Richemont, FARFETCH and Mohamed Alabbar’s Symphony Global have announced a “landmark transaction towards the digitalisation of the luxury industry,” according to Rough & Polished.
FARFETCH and Alabbar have purchased a 47.5% and 3.2% stake respectively in YNAP, and have struck an agreement for Richemont and YNAP each to adopt FARFETCH Platform Solutions.
According to the report, through this partnership, Richemont and YNAP “will leverage FARFETCH’s technology platform to advance their Luxury New Retail programme […] Richemontwill adopt FARFETCH Platform Solutions to advance the delivery of the omnichannel strategy of its Maisons, which will also join the FARFETCH Marketplace, boosting, among other categories, FARFETCH’s watches and jewelry offering.”
