The e-commerce giant is seeking a cash injection to avert a collapse that could send shockwaves across the fashion industry. So far nobody has come to the table and time is running out, but founder Jose Neves may yet have a move up his sleeve.
The luxury marketplace had hoped to take a “leading position” in the space when it launched cosmetics, skin care and hair care in April 2022 but found it harder than expected to attract shoppers.
Amid a fast-shifting luxury e-commerce landscape, it appears the stakes have only risen for all the players involved in the deal — adding a new layer of urgency that things go off without a hitch.
The Swiss luxury group is spinning off Yoox Net-a-Porter in a joint venture with fashion platform Farfetch. What does it mean for Richemont, Farfetch, YNAP and the luxury industry at large? BoF dissects the deal.
The Swiss group will sell an additional 3.2 percent to Symphony Global, leaving YNAP without a controlling shareholder. The deal paves the way for Farfetch to potentially take control of the loss-making e-tailer, the companies said.