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Richemont, FARFETCH and Symphony Global terminate agreements
Compagnie Financière Richemont SA
("Richemont" or "the Company" or "the Group")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0210483332
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53LR 18 DECEMBER 2023
RICHEMONT, FARFETCH AND SYMPHONY GLOBAL TERMINATE AGREEMENTS
As a result of the contemplated transaction announced by FARFETCH on 18 December 2023, the arrangements with FARFETCH underpinning the
transactions announced in August 2022 cannot complete.
Therefore Richemont, FARFETCH and Symphony Global, one of the investment vehicles of Mr Mohamed Alabbar, have terminated the agreements
for (i) the sale of a majority stake in YNAP to FARFETCH and Symphony Global, (ii) the adoption of FARFETCH Platform Solutions ("FPS") by
most Richemont Maisons and YNAP as well as (iii) the opening of e-concessions on the FARFETCH marketplace by several Richemont Maisons.
Following the transaction announced by FARFETCH, it is reasonable to expect that the USD 300 million convertible senior notes issued by
Farfetch Limited to Richemont in November 2020 will not be repaid. The carrying value of these notes in Richemont's accounts amounted to
EUR 218 million as at 30 November 2023.
As previously stated, Richemont has no financial obligations towards FARFETCH and does not envisage lending or investing into FARFETCH.
Richemont Maisons continue to operate on their own platforms and have neither adopted FPS nor launched e-concessions on the FARFETCH
marketplace.
As a result of the termination of the abovementioned arrangements, Richemont will consider alternative options to pursue the realisation
of its Luxury New Retail ("LNR") vision and is confident that its Maisons will benefit from cutting-edge platform technology to best serve
the growing omni-channel needs of their discerning clientele. The Group's work on re-platforming planning and solution design carried out
to date will be of great value to reach that objective.
YNAP similarly has not adopted FPS and continues to operate on its own technology. As a result of the termination of the agreements with
FARFETCH and Symphony Global, Richemont will re-evaluate options for YNAP to best harness its strengths and potential under new stewardship.
About Richemont
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity.
Richemont's ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over
the long term.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with
A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other,
primarily with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as
Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.
Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ('SMI')
of leading stocks. The 'A' shares are also traded on the Johannesburg Stock Exchange, Richemont's secondary listing.
About YOOX NET-A-PORTER
YOOX NET-A-PORTER is a leading online luxury and fashion retail business. Made up of four multibrand online stores, NET-A-PORTER,
MR PORTER, THE OUTNET and YOOX, it connects customers to the world's most coveted brands, bringing them outstanding style and impeccable
service. In addition, YOOX NET-A-PORTER's ONLINE FLAGSHIP STORES partner with world leading luxury brands to power their own e-commerce
destinations.
With 5.3 million customers in 180 countries, YOOX NET-A-PORTER takes a localised approach to serving its clientele around the globe through
its network of offices and operations across the U.S., Europe, APAC and joint ventures with Alibaba in China and Symphony Investments in
the Middle East.
Across its operations is YOOX NET-A-PORTER's Infinity 2030 strategy, its long-term commitment to drive a more sustainable and circular
fashion system. Leveraging more than 20 years of data and insights, YOOX NET-A-PORTER continues to embrace next generation technologies.
Investor/analyst and media enquiries
Sophie Cagnard, Group Corporate Communications & Investor Relations Director
James Fraser, Investor Relations Executive
Investor/analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 18-12-2023 05:37:00
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