Dubai-based businessman Mohammad Alabbar and online fashion retailer Farfetch will acquire a total of more than 50% stake in e-commerce player Yoox Net-a-Porter (YNAP) from Swiss luxury conglomerate Richemont.

The Emirati's investment vehicle, Symphony Global will acquire a 3.2% stake of YNAP's share capital, while Farfetch will take 47.5%, according to a statement.

As a result of the acquisition, YNAP will become a neutral distribution platform, not controlled by any one shareholder.

The 47.5% share acquisition by Farfetch is expected to be accounted for as a non-controlling stake, which will not require it to consolidate the e-commerce player in this stage, the statement said.

Alabbar, who is also the founder of Emaar Properties, will acquire the 3.2% interest in YNAP in exchange for its shares in the joint venture with YNAP in the GCC region.

With the deal, YNAP operations will leverage Farfetch's technology to advance the rollout of YNAP's marketplace offering. YNAP will also be able to shift towards a hybrid business model which will be more "asset-light".

(Reporting by Cleofe Maceda; editing by Seban Scaria)

cleofe.maceda@lseg.com