CMA to consider Richemont–Farfetch tie-up

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CMA to consider Richemont–Farfetch tie-up

By Jonathan Easton

31/01/23

The UK’s Competition and Markets Authority has turned its eyes to Richemont’s proposed deal to sell a sizeable portion of fashion retailer YOOX Net-A-Porter to Farfetch.

The watchdog on Tuesday said that it was seeking comment on whether the deal, first agreed in August 2022, could harm competition. It has questioned if the deal could lead to a “substantial lessening” of competition in any particular market or markets.

The deal would see Farfetch acquire a 47.5% stake in Richemont in exchange for 50 million shares in Farfetch. Richemont said that it expects a €2.7 billion writedown related to the agreement.

If approved, Richemont’s brands including Cartier, Van Cleef & Arpels and Mont Blanc would gain access to Farfetch’s leading tech suite of ecommerce solutions.

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