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EU antitrust regulators will decide by Oct. 20 whether to clear luxury e-commerce company Farfetch’s acquisition of a stake in online fashion retailer YOOX Net-A-Porter (YNAP) from Richemont, a European Commission filing showed.
The companies announced the deal in August last year, underscoring a series of investments in digital services by luxury players as they turn to new channels to reach customers, encouraged by the shift to online shopping during the pandemic.
Farfetch would initially acquire a 47.5 percent stake from Switzerland-based Richemont, owner of brands including Cartier jewellery and IWC watches.
The EU competition enforcer can approve the deal with or without remedies after its preliminary review, or it can open a four-month investigation if it has serious concerns.
By Foo Yun Chee; Editor Susan Fenton
Learn more:
Richemont, Farfetch and YNAP: Understanding a Transformational E-Commerce Deal
The Swiss luxury group is spinning off Yoox Net-a-Porter in a joint venture with Farfetch. What does it mean for Richemont, Farfetch, YNAP and the luxury industry at large? BoF dissects the deal.
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