Latham & Watkins is advising Farfetch on its global strategic partnership with Alibaba Group and Richemont, to provide luxury brands with enhanced access to the China market and accelerating the digitization of the global luxury industry. Alibaba and Richemont will invest US$600 million (US$300 million each) in private convertible notes issued by Farfetch Limited. Alibaba and Richemont will also invest US$500 million (US$250 million each) in Farfetch China, a new joint venture which will include Farfetch’s marketplace operations in the China region. In addition, Alibaba and Richemont have an option to purchase a further combined 24% of Farfetch China after the third year of the joint venture’s formation. Alibaba and Richemont will also explore additional opportunities to work closely with Farfetch to provide services to luxury brands. The investments by Alibaba and Richemont in Farfetch China and the establishment of the joint venture is expected to be completed during the first half of calendar year 2021, subject to the satisfaction of closing conditions. Separately, Artemis has also agreed to increase its existing investment in Farfetch with a $50 million purchase of Farfetch Class A shares. Farfetch and Alibaba have also formed a steering group to further enhance the visionary concept, Luxury New Retail, aimed at leading the digitization of the global luxury retail industry. The Latham team is led by London corporate partners Joshua Kiernan, Ed Barnett, and Deborah Kirk, and New York corporate partners Ian Schuman, Adam Gelardi, and Reza Mojtabaee-Zamani, with counsel Ellen Smiley and associates Hector Sants, Elva Cullen, Polina Tulupova, and Jennifer Gascoyne.~~