Richemont's YNAP Deal With Farfetch Gets Nod From UK Watchdog
March 29 2023 - 2:52AM
Dow Jones News
By Joshua Kirby
Compagnie Financiere Richemont SA's sale of a stake in online
platform Yoox Net-A-Porter to Farfetch Ltd. has been cleared by the
U.K. competition regulator, paving the way for the deal to go ahead
later this year.
The Competition and Markets Authority said it won't open a full
investigation into the acquisition by Farfetch of a nearly 50%
stake in peer YNAP, based on current information.
The watchdog had earlier this year launched a preliminary probe
into whether the merger might lessen competition in any U.K.
markets.
British-Portuguese luxury e-commerce firm Farfetch last year
agreed a deal to take a stake in peer YNAP, with the option of
taking all remaining shares after five years, as Richemont looks to
concentrate on its core luxury houses. Richemont, which in return
will receive a minority interest in Farfetch, said at the time the
deal was struck that the it should go through by the end of 2023,
pending antitrust approvals.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 29, 2023 02:37 ET (06:37 GMT)
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