Online luxury fashion retailer, Farfetch has bought New Guards Group that owns Off-White™, Palm Angels, and Heron Preston for $675 million. New Guards Group co-founder Davide De Giglio will remain on board as chief executive, with Andrea Grilli as chief commercial officer.
New Guards Group is an Italian contemporary luxury fashion production and distribution holding company co-founded by Claudio Antonioli, Davide De Giglio and Marcelo Burlon, in Milan, Italy in 2015.
According to Forbes, Farfetch is the largest player in the rapidly growing space of online luxury marketplaces, with a $5.4 billion market cap, but Its stock has tumbled, from a high of $29.69 in March to $18.25 this year.
New Guards Group owns many of luxury hyped streetwear brands, including Marcelo Burlon County of Milan, Off-White c/o Virgil Abloh, Palm Angels, Unravel Project, Heron Preston, A Plan Application, Alanui and Kirin by Peggy Gou.