// Richemont announces “further progress” on its partnership with Farfetch
// The advancement puts the two companies on track to creating “a neutral, industry-wide platform”
Richemont has reported “further progress” on the development of its enhanced partnership with online retailer Farfetch.
Richemont, which owns Montblanc, Net-a-Porter and Cartier, said the advancement puts the two companies on track to creating “a neutral, industry-wide platform”.
The partnership will be centred around omnichannel retail technologies and support the digitisation of the luxury industry.
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New discussions regarding the partnership could see the two take further steps into merging, with Richemont Maisons possibly joining the Farfetch marketplace.
The conglomerate could also gain the possibility of utilising Farfetch technology to accelerate it’s ‘Luxury New Retail’ strategy, developed last year as part of the partnership.
Farfetch is considering investing directly in Yoox Net-a-Porter (YNAP) as a minority shareholder, with other investors to be invited to participate.
Richemont stated that there has already been several parties indicating interest in the investment opportunity, with the ultimate goal of the multi-brand retailer becoming a neutral platform with no controlling shareholders.
If agreed, YNAP will be able to leverage Farfetch Platform Solutions to support its ongoing transition to a hybrid first-party/third-party business model.