A non-cash write-down refers to a transaction that does not involve a cash payment. It can represent meaningful changes to a company’s financial standing, weighing on earnings without affecting short-term capital in any way.
Johann Rupert, chair of Richemont, hailed the transaction as a “significant step” towards the realisation of a dream he first voiced in 2015 – a dream of an “independent, neutral, online platform for the luxury industry that would be highly attractive to both luxury brands and their discerning clientele”.
Upon completion of the sale of 47.5% of Yoox Net-a-Porter’s share capital to Farfetch, Richemont will receive 53 million to 58.5 million Farfetch Class-A ordinary shares, which will represent 10%-11% of the fully diluted share capital of Farfetch and 12%-13% of the issued share capital. Richemont will also receive $250-million, which will be settled in Farfetch Class-A ordinary shares on the fifth anniversary of completion of the initial stage of the transaction.
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