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To speed up the process of forming a global partnership between lifech and Alibaba Group

2020-11-10 09:00:56 osc_4otxquc2

• Alibaba will be in tmall Luxury Pavilion and Luxury Soho Platform launch Farfetch Luxury shopping channel ; It will also invest in the newly established Farfetch China Joint venture and Farfetch Limited
• Richemont group will invest in the newly established Farfetch China Joint venture and Farfetch Limited; Will also explore and Farfetch Other opportunities for close cooperation
• Farfetch And Alibaba will leverage their platforms and enhance retail technology , Accelerate the digitization of the luxury industry ; And set up a steering group , Influential luxury industry leaders Johann Rupert and François-Henri Pinault Has joined the steering group
• Artemis Additional investment will be made to improve the quality of Farfetch The existing shareholding of


London --( American business information )--Farfetch (NYSE:FTCH)、 Alibaba Group (NYSE:BABA and HKSE:9988) And Lifen group (Richemont, SWX:CFR) Today we announce the formation of a global strategic partnership , Will provide more opportunities for luxury brands to enter the Chinese market , And accelerate the digitization of the global luxury industry . The partnership will take full advantage of their expertise and extensive influence , By seamlessly integrating digital and physical domains , Bringing luxury retail to the next generation .

Farfetch Will be landing on Alibaba's luxury platform in China

Farfetch Will land Alibaba tmall luxury platform Luxury Pavilion and Luxury Soho( China's leading luxury and luxury discount retail channel on tmall platform ) As well as Alibaba's cross-border e-commerce market, tmall global (Tmall Global), To launch a luxury shopping channel . These new channels , Will make Farfetch Global luxury platform expands to cover Alibaba 7.57 Billion consumers , And through Farfetch A single integration of , Multi brand solutions for luxury brands . This will provide luxury brands with an exclusive opportunity to enhance their brand awareness , And through participation Farfetch A global platform for , Significantly expand its target market for luxury consumers . And for luxury consumers , They can go through Farfetch Integration channels , Or tmall Luxury Pavilion It's already quite successful NET-A-PORTER channel , Buy your favorite brand in a variety of ways .

Yes Farfetch and Farfetch China Strategic investment

As part of building a global partnership , Alibaba and Lifen will invest in 6 Billion dollars ( Each investment 3 Billion dollars ) Buy Farfetch Limited Private convertible notes issued . Alibaba and Li Feng Group will also pay Farfetch China investment 5 Billion dollars ( Each investment 2.5 Billion dollars ), Together to gain new responsibility Farfetch Joint ventures operating in the Chinese regional market 25% Shares of . Besides , Alibaba and Richemont also have the right to buy Farfetch China 24% Shares of . Alibaba and Richemont will also seek to communicate with Farfetch More opportunities for close cooperation , Serving luxury brands . Alibaba and Li Feng Group are on Farfetch China And the establishment of the joint venture , Is expected to be in 2021 Completed in the first half of , But the transaction conditions must be met .

in addition ,Artemis It also agreed to increase its effect on Farfetch The existing investment of , With 5000 Ten thousand dollars for Farfetch Of A Class A Common Stock .

Accelerate the digitization of the global luxury industry

Luxury new retail (“LNR”) It's a far sighted plan , Will make use of Farfetch And Alibaba's most advanced Omni channel retail technology , Include Farfetch Full range of enterprise solutions , To meet the needs of luxury enterprises . These single brand and multi brand strategies will provide solutions for luxury brands , Including fully connected e-commerce sites and Applications 、 Omni channel retail technology and access through a single integration Farfetch And tmall Luxury Pavilion The opportunity of .

Farfetch And Alibaba also set up a steering group , It aims to further strengthen the new luxury retail plan with the goal of leading the global luxury retail industry digitalization . Chairman of Lifeng group Johann Rupert and Artemis Chairman of the board of directors François-Henri Pinault Will join as a founding member Farfetch And Alibaba's Steering Group , And bring their decades of industry leadership and expertise .

