Online luxury marketplace Farfetch Ltd. agreed to take a significant stake in rival e-commerce platform Yoox Net-a-Porter Group SpA, consolidating a lead it has built in digital luxury sales.
Farfetch said it agreed to buy 47.5% of YNAP from Compagnie Financière Richemont SA, the owner of luxury jewelry lines such as Cartier, with an option to buy the remainder of Richemont’s stake. As part of the deal, Richemont said it had also sold a 3.2% stake in YNAP to Symphony Global LLC, an Emirati investment company.