- Dale Arden Chong |
Farfetch announced on Thursday that it has purchased 100 percent of New Guards Group, the Milan-based parent company of brands including Off-White, Palm Angels, Marcelo Burlon County of Milan, Unravel Project, Heron Preston, and more.
The online retail platform has fully acquired the company, which is a brand platform for luxury labels’ design, product, and distribution, for price value of 675 million USD. The consideration payable by the company will be split equally with cash and Farfetch shares.
Farfetch’s acquisition New Guards will help its strategy to be the global technology destination for luxury fashion as it “connects creators, curators, and consumers.”
“The addition of New Guards’ brand platform brings a creative and industrial dimension to our suite of capabilities which, combined with our community of more than 65o boutiques, enables us to power and promote both new and existing creative names in the luxury industry to build the brands of the future,” said José Neves, Farfetch’s chief executive officer and co-chair. “I believe this new dimension of our strategy expands and advances our vision of being the global platform for luxury, at the service of creators, curators and consumers, united for the love of fashion.”
The purchase of New Guards further highlights Farfetch’s strategic investments in companies. The retailer believes it will provide notable value to its shareholders.
“We started New Guards Group because we had a vision to build a platform that could support the best creative talent in the world and build iconic brands,” said New Guards Group’s co-founder and chief executive officer Davide de Giglio. “Creative visionaries need to be empowered with the best-in-class design studios, industrial capabilities and global distribution channels. Farfetch has the technology, expertise and vision to take our business to the next level and unleash the talent of the future.”