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The transaction is expected to close in the third quarter of 2019, subject to the satisfaction or waiver of closing conditions. Farfetch plans to fund the cash portion of the purchase price consideration with cash on hand. In connection with the acquisition and to ensure adequate financial flexibility and liquidity going forward, Farfetch has entered into a commitment letter with J.P Morgan Securities for a €300 million senior secured loan facility for up to 12 months.
The acquisition underscores Farfetch's commitment to making strategic investments in assets that enhance and accelerate its existing strategy. The board of Farfetch believes that the transaction will create significant value for Farfetch shareholders, and deliver meaningful benefits to consumers, designers, retailers and manufacturers within the luxury fashion ecosystem and, ultimately, enable the 'Brands of the Future', said Farfetch in a press release.
"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 650 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, CEO and co-chair, Farfetch. "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."
"This is what the combination of Farfetch and New Guards brings to the industry. Together, we can not only continue to develop New Guards' current portfolio, but will also be uniquely positioned to bring many new talents to life with the combined layers of the Farfetch platform, added Neves.
"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.”
"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. Creative visionaries need to be empowered with 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," said Davide de Giglio, co-founder and CEO, New Guards Group. (PC)
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