Richemont to sell online retailer stake to Farfetch, takes 2.7 bln euro writedown

Richemont announced a long-awaited deal to offload most of its online fashion retailer YOOX Net-A-Porter, clearing the way for its labels to sign up for technology run by luxury e-commerce specialist Farfetch.

The deal, removing from its books a loss-making business that had become a distraction for the Swiss luxury group, was welcomed by analysts and Richemont shares were up 3.6% in afternoon trading. Read more at Reuters.