"This announcement is a major step in our mission to connect the curators, creators, and consumers of the luxury fashion industry," said José Neves, founder, chairman, and CEO of Farfetch. "The $1.15 billion investment in Farfetch from Alibaba Group, Richemont, and Artemis is a strong validation of our position as the global platform for luxury." "The new initiatives with Alibaba Group and Richemont extend Farfetch's strategy to power the digital transformation occurring across the luxury industry, which has been accelerated by the unprecedented challenges resulting from the COVID-19 pandemic," Neves added. "The Luxury New Retail initiative will explore ways we can help the wider industry move forward and thrive in the post-COVID world."