Swiss luxury group Richemont has given up control of online fashion retailer Yoox Net-a-Porter four years after its £4.6billion takeover.
The conglomerate behind Cartier and Montblanc sold 51 per cent of loss-making Yoox Net-a-Porter to London rival Farfetch and Dubai businessman Mohamed Alabbar.
Farfetch, which stocks brands including Alexander McQueen and Prada, has the option to buy the rest over the next five years.
Dumped: Cartier and Montblanc owner Richemont has sold 51% of Yoox Net A Porter to its London rival Farfetch and Dubai businessman Mohamed Alabba
The sale paves the way for the creation of a ‘neutral’ online marketplace for luxury brands, something Richemont has been pushing for since 2015.
Some of Richemont’s brands, which also include Van Cleef & Arpels and Roger Dubuis, will be sold on Farfetch’s website.
Yoox Net-a-Porter formed in a 2015 merger of Italian Yoox with Britain’s Net-a-Porter, and will adopt Farfetch tech, a boost for the online retailer which has struggled to keep its own platform up to date.
Yoox Net-a-Porter sells clothing and accessories through two internet shops. It and Farfetch make up around 10 per cent of luxury online sales.
Richemont’s sale comes with an expected £2.3billion hit against what it paid four years ago.
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