Swiss luxury group Richemont

sold 47.5% of its e-commerce operation YOOX Net-A-Porter to its rival Farfetch. In exchange, Cartier-owner Richemont will acquire 50 million Farfetch shares with an expected €2.7 billion writedown. Another 3.2% of YOOX Net-A-Porter was sold to Dubai Mall developer Mohamed Alabbar.

• Backstory: Investors have been pressuring Richemont to get rid of its e-commerce operations as it continually generated losses. The deal came after months of negotiations while both companies struggled with their online sales as customers returned to in-person shopping after the heights of the pandemic.