News

Luxury Group Richemont Withdraws Planned Transaction with Farfetch

1 Mins read

Luxury group Richemont has announced that it will not be proceeding with a planned transaction involving its Yoox Net-A-Porter platform and Farfetch. As a result, the company expects to incur losses on convertible senior notes that were previously issued by Farfetch.

This decision comes in light of the recent news that Coupang, a South Korean e-commerce company, is acquiring Farfetch’s business and assets. Last year, Richemont and Farfetch reached an agreement in which Richemont would divest nearly half of its e-commerce business, YNAP, in exchange for a minority stake in Farfetch and access to its platforms.

Richemont confirmed on Monday that it does not anticipate repayment of the $300 million convertible senior notes issued by Farfetch to the company in November 2020. As of November 30, 2023, the carrying value of these notes in Richemont’s accounts stood at EUR218 million.

Despite this setback, both Richemont and YNAP will continue to operate independently on their respective platforms. The company stated that it will re-evaluate its options for the sale of its e-commerce business.

Related posts
News

Dogecoin (DOGE) Realized Profits Soar 225% in 24 Hours

1 Mins read
Dogecoin (DOGE) is once again attracting attention in the crypto market following a massive increase in profits and activity lately. According to…
News

AML Agency Tells Russians: Crypto Exchanges Send Us Your Data

1 Mins read
Moscow’s AML agency has warned Russians that crypto exchanges and brokers operating in the country are providing police with transaction data.Trending NowBest…
News

Fresno car dealership owned by former MLB pitcher allowing Bitcoin as form of payment

1 Mins read
FRESNO, Calif. (KFSN) — Cool cars aren’t the only thing that drives C.J. Wilson.Trending NowBest Forex Trading Robots To Invest In 2022…

Leave a Reply

Your email address will not be published. Required fields are marked *

58 − = 52