Farfetch Acquires New Guard Group.
According to reports initially revealed by Business Wire, global luxury marketplace Farfetch has purchased Milan based conglomerate New Guards Group which owns some of the industry’s leading streetwear brands such as Off-White, Heron Preston, Palm Angels & more.
Reportedly coming to the tune of $675million, Farfetch CEO José Neves spoke on the purchase;
“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”
PHOTO CREDIT: @StyleDuMonde
As with most of these buyouts, the purchase will undoubtedly change little to nothing with the daily operations of some of our favourite labels and, if anything, allow an accelerated growth rate with the unwavering support of one of the world’s biggest luxury destinations, win win – thoughts?