The European Commission (EC) has unconditionally approved UK-based retailer Farfetch's acquisition of a 47.5 per cent stake in Yoox Net-A-Porter (YNAP), clearing the way for the deal to proceed. The approval comes as part of a multifaceted partnership that includes the issuance of Farfetch Class A ordinary shares to Richemont in exchange for the stake. In addition to this, Symphony Global, one of the investment vehicles of Mohamed Alabbar, is set to acquire a 3.2 per cent stake in YNAP, with the aim of making YNAP a neutral online platform for the luxury industry.Furthermore, both YNAP and the brands of Richemont, collectively known as Richemont Maisons, will adopt Farfetch Platform Solutions. Most of the Richemont Maisons will also launch e-concessions on the Farfetch Marketplace, thereby expanding their online retail presence, Farfetch said in a press release.
The EC has greenlit Farfetch's 47.5 per cent stake acquisition in Yoox Net-A-Porter.
This approval paves the way for a broader partnership involving Richemont and Symphony Global.
The deal will advance digitalisation in the luxury sector, with Farfetch Platform Solutions being adopted and new e-concessions launching on Farfetch's marketplace.
While the EC's approval was the final regulatory clearance required for Farfetch's acquisition of YNAP, the deal's completion remains subject to other conditions that both Richemont and Farfetch are actively working to fulfil. A further announcement is expected to be made in due course, detailing the finalisation of this strategic partnership and acquisition.
Fibre2Fashion News Desk (DP)
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