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Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden’s administration.
Celebrity tailor and designer Rich Fresh has made a name for himself in Los Angeles as a luxury athleisure designer. To get there, he’s had to face down many challenges, including a fashion industry that’s often held back Black designers.
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Andy Hoffman
Swiss luxury conglomerate Richemont sold a stake in its online retail business YNAP to Farfetch Ltd., taking a $2.7 billion hit from its failed effort to attract rival high-end brands to the digital sales platform.
Following months of talks, e-commerce rival Farfetch will acquire 47.5% of YNAP, which includes the Yoox and Net-a-Porter brands, with Richemont retaining 49.3%. After ceding control of YNAP, which has consistently lost money, Richemont will book a non-cash charge of about 2.7 billion euros ($2.7 billion).
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