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Earnings

Richemont chairman says Farfetch takeover is not on cards

ZURICH (Reuters) - Richemont's CFR.S deal with Alibaba and Farfetch FTCH.N will help the Swiss luxury good group to build an "omnichannel" business and improve service to customers and doesn't signal a lack of confidence in its online distributor YNAP or a takeover of Farfetch, its chairman said.

“This is not some land grab or power grab,” Johann Rupert told reporters on a call on Friday following the group’s half-year results. “This is really the pursuit of building an omnichannel business.”

Reporting by Silke Koltrowitz; Editing by Michael Shields

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