Farfetch has acquired New Guards Group for $675 million.
The Milan-based holding company was founded in 2015 and has launched luxury streetwear brands including Off-White, Palm Angels and Heron Preston.
The cash-and-stock deal is expected to close in the third quarter, with Farfetch stating that it plans to grow the various brands’ distribution through directly-operated retail stores and e-commerce websites.
New Guards co-founder Davide De Giglio will remain in the role of chief executive, while Andrea Grilli will stay on as chief commercial officer.
Farfetch has recorded widening losses on the back of growing investment in technology, infrastructure and partnerships with global brands and retailers. It currently has partnerships with the likes of Mulberry, Burberry, Chanel, Net-A-Porter and JD.com.
This week, it reported second-quarter revenue of $209.3 million, a 43 per cent year-on-year increase, while gross merchandise value rose 44 per cent to $484 million.
However, losses after tax widened from $17.7 million to $89.6 million.
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Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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