British online retailer Farfetch is reluctant to enter into an investment agreement with Richemont subsidiary Yoox Net-a-Porter (YNAP). There is “no guarantee” that his company will sign such an agreement, said Farfetch CEO José Neves in a conference call on his quarterly figures, according to media reports. “We will make further announcements as and when required,” Neves told Vogue Business on Thursday. Richemont CFO Burkhart Grund had expressed a week ago about a “positive development” regarding the talks with interested parties regarding the online plans.
Last November, Richemont announced that the e-commerce business was to be expanded and that the group would invest in the online retailer Farfetch with the Internet giant Alibaba. A platform is to be set up together, including marketplaces in China. However, Richemont made write-offs on the investments made in Farfetch in 2021/22. (dpa)