Farfetch / YOOX Net-a-Porter Group / Richemont

Start of CMA Merger Investigation: Farfetch / YOOX Net-a-Porter Group / Richemont

The Competition and Markets Authority (CMA) is considering whether it is or may be the case that the anticipated acquisition by Farfetch Limited (operating businesses such as Farfetch Marketplace and Farfetch Platform Solutions) of a shareholding in, and certain rights over, YOOX Net-A-Porter Group S.p.A. (operating businesses such as Net-A-Porter, Mr Porter, YOOX, The Outnet and Online Flagship Stores) from Compagnie Financière Richemont S.A. (operating businesses such as Cartier, Jaeger-LeCoultre and Montblanc) in consideration for the acquisition by Compagnie Financière Richemont S.A. of a minority shareholding in Farfetch Limited, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may lead to a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA announce the launch of its merger inquiry by notice to the Parties on 8 February 2023 and has a deadline of 5 April 2023 for its phase 1 decision.