Q1 figures for Farfetch were more muted than some of its recent results and the company warned about the near-term impact of the macroeconomic backdrop that’s currently hurting fashion businesses at all price levels.
The German group is the fifth founding member, and the only car manufacturer, to join the global blockchain platform dedicated to the luxury industry, formed by heavyweights LVMH, Prada, Cartier and the OTB Group.
Richemont's year to 31 March saw a “strong performance”, with a “step change in sales and operating profit”. Its fashion ops improved, but the share price fell as a deal to sell a YNAP stake to Farfetch is not agreed.
The Web3 product certification platform has raised €20 million from Tiger Global, Commerce Ventures, the Motier Ventures fund owned by the Moulin-Houzé family of Galeries Lafayette, and the former CEO of Jimmy Choo.
The Richemont-owned jewellery brand has chosen Earth Day to symbolically join the Carbon Neutral Challenge launched in 2019 by Gucci CEO Marco Bizzarri, with the goal of reducing greenhouse gas emissions.