deal, which was recently cleared by European authorities, the last regulatory approval needed.
Richemont said on Wednesday that neither its divisions nor YNAP had adopted Farfetch’s platforms, and continued to operate via their own platforms.
REUTERS
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