Farfetch has acquired OFF-WHITE, Palm Angels and Heron Preston The e-commerce giant continues his venture in the streetwear world with the acquisition of the New Guards Group

The news came in yesterday night. Farfetch, the luxury e-tailer, has officially acquired the Milan-based New Guards Group for $675 million USD. The group controls exclusive licenses of brands with the likes of OFF-WHITE, Heron Preston, Marcelo Burlon, Palm Angels and County of Milan. 

Farfetch will help New Guards’ existing and future portfolio brands maximize their potential by opening new e-Concessions on the Farfetch Marketplace, and will power each brand’s own e-Commerce site and digital platforms through its Farfetch Platform Solutions capabilities. 

The British company commented with these words on the new agreement, which provides for an exchange of cash and shares, explaining that this action is "part of a strategy to be the global technology platform for the luxury fashion industry." 

It's not the first time either that the luxury group decides to make a move in the streetwear industry: last December it had acquired Stadium Goods for $250 million USD. According to insisting rumours, the luxury group LVMH had already attempted a similar operation with the NGG back in January, but it had underestimated the value of the NGG group to $420 million USD. 

With this deal Farfetch will furthermore reinforce its power within the streetwear world, starting to talk directly to the Z Generation and to a whole new marketplace.