On November 13, 2021, Richemont is giving up control of its loss-making online retailer Yoox Net-a-Porter as the luxury company's board prepares to fend off a challenge from Daniel Loeb. The Company is in talks with rival Farfetch about the sale of a minority holding on the website Ynap after struggling to adapt to the digital market. It intends to make Ynap a neutral site for high fashion brands seeking to sell their wares, with no controlling shareholder, and said it has held talks with other industry players and investors interested in buying a stake. Johann Rupert, Richemont's chairman and majority owner, insisted the decision was not influenced by a disclosure that Loeb's investment firm had built a stake in his company.