Compagnie Financière Richemont SA (SWX:CFR) is in advanced talks with Farfetch Limited (NYSE:FTCH) about selling it a minority stake in loss-making YOOX Net-A-Porter Group S.p.A. (YNAP) in a move likely to appease investors critical of the luxury goods firm. Richemont said on November 12, 2021 it would also invite other firms besides Farfetch to participate in turning YNAP into a neutral, industry-wide retail platform with no overall controlling shareholder. Chief Financial Officer Burkhart Grund declined to comment on whether Third Point had built a stake but made clear the company's goal was to cede control of YNAP.

“Neutral platform means no controlling shareholder,” Grund told reporters on a call. Richemont Chairman Rupert again ruled out the idea of a merger with French luxury goods rival Kering, saying its previous rejection of a deal was a “binding statement”. “We made a clear statement that Richemont is not for sale and we are not interested in merging, so we believe in our own businesses,” Rupert, who controls the majority of voting rights in Richemont, said.

Bernstein analyst Luca Solca said separating YNAP from Richemont would create material shareholder value and he also applauded the company's strong performance in jeweler and its improvement in watches this year.