Richemont says has ‘no financial obligations’ towards Farfetch

Following the recent media reports on and announcement made by Farfetch (FTCH) on November 28, Richemont (CFRSF) said in a statement that it has “no financial obligations towards FARFETCH and notes that it does not envisage lending or investing into FARFETCH. Richemont is carefully monitoring the situation, including reviewing its options in respect of its arrangements with FARFETCH announced on August 24, 2022, which remain subject to certain terms and outstanding conditions. Neither Richemont Maisons nor YOOX NET-A-PORTER have currently adopted FARFETCH Platform Solutions and they continue to operate on their own platforms.” Richemont said it will make a further announcement “if and when appropriate.”