Luxury online retailer Farfetch acquired Italian fashion holding company New Guards Group on Thursday in a $675 million deal. Farfetch now owns 100 percent of the Milan-based parent company of luxury streetwear brands including Off-White (founded by fashion designer and Louis Vuitton men’s artistic director Virgil Abloh).
The acquisition of New Guards augments Farfetch’s strategy to be the global technology platform for luxury fashion, empowering individuality, and connecting creators, curators and consumers. New Guards is a brand platform that has launched several global luxury fashion brands, with a proven track record of identifying and nurturing some of the most culturally relevant emerging brands, designers and creative directors in the sector. New Guards provides the resources and expertise to transform early stage brands into profitable, high growth businesses, driving rapid, profitable growth for New Guards itself.
“The brands of the future will have three core elements. First, a creative tastemaker able to leverage digital channels to engage a global community; second, best-in-class design, planning and manufacturing; and third, direct-to-consumer global online distribution, complemented by a connected wholesale presence in the most prestigious physical boutiques,” Farfetch CEO José Neves said in a statement. “