Farfetch founder 、 Chairman and CEO José Neves Express :“ This announcement is the curator of luxury fashion industry 、 An important step in connecting creators and consumers . Alibaba Group 、 Li Feng Group and Artemis Yes Farfetch Of 11.5 Billion dollars investment , It strongly confirms our position as a global luxury platform .

New initiatives jointly launched with Alibaba group and Lifeng group , Will expand Farfetch The strategy of , So as to promote the digital transformation of the entire luxury industry , And the unprecedented challenge of the new outbreak has accelerated this process . The new luxury retail program will explore how to help the industry move forward more broadly , And in the post new crown era has achieved vigorous development .”

Zhang Yong, chairman and CEO of Alibaba group (Daniel Zhang) Express :“ This highly complementary partnership brings together some of the world's leading luxury retail and technology platforms , Represents another milestone in Alibaba's strategy to meet China's fast-growing demand for luxury goods . Expect to 2025 year , China's luxury market will account for half of global luxury sales , And the market will be mainly composed of hundreds of millions of young digital generation local consumers . Through and with Farfetch cooperation , And expand the existing relationship with Lifeng group , We will accelerate the digitization of the global luxury retail industry , And change the luxury shopping experience of consumers .”

Chairman of Lifeng group Johann Rupert Express :“ On the basis of our successful joint venture with Alibaba , These developments represent a further meaningful acceleration of our move towards new luxury retail . This move combines highly complementary advantages , In particular, our expertise in retailing luxury goods in stores and YOOX NET-A-PORTER The platform's deep brand partnership 、 The combination of expert curation and excellent customer care , It will help us provide seamless omnichannel experience for our discerning customers .

These partnerships will make us stronger . I'm very happy with Daniel、José and François-Henri join forces , Achieving our shared vision , Set new standards for the future of luxury .”

Artemis Chairman of the board of directors François-Henri Pinault Express :“ The growth potential of luxury e-commerce has never been as optimistic as it is today , China is becoming increasingly important to the luxury industry . Thanks to the José Neves The vision of ,Farfetch In recent years, it has played an important role in improving the omni channel experience of luxury customers .Artemis The investment of , It shows that we are right about Farfetch The future is full of confidence , I personally look forward to working with this group of visionary experts to explore the future of luxury retail .”

Goldman Sachs international as chief financial adviser ,Allen & Company LLC As a Farfetch Our financial advisor .

Farfetch Will issue 6 Billion dollars 2030 Zero coupon convertible preferred notes with annual maturity

Combined with the above strategic development , Alibaba group and Richemont group both agreed to buy Farfetch Limited(“ company ”) Issued 2030 Zero coupon convertible preferred notes with annual maturity (“ Notes ”), The total revenue is 6 Billion dollars . New capital will support Farfetch Long term strategy to provide global technology platform for luxury fashion industry , And help the company continue to focus on executing its growth plans and driving operational profitability . According to the usual terms of business , The sale of notes to Alibaba group and Richemont group is expected to take place on 2020 year 11 month 17 Settlement on or around the day .

While investing , Alibaba Group will also nominate a director into Farfetch Board of directors .

Unless earlier converted in accordance with the terms 、 Redemption or repurchase , The bill will be on 2030 year 11 month 15 Due day . These bills don't generate regular interest , The principal will not increase either . At any time before the close of business on the second scheduled trading day prior to the maturity date , The holder may, at his option, convert the note , The initial conversion price is about 32.29 dollar , It reflects up to 2020 year 10 month 30 Thirty days later (30) A trading day period , volume Weighted average price premium 22%. After the transformation , The notes will be in the form of company A Class common stock settlement ( In some cases , The company has the right to , With its A Class A Common Stock 、 Cash or a combination of them ). If it happens to form “ Fundamental change ” Some of the events of ( As defined in the contract relating to the terms of the instrument ), The holder of the note has the right to ask the company to pay an amount equal to its principal 100% To buy back all or part of the notes in cash , Plus as of maturity ( Including expiration date ) All accrued and unpaid special interest ( if there be ). In some cases , The company will increase the conversion rate of note conversion holders associated with fundamental changes . Alibaba group and Richemont group may require the company to 2026 year 6 month 30 Buy back all or part of its notes on a daily basis , The repurchase price is equal to the principal of the bill to be repurchased 100%, Plus special interest accrued and unpaid up to but excluding the repurchase date ( if there be ).

