Richemont

Farfetch considers Browns sale amid funding crisis

Farfetch is reportedly considering selling fashion retailer Browns as it faces a race against time to secure the future of the company, according to Drapers. This follows reports that the company is considering taking itself private to prevent its collapse. Founder José Neves is reportedly in discussion with shareholders and…

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Today’s news in brief-29/11/23

José Neves, the owner of luxury fashion site Farfetch, is reportedly in talks to take the company private, just five years after its IPO on the New York Stock Exchange. Farfetch has seen over 90% of its value wiped out since its listing in 2018. Neves, who holds a 15%…

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Farfetch owner eyes taking business private as it delays results

The owner of luxury fashion site Farfetch, José Neves, is reportedly planning on taking the company private just five years after it floated on the New York Stock Exchange, according to The Telegraph. Since its listing in 2018 Farfetch has seen 90% of its value wiped out, as such Neves…

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Today’s news in brief-13/11/23

Retail theft is projected to cost UK retailers £7.9bn in 2023, with a notable increase in employee theft. Thruvision Group plc and Retail Economics conducted the research, revealing that shoppers contribute to 60% of the theft (£4.7bn), while employees, particularly in distribution centres, contribute 40% (£3.2bn). Employee theft in DCs…

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Richemont appoints Karlheinz Baumann to senior executive committee

Richemont has appointed Karlheinz Baumann to the group’s Senior Executive Committee (SEC) in his capacity as group director of Operations, in charge of Manufacturing, Research and Innovation, Customer Service, Logistics and Supply Chain, Indirect Procurement, Responsible Sourcing and Security. Baumann will continue to report to Jérôme Lambert, CEO of Richemont…

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Today’s news in brief-23/10/23

John Lewis is facing criticism from city planners over its affordable housing plans. Initially, the company aimed to make 20% of the housing in its Bromley development affordable. However, recent revelations indicate that only 10% of the flats will be designated as affordable. The Greater London Authority’s Planning Unit deems…

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European authorities greenlight Farfetch’s YNAP acquisition

Online retailer Farfetch has officially been given the green light by European authorities to acquire a large stake in Yook Net-A-Porter (YNAP). The European Commission unconditionally cleared its acquisition of a 47.5% stake in YNAP from Richemont, the owner of Cartier. It was the last regulatory authority required to provide…

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Richemont acquires stake in Gianvito Rossi

Richemont has announced that it has acquired a controlling stake in Gianvito Rossi, the renowned Italian shoemaking maison, in a private transaction. Gianvito Rossi, founder, CEO and creative director of the eponymous brand, will retain a stake in the company and continue to nurture and develop the maison in partnership…

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Kering set to pay £13m rent for Bond Street store

Luxury retailer Kering is set to pay £13m or more per year for a new Yves Saint Lauren store on Bond Street, according to the Sunday Times. This figure of £13m is thought to be a UK record surpassing the £11m paid by Ralph Lauren for its Bond Street store…

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Richemont sees sales surge but performance hampered by YNAP loss

Luxury jewellery retailer Richemont has reported strong sales and profit increase for the first half of the year but the performance was overshadowed by the impact of its disposal of Yoox-net-a-Porter (YNAP) The company, which owns brands such as Cartier and IWC Schaffhausen, made nearly €9.7bn (£8.5bn) this half year…

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