Partnership between Richemont and Farfetch receives antitrust clearance
The European Commission (EC) has “unconditionally” approved Farfetch’s acquisition of a 47.5% stake in Yoox Net-a-Porter. The EC was the last regulatory authority required to give authorisation
The clearance comes seven months after the UK Competition and Markets Authority approved the transaction, which was first announced in August 2022. In exchange, Richemont will receive Farfetch Class A ordinary shares, expected to represent 12 to 13% of Farfetch’s issued share capital.
The partnership also foresees the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, with the aim of transforming it into a “neutral online platform” in the luxury industry.
Moreover, from now on, Richemont’s Maisons will leverage Farfetch’s technology by adopting its platform solutions and selling e-concessions on its marketplace.
The completion of the deal, however, “remains subject to certain other conditions” that the companies “are working towards fulfilling”.
Image Credits: drapersonline.com
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