Farfetch, Alibaba and Richemont form global partnership
Farfetch, Alibaba Group and Richemont announced a global strategic partnership to provide luxury brands with enhanced access to the China market as well as accelerate the digitisation of the global luxury industry. Leveraging each company’s respective expertise and extensive reach, the partnership will bring luxury retail to the next generation by seamlessly integrating the digital and physical realms. As part of the global partnership, Alibaba and Richemont will invest $600 million in private convertible notes issued by Farfetch. Alibaba and Richemont will also invest $500 million in Farfetch China, taking a combined 25% stake in a new joint venture that will include Farfetch’s marketplace operations in the China region.