Online luxury fashion retail platform Farfetch Ltd. said Aug. 8 the company will buy Italy-based New Guards Group Holding SpA for a total enterprise value of $675 million.

New Guards owns fashion brands including Off White, Palm Angels and Unravel Project. New Guards' portfolio revenue during the 12-month period ended April 30 came in at $345 million.

London-based Farfetch will fund the transaction through cash and shares. The exact amounts will be determined once the customary adjustments are completed. The company has also secured a €300 million senior secured loan facility from J.P. Morgan Securities for up to 12 months to finance the deal.

The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.