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Chanel acquires minority stake in online retailer Farfetch

French fashion house Chanel SA acquired a minority stake in British online retailer Farfetch, Reuters reported Feb. 19, citing Chanel President of fashion Bruno Pavlovsky and Farfetch founder and CEO Jose Neves.

Pavlovsky told Reuters that under the deal, Chanel will not sell its luxury products through Farfetch but will work with it on digital innovations linked to customer services, such as smartphone applications, that connect clients with store assistants.

Farfetch, which recently partnered with Burberry Group Plc to feature the brand's products on its website, was reportedly kicking off the process last week of choosing bankers to underwrite its New York IPO.

The online fashion retailer's investors include private equity firm Eurazeo SA, Singaporean sovereign wealth fund Temasek and Chinese e-commerce giant JD.com Inc., which invested $397 million in Farfetch in June 2017.