Two European online fashion retailers are joining forces to fight back against tech giants encroaching on the luxury sector.
London-based Net-a-Porter and Italian rival Yoox have agreed to create a joint venture, with a combined value of around £1.5bn.
Swiss-based Richemont owns Net-a-Porter and is the company behind a swathe of famous luxury brands, including Cartier, Van Cleef & Arpel, Jaeger-LeCoultre, Montblanc, Alfred Dunhill and Chloe.
Richemont also produces luxury items under third party designer brand names, including Ralph Lauren Watches.
In a statement its chairman made clear the threat facing the luxury sector as tech firms improve the sophistication of their offerings, especially in the watch sector.
"Established business models are being increasingly disrupted by the technological giants," Johann Rupert said.
"It is with this in mind that we believe it is important to increase leadership and size to protect the uniqueness of the luxury industry."
Mr Rupert added: "The merger of the two leaders will further enhance an independent, neutral platform for a sophisticated clientele looking for luxury brands."
Apple is seen by tech analysts as the key competitor making a move on the sector and is about to launch its smart watch, with eight versions priced at £8,000 or more.
The most expensive model is the 38mm 18-carat yellow gold version, which costs £13,500.
"The jury is still out on how how many people will spend this much on a wrist computer prototype, with a limited battery life and small screen," BNP Paribas managing director for luxury goods, luca Solca, told Sky News.
"Other tech firms are waiting to see how successful it is, and meanwhile luxury goods firms realise they must have a digital presence."
Apple is known for its sophisticated products and last year Burberry boss Angela Ahrendts left the luxury designer to become its senior vice president for retail.
Yoox is listed in Milan and has operations in Europe, the US and Asia and delivers to more than 100 countries.
The new European equal-share joint venture requires shareholder approval and will be known as Yoox Net-a-Porter.
Richemont will only have 25% of the voting rights at first but after a three-year tie-in period is expected to help raise up to €200m (£145m) to help expand the company.
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