9: Richemont and Farfetch announced their long-awaited deal to create a super-platform for fashion and luxury brands and to rev up the online businesses of brands including Cartier, vancleefarpels, and chloefashion.
“It was never Richemont’s dream, or intention, to own an online business,” said Rupert, adding that the luxury group originally took full control of YNAP because its former shareholders had wanted to sell their stakes.
Luca Solca of Bernstein said the alliance was a boon for Platform Solutions, which has become the backbone of the Farfetch business. RBC Europe described the deal as “long-awaited” and “positive from Richemont’s perspective” in terms of earnings before interest and taxes margin gains. “It also enables the Richemont portfolio to return to a pureplay luxury group,” which the bank said could increase the value of its shares in relation to competitors such as LVMH Moët Hennessy Louis Vuitton and Hermès International.
The deal with Farfetch is multilayered and will take years to play out. The partners are awaiting antitrust approval, which is expected to take up to one year. The initial stage is expected to complete before the end of calendar year 2023. But getting out of YNAP didn’t have its financial consequences for Richemont. In its fiscal first half ended Sept. 30, Richemont booked a 2.9 billion euro loss from discontinued operations following a 2.7 billion euro, noncash writedown of YNAP net assets.
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