Unless there are some tax adjustments , The company will not be able to 2023 year 11 month 15 Redeem notes a few days ago . stay 2023 year 11 month 15 On or after , If the company A The last reported selling price of class a common stock , At least any of the business days prior to the date of the company's notice of redemption 30 For consecutive trading days ( Include the last trading day of the period ) Internal 20 A trading day ( Whether continuous or not ) The conversion price in effect at that time 130%( Or if Alibaba group or Richemont group held most of the relevant notes at that time , Then for 200%), The company may redeem all or part of the relevant notes in cash , The redemption price is equal to the principal of the notes to be redeemed 100%, Plus any interest not paid up to the redemption date ( if there be ).

After issue , The notes will be the company's senior and unsecured debt , And will take precedence over the right to pay any of the company's unsecured debts , The debt is clearly second in the right to pay the instrument ; Equal to the company's right to be paid for any of the company's unguaranteed obligations that are not subordinated to such subordinated debt ; To the extent that the value of the assets guaranteeing the debt , Substantially less than the company's right to pay any secured debt ; The contract is subordinate to the company 2025 Due in 5.00% Convertible preferred notes ; Any debt and other liabilities that are structurally lower than those of the company's subsidiaries ( Including trade accounts payable ).

ARTEMIS Investment disclosure

Combined with the above strategic development ,Artemis Have agreed to buy Farfetch Issued 1,889,338 stocks A Class A Common Stock , The total revenue is about 5000 Thousands of dollars . According to the usual terms of business , towards Artemis The shares to be issued are expected to be issued on 2020 year 11 month 17 Settlement on or around the day .

Conference call information

Farfetch It will be tomorrow (2020 year 11 month 6 Japan ) Morning Eastern time 8:00 Call a conference call , Discuss the above transactions and risks . The audience can broadcast over the audio network on http://farfetchinvestors.com Attend a live conference call , And access the attached slide presentation . After the conference call , The site will provide at least 30 Days of live webcast playback .

Forward looking statements

This press release contains 《1995 Private Securities Litigation Reform Act of the United States 》 Forward looking statements set out in . All statements contained in this press release that are unrelated to historical facts shall be considered forward-looking statements , Including but not limited to any further transactions and any related interests , Include Farfetch China Joint ventures and luxury new retail 、 Future opportunities and expected business level 、 Future financial or operational performance 、 Plan activities and goals 、 The resulting expected growth 、 Market opportunities 、 strategic 、 Competition and other expectations , as well as / or Farfetch Whether bills and / or A The issue of class common stock , And the basic assumptions on which such statements are based , And including “ expect ”、“ Intend to ”、“ plan ”、“ Believe in ”、“ forecast ”、“ forecast ”、“ It is estimated that ”、“ Probably ”、“ should ”、“ expect ” And similar statements of a future or forward-looking nature . These forward-looking statements are based on management's current expectations . These statements are neither promises nor guarantees , Involving known and unknown risks 、 Uncertainty and other important factors , These factors may lead to actual results 、 Performance or achievement and any future results expressed or implied in the forward-looking statements 、 There is a significant difference in performance or achievement , Including in our report to the sec (“SEC”) Submitted until 2019 year 12 month 31 In the financial year of Form 20-F Annual report “ Risk factors for ” The factors discussed under the heading . And may be submitted to SEC Other documents updated from time to time , These documents can be found in SEC Website (www.sec.gov) And our website (www.farfetchinvestors.com) The investors page of . Besides , Because we operate in a very competitive and rapidly changing environment , We come across new risks from time to time . It is impossible for our management to predict all the risks , We are also unable to assess the impact of all risk factors on our business , Or the extent to which any factor or combination of factors may cause actual results to differ substantially from those contained in any forward-looking statements we may make . Given these risks 、 Uncertainty and assumptions , The forward-looking events and circumstances discussed in this press release are inherently uncertain , It may not happen , The actual results may differ significantly from those expected or implied in the forward-looking statements . therefore , You should not rely on forward-looking statements to predict future events . Besides , The forward-looking statements made in this press release relate only to events or information as of the date of the statements made in this press release . Unless otherwise required by law , We have no obligation to publicly update or revise any forward-looking statements after the date of their publication , Whether it's because of new information 、 Future events or other causes , Or to reflect the occurrence of an accident .

