Richemont's YNAP Deal With Farfetch Gets Nod From UK Watchdog

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 [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

March 29, 2023 02:37 ET (06:37 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.