About FARFETCH

Farfetch Limited It is the world's leading luxury fashion industry platform . from José Neves On 2007 Founded by love of fashion , And in 2008 Launched in 2013 ,Farfetch It was originally an e-commerce platform for global luxury boutiques , Now ,Farfetch Marketplace The platform will come from 50 Multiple countries and 1,300 Many of the world's top brands 、 The goods of boutiques and department stores are related to 190 Customers from multiple countries are connected , Provide truly unique shopping experience and the widest range of luxury options on a single platform .Farfetch Other businesses include providing e-commerce and technical capabilities to corporate customers Farfetch Platform solutions 、 Providing luxury goods to consumers Browns and Stadium Goods, And a platform for the development of global fashion brands New Guards.Farfetch And invest in innovation , For example “ Future store ”(Store of the Future) Enhanced retail solutions , And developed key technologies for the luxury fashion industry 、 Business solutions and services . For more information , Please visit www.farfetchinvestors.com.

About Alibaba Group

Alibaba Group's mission is to make the world no difficult business . The company aims to build the future business infrastructure . The vision is to meet customers 、 Working and living in Alibaba , And continue to grow as an excellent company 102 year .

About Lifen group

Li Feng Group (Richemont) We have a series of international leading brands , With its unique tradition 、 Craft and creativity are widely recognized . The Group operates in four business areas : jewelry , There's buchelat under the flag (Buccellati)、 Cartier (Cartier)、 Van cleef (Van Cleef & Arpels) Brands such as ; Professional watch manufacturer , Including Langer (Lange & Söhne)、 Famous people (Baume & Mercier)、 all nations (IWC Schaffhausen)、 Jaeger-LeCoultre (Jaeger-LeCoultre)、 Peinahai (Panerai)、 Count (Piaget)、 Marquis (Roger Dubuis) And constanton (Vacheron Constantin); Online dealers , namely YOOX NET-A-PORTER GROUP (NET-A-PORTER, MR PORTER, YOOX, THE OUTNET) and Watchfinder & Co; as well as other , Mainly fashion and accessories , Including Alaya (Alaïa)、 Coy (Chloé)、 Dengxi road (dunhill)、 Montblanc (Montblanc) and Peter Millar.

About ARTEMIS

Artemis On 1992 By French entrepreneurs François Pinault found , It's a global luxury group, Kaiyun group (Kering)( Its brands include Gucci (Gucci)、 Yves saint Laurent (Saint Laurent)、 Portia (Bottega Veneta)、 Balencia (Balenciaga)、 Alexander · McQueen (Alexander McQueen)、 Brioni (Brioni)、 Baosilong (Boucheron)、 Bauman Lando (Pomellato)、 A lot of (Dodo)、 Kylin jewelry (Qeelin)、 Athens watch (Ulysse Nardin)、 PERREGAUX (Girard-Perregaux) And Kaiyun glasses, etc ) The controlling shareholder of .Artemis And a series of famous companies , Like Christie's (Christie’s) The auction house 、 Chateau Latour (Chateau Latour) And the Ponto Cruise (Ponant) etc. . As a professional shareholder ,Artemis Focus on long-term growth and value creation